Aeroderivative Gas Turbine Market size was over USD 4.15 billion in 2024 and is projected to exceed USD 8.74 billion by the end of 2037, witnessing over 5.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of aeroderivative gas turbine is evaluated at USD 4.35 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.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.9% |
|
Base Year Market Size (2024) |
USD 4.15 billion |
|
Forecast Year Market Size (2037) |
USD 8.74 billion |
|
Regional Scope |
|
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 |
|
European Market Forecast
Aeroderivative gas turbine market in Europe is predicted to account for the largest share of 39% by 2037 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: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?