Aeroderivative Gas Turbine Market Size

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.

Frequently Asked Questions (FAQ)

The rising integration of renewable energy and the growing emphasis on sustainability are the major factors driving the growth of the market.

The market size of Aeroderivative Gas Turbine is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2024 â€“ 2036.

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.

The open cycle segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

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.

Aeroderivative Gas Turbine Market Size