Global aeroderivative gas turbine market is anticipated to cross US $2500 million by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
According to the report, the annual installation of aeroderivative gas turbine crossed 5000 MW in 2018. The growing awareness regarding the carbon emission reduction is encouraging the power generation industry to replace existing stations with gas-fired power plants which will drive the market growth. Even the recent advancements in technologies and products which are powered by shale gas have led to extensive E&P across remotely located on-shore & off-shore plants, further contributing to aeroderivative gas turbine market.
Various beneficial characteristics of the product including compact size, less electricity costs, lower emissions, fewer moving parts, light weight, and efficient utilization of fuel, in consort with advancements in recuperated and un-recuperated technologies to enhance versatility and efficiency, are positively impacting the global product demand. The >500 kW units segment of membrane air dryer market is predicted to witness high demand in the upcoming years owing to the widespread adoption of distributed power generation technology at varied static power plants, cites the report.
Based on technology, open cycle based aeroderivative gas turbine market is expected to prosper pertaining to its ability to quick start, minimal warmup time, lesser cooling water dependency, and compact size. The product is extensively installed across direct drive and mechanical applications. It is also applied in aircraft industry and offshore platforms because of its light weight.
Moreover, combined cycle based aeroderivative gas turbines are considered as viable replacement for coal-based and hydro-based power plants. The shift is driven by the regulatory restriction on use of resources such as coal and water along with the need for power optimization. The continued gap between power demand and supply will further fuel investments in combined cycle units.
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Considering the application spectrum, aeroderivative gas turbine market from power plant applications will bolster over the forecast period, owing to the increasing demand for energy, awareness regarding adoption of renewable resources, and favorable regulations. Other factors attributing to market growth are advancements in distributive power generation and expansion of CHP generations.
In terms of regional landscape, adoption and expansion of gas-fired power plants will drive the China aeroderivative gas turbine market, which is projected to surpass US $190 million over the forecast period. Report cites that in 2017, Siemens signed an agreement to procures gas turbines from Copco for their 500 MW combined cycle power generation plant.
The leading companies contributing towards the global aeroderivative gas turbine market comprise Vericor, MAN Diesel, Siemens, Cryostar, GE, Kawasaki, NPO Saturn, Mitsubishi Hitachi, BHEL, Capstone, Opra Turbines, Harbin, and Solar Turbines among others.