Aeroderivative Gas Turbine Market size is set to surpass USD 5.6 billion by 2030, according to a new research report by Global Market Insights Inc.
The market growth is attributed to revamping of investment flows and trade policies. Increasing global energy demand in line with large-scale projects that include extraction & trade of natural gas will spur the market expansion. A paradigm shift toward the combination of renewable energy sources along with conscientious energy efficiency agreements will stimulate the product deployment. Furthermore, efficient energy utilization policies have transposed consumer tendencies and regulatory measures toward the development of combined cycle power unit systems, which will positively sway the business scenario.
Growing pertinence across oil & gas and process plants is expected to propel the demand for > 1 MW to 30 MW aeroderivative gas turbine capacity units. Ongoing focus on the production of efficient & cost-effective turbines along with aging installations to accumulate long-term savings and extract high returns will accelerate the product adoption. In addition, inclination toward energy optimization with positive clean energy outlook will augment the industry outlook.
Browse key industry insights spread across 630 pages with 1,140 market data tables & 25 figures & charts from the report, “Aeroderivative Gas Turbine Market Size By Capacity (≤ 50 kW, > 50 to 500 kW, > 500 kW to 1 MW, >1 to 30 MW, >30 to 70 MW, > 70 MW), By Technology (Open Cycle, Combined Cycle), By Application (Power Plants, Oil & Gas, Process Plants, Aviation Marine), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Growing demand for reliable & efficient electricity across the industrial sector
Europe aeroderivative gas turbine market is anticipated to grow at a rate of 7.7% by 2030. Increasing focus on the substitution of coal-based power plants and surging deployment of clean energy resources. Ongoing steps to increase power capacity to meet the consistently rising power demand will significantly impact the business outlook. The growth is accredited to high investments in power generation facilities along with the growing inclination of regulatory authorities to step toward cleaner energy resources. Currently, over 30% of the energy demand in the UK is met by coal. To meet the energy transformation gap, the UK government plans to substitute its coal-fired power plants will nuclear and gas power plants by 2022, which in turn will favor the industry scenario.
The COVID- 19 pandemic has constrained the overall industry activities across the globe in terms of distribution channels, labor deficiencies, disruptions in the manufacturing process, and closure of international borders. The lifting of protocols by governing authorities for movement coupled with the introduction of various vaccination activities has strengthened the resumption of industry operations. Moreover, the increasing need for aeroderivative gas turbines during the pandemic across marine, power plants, oil & gas, and aviation facilities has augmented the business dynamics.
Key players operating across the market include General Electric, Baker Hughes Company, Kawasaki Heavy Industries, Mitsubishi Heavy Industries, Nanjing Turbine & Electric Machinery (Group) Co., Ansaldo Energia, Harbin Electric Corporation Co., UEC-Saturn, Capstone Green Energy Corporation, OPRA Turbines, MAN Energy Solutions, Bharat Heavy Electricals, Wärtsilä, VERICOR, and Siemens.
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