Aeroderivative Sensor Market size is expected to cross USD 600 million by 2030, according to the latest research study by Global Market Insights Inc.
The report mentions infrastructure development and increasing electricity consumption as the driving forces stimulating the industry growth. With more urban commutes, the requirement for power supply has increased substantially. This will generate substantial demand for aeroderivative gas turbines as they are efficient and durable. The rising requirement for aeroderivative sensors for onshore and offshore power generation will also transform the business outlook by 2030.
Increasing deployment of accelerometer across the marine sector
The accelerometer segment accounted for 10% of the aeroderivative sensor market share in 2021. This can be credited to increasing product integration in aero gas turbines deployed in the marine and industrial sectors. Prominent companies are also working on developing enhanced accelerometers to measure the motion of the gas turbine accurately and precisely.
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Rising demand for high-quality third-party services the OEM sector
The OEM industry dominated for about 70% of the aeroderivative sensor market revenue share in 2021. One of the key factors responsible for the business expansion is the long-standing alliance framework that OEMs share with aeroderivative manufacturers. Collaborations between the players and OEMs are likely to facilitate the production of high-quality sensors and ensure the provision of efficient third-party services and parts.
High energy requirement to increase aeroderivative sensors demand
The aeroderivative sensor market revenue from the industrial segment is anticipated to register a targeted CAGR of 10% during 2022-2030. The business progress is attributed to the high installation of aeroderivative turbines in the industrial sector given the extensive demand for energy in the field. Driven by their high-power generation capabilities and capacity to withstand voltage fluctuations, the turbines are installed with multiple sensors to avoid the effects of failure.
Browse key industry insights spread across 310 pages with 373 market data tables and 34 figures & charts from the report, “Aeroderivative Sensor Market Size By Sensor Type (Accelerometer, Temperature Sensors, Vibration Sensors, Pressure Sensors, Flame Sensors), By Service Provider (Aftermarket, OEM), By End-Use (Industrial, Marine), COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Aeroderivative sensors to observe considerable demand in Latin America
Latin America aeroderivative sensor industry is estimated to be worth USD 20 million by 2030. The region is witnessing a rise in modernization and automation of the industrial sector, which has led to increasing consumption of these sensors. Additionally, the construction of automated factories and increasing electricity requirements are likely to create lucrative opportunities for the leading players.
Acquisitions to define the competitive space of the industry
Some of the key aeroderivative sensor market contenders operating are Alba Power (Sulzer), Ametek, Inc., AP4 Group, Auxitrol Weston, Bently Nevada (Baker Hughes), Conax Technologies, EthosEnergy, Meggitt PLC, and others. These companies are emphasizing long-standing acquisitions to extend their global footprint. Citing an instance, recently in September 2022, Parker-Hannifin Corporation acquired Meggitt PLC. As a part of the collaboration, Parker will be able to benefit from Meggitt’s strong geographical presence and a better market positioning with aircraft and aeroengine solutions.