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