Aeroderivative Gas Turbine Market Analysis

Aeroderivative Gas Turbine Market Analysis

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Based on technology, the aeroderivative gas turbine market is segmented as open cycle and combined cycle. The open cycle gas turbine market will observe 6% growth rate through 2032. The increasing use of lightweight aircraft and the growing power demand in offshore applications will support the business development. Increasing deployment of combined heat and power plants along with growing heat demand across nations experiencing extreme climatic conditions will boost the product demand.
 

Based on capacity, the market is segmented as ≤ 50 kW, > 50 to 500 kW, > 500 kW to 1 MW, > 1 to 30 MW, > 30 to 70 MW and > 70 MW. The > 50 to 500 kW aeroderivative gas turbine market held approximately 10% of the revenue share in 2023. The key drivers stimulating the business potential include lower operational costs, reduced carbon footprints, and compact size. In addition, continued advancements in the development of efficient regenerative gas turbines, specifically designed to meet low heat requirements in various establishments, will further invigorate the dynamics of the business.
 

The government initiatives and policies aimed at curbing carbon footprints, together with the abundance of natural gas reserves, will propel the adoption of gas turbines. The substantial increase in shale gas supply, resulting from extensive exploration and production activities, combined with its comparatively low carbon emissions compared to other fossil fuels, will significantly contribute to the industry growth.
 

Based on application, the aeroderivative gas turbine market is segmented as power plants, oil & gas, process plants, aviation, marine and others. Among These aviation sector crossed USD 600 million in 2023. Ongoing efforts to achieve efficiency and maintain a consistent weight in aircraft will accelerate the product deployment. The industry has experienced significant growth due to increased migration, tourism, and improved living standards primarily across the developing nations.
 

Industrial gas turbine market is set to grow significantly on account of stringent energy efficiency measures and robust expansion power generation systems. The growing demand for manufactured goods has led to the expansion of processing and manufacturing plants worldwide, creating a need for reliable and self-regulated power generation units. Similarly, government initiatives aimed at deploying a sustainable energy mix in line with increase in capacity addition will energize the industry dynamic.
 

The Europe aeroderivative gas turbine market is projected to surpass USD 1.5 billion by 2032 This growth can be attributed to favorable government initiatives aimed at increasing power capacity, propelled by population growth and industrialization. The region is witnessing a shift towards energy-efficient technologies and a focus on replacing inefficient coal-fired power plants, which will positively impact the business outlook. Furthermore, ongoing infrastructure modernization efforts and the increasing demand for electricity will favor the business scenario.

North America gas turbine industry is expected to gain significant momentum due to the increasing focus on Combined Cycle Gas Turbine (CCGT) power plant technology solutions and rising need to replace aging coal-fired power plants to alleviate the emissions. Increasing efforts for power capacity augmentation to meet the constantly increasing power demand will further provide a thrust business outlook.