Aeroderivative Gas Turbine Market Trends

Growth Drivers

Rising Demand for Electricity – It is expected that the rise in urbanization across the globe has significantly driven market growth. Aeroderivative gas turbines are a popular alternative for power generation since they can be shut down rapidly adapt to changes, and load more quickly than industrial machines. In 2022, the global electricity demand is anticipated to rise by more than 2% globally.
Growing Usage in the Marine Sector- Aeroderivative gas turbines have established naval ship propulsion engines, and in offshore marine platforms, they provide the energy needed to drive mechanical compressors, pumps, offshore drilling, and electric generators. For instance, around USD 0.4 billion in production value comes from the marine industry, where aeroderivative models are used to power fast ferries, luxury cruise ships, and the world's navies.

Challenges

Supply Chain Disruptions – The presence of geopolitical tensions and political instability in several regions that rely on other nations for the supply of oil is expected to impact the demand for aeroderivative gas turbines.
Fluctuating Prices of Fuel
Competition from other Power Generation Technologies

Aeroderivative Gas Turbine Market: Key Insights

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	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa

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 Trends