Aeroderivative Gas Turbine Market to witness massive growth from power generation applications, developed economies to actively participate in the revenue battle
The growth trajectory of aeroderivative gas turbine market is being directly influenced by the growing consumer reliance on unconventional energy sources. A noticeable global trend of substituting coal-fired power plants with sustainable energy based gas turbine plants especially across developed countries including U.K, Germany, and U.S is expected to push the market outlook. Aeroderivative gas turbines are winning an edge over other alternatives owing to some of its tremendous attributing factors such as less carbon footprint, light weight, higher flexibility, as well as comparatively shorter maintenance time. As per a report by Global Market Insights Inc., “Aeroderivative gas turbine market is poised to surpass 21 GW in terms of capacity by 2024.”
Market players’ significant investments to improve the durability and efficiency of existing gas turbines is also positively influencing the industry growth. For instance, renowned companies like Siemens and GE are heavily investing in technology integration of the existing plants.
Aeroderivative gas turbine market is gaining heavy momentum from its application in the power generation sector, which is expected to surpass 9 GW power by 2024. Apart from power generation, these turbines are widely used in industrial, marine, oil & gas, and aviation industries. Oil & gas application market is estimated to grow at a rate of 10% over the period of 2016-2024. GE, in 2017 introduced the LM9000 and NovaLT12 gas turbine series, which was specifically designed for the O&G industry.
UK Aeroderivative Gas Turbine Market, By Capacity, 2013 – 2024 (MW)
Russia aeroderivative gas turbine industry accounted for over 130 MW in 2015 and will record significant gains in the coming years, attributed to the heavy investments in replacing old coal fired stations with co-generation plants. The growing demand for sustainable technologies and reliable power sources will augment the industrial aeroderivative gas turbine market share.
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Most of the gas turbines operate on open cycle technology (air is drawn from atmosphere) which is suitable for high energy output with minimal fuel consumption. Open cycle based aeroderivative gas turbine market is forecast to exceed a revenue of USD 1 billion by 2024. Along with the rising demand for open cycle technology, the combine cycle aeroderivative gas turbine industry is also gaining a substantial traction, owing to its high efficiency, effective design, and demand across defense sector. Combined cycle based aeroderivative gas turbine market generated over 5 GW capacity in 2015 and is projected to see lucrative growth prospects over the coming seven years.
Stringent regulatory norms to control harmful emissions in Asia Pacific has stimulated the market growth in associated countries- China & India. Aeroderivative gas turbine market in India and China is set to witness a CAGR of 15% and 12% respectively over the period of 2016-2024. Besides, Brazil is also anticipated to attain an annual growth rate of 10%, owing to rapidly growing industrial base and rising investments for their developments.
U.S. aeroderivative gas turbine industry size worth USD 250 million in 2015, is anticipated to display a strong growth path over the coming years. Increasing shale gas exploration activities coupled with rising trend of cogeneration technology are the major driving factors fueling the regional demand.
Pricing and efficiency are the two key parameters for the aeroderivative gas turbine product differentiations. The industry players are investing heavily in R&D to develop sustainable and cost-effective products. Major aeroderivative gas turbine market participants include General Electric, Mitsubishi Hitachi Power Systems, Vericor Power Systems, NPO Saturn, Siemens AG, ABB, Opra turbines, Solar turbines and Kawasaki.
Author Name :Ojaswita Kutepatil