May 22, 2020
As per the report titled ‘Global Aeroderivative Gas Turbine Market Size By Capacity, By Technology, By Application, Industry Analysis Report, Regional Outlook Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global aeroderivative gas turbine market is expected to register strong CAGR through 2026.
Rapid industrialization, soaring electricity demands, surging need for cleaner & energy efficient solutions, and stringent government regulations aiming to lower carbon emissions are the major growth drivers of global aeroderivative gas turbine market.
Aeroderivative gas turbine is a light-weight variation of conventional gas turbine, designed to burn a mixture of air and fuel to attain the desired power output. These turbines are manufactured on the principles of advanced aircraft engine, making them substantially lighter and have a smaller carbon footprint as compared to traditional heavy industrial gas turbine equivalents. These factors coupled with faster response time, efficiency, reliability, and fuel flexibility are encouraging the use of aeroderivative gas turbines.
With respect to capacity, 50 to 500 KW segment is expected to see a sizeable growth during the analysis period. Rapid technological advancements and expansion of combined heat and power plants to fulfill the growing heat and energy demand from residential and commercial establishments are stimulating the segment growth.
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Parallelly, 1 MW to 30 MW segment is slated to grow rapidly over 2020-2026, owing to extensive use of these turbines in mechanical drives, power generating stations, oil & gas plants, and other industrial processes.
Speaking of the application sector, aeroderivative gas turbine market share from aviation segment is anticipated to record significant growth over the forecast duration, owing to inherent applicability of turbines in powering a compressor. Hot air exiting the turbine is used for thrusting the aircraft by forcing it into the atmosphere via an exhaust nozzle. Increasing number of aircraft deliveries across the globe due to rising air passenger traffic is augmenting the segment growth.
Considering the regional outlook, Middle East & Africa aeroderivative gas turbine market is anticipated to register considerable growth during the study period. Several government plans aimed towards increasing the power generation capacity, driven by growing population and rapid industrialization are supporting the industry growth in MEA.
CIS aeroderivative gas turbine market is poised to observe substantial gains in the coming years. The integration of renewable energy sources along with social & economic development of the region is expected to foster the Commonwealth of Independent States market growth.
Latin America market is estimated to see modest growth trends over the forecast timeline, owing to the development of gas fired power plants and regasification of LNG terminals in the region.
Major players operating in global aeroderivative gas turbine market are General Electric, Mitsubishi Hitachi Power Systems, Ltd., Harbin Turbine Company Limited, Siemens AG, Bharat Heavy Electricals Limited, Wartsila Corp., OPRA Turbines B.V., Kawasaki Heavy Industries Ltd., MAN Energy Solutions, Vericor Power Systems, Solar Turbines Incorporated, Capstone Turbine Corporation, UEC Saturn, Cryostar, and Zorya-Mashproekt.