Aeroderivative Gas Turbine Market size is poised to reach USD 6.5 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of aeroderivative gas turbine was USD 3 Billion. The reason behind the market growth is impelled by the rising integration of renewable energy. More renewables are integrated into the grid as solar and wind tend to be more variable and uncertain than conventional sources.
Aeroderivatives are likely to become the go-to technology as they help balance the intermittency of renewable sources and provide backup and grid support. More than 94% of the expansion in the world's electricity capacity is anticipated to come from renewable sources by 2026.
The growing emphasis on sustainability is believed to fuel the market growth. Aeroderivative turbines run on natural gas or biofuels which makes them an energy-efficient option as compared to other fossil fuels. Natural gas releases less greenhouse gas emissions.
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~7% |
|
Base Year Market Size (2023) |
~ USD 3 Billion |
|
Forecast Year Market Size (2036) |
~ USD 6.5 Billion |
|
Regional Scope |
|
Growth Drivers
Challenges
Technology (Open Cycle, Combined Cycle)
The open cycle segment in the aeroderivative gas turbine market is estimated to gain a robust revenue share of 60% in the coming years. Open-cycle gas turbines are powered by liquid fuel and can achieve an efficiency of more than 30% while meeting the strictest flexibility requirements. They are also compact and lightweight and pull air from the environment, which helps produce high energy with minimal fuel usage.
Application (Power Plants, Process Plants, Aviation, Marine, Oil & Gas)
Aviation segment is set to garner a notable share shortly. Aeroderivative gas turbines are aircraft engines that are smaller and lighter than industrial gas turbines that have been modified by engine manufacturers and are generally based on existing aircraft gas turbine engines. Moreover, they have evolved from market-leading aircraft engine designs and are used to power aircraft engines owing to their lightweight and high power capacity to lift heavy airplanes.
Our in-depth analysis of the global market includes the following segments:
|
Technology |
|
|
Capacity |
|
|
Application |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this Report
European Market Forecast
Aeroderivative gas turbine market in Europe is predicted to account for the largest share of 39% by 2036 impelled by the growing consumption of energy. Russian energy accounted for one-fourth of the energy used in the EU in 2021, whereas Germany had the largest primary energy consumption among the European nations in 2022. As a result, the demand for aero-derivative gas turbines may rise in the region as they are popular lightweight gas turbines that combine gas and air to produce the desired energy output. For instance, the amount of energy used in Europe each year is over 1 billion tonnes.
North American Market Statistics
The aeroderivative gas turbine market in North America is estimated to be the second largest, during the forecast timeframe led by an increase in the production of natural gas. For instance, it was estimated that the United States currently generates more than 80% of its natural gas. Since the primary fuel for the aero-derivative gas turbine is natural gas it can increase the availability of cost-effective fuel for power generation in the region. In 2022, U.S. dry natural gas output averaged over 90 billion cubic feet per day (Bcf/d), breaking records from 2019.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: The rising integration of renewable energy and the growing emphasis on sustainability are the major factors driving the growth of the market.
Ans: The market size of Aeroderivative Gas Turbine is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2024 – 2036.
Ans: The major players in the market are General Electric, Ansaldo Energia, Nanjing Turbine & Electric Machinery, Baker Hughes Company, Harbin Electric Corporation, Capstone Green Energy Corporation, UEC-Saturn, OPRA Turbines, MAN Energy Solutions, Bharat Heavy Electricals Limited (BHEL), Kawasaki Heavy Industries, Ltd.
Ans: The open cycle segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.
Ans: The market in the European region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?