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Key industry players include Mitsubishi Hitachi Power Systems, Siemens AG, ABB, Solar turbines, Vericor Power Systems, General Electric, NPO Saturn, Opra turbines and Kawasaki
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.
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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.
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.
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.
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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.
For Europe, Russia accounted for over 130 MW in 2015. Growing investments towards replacement of aging coal fired stations with sustainable cogeneration plants will boost the industry growth.
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China aeroderivative gas turbine market is set to exceed USD 350 million by 2024. Government measures to strengthen energy and defense industry will positively favor the industry growth. In 2014, GE and China Huadian Corporation (CHD) ventured together to form Huadian GE Aero Gas Turbine Equipment Co., Ltd. (HDGE).
India aeroderivative gas turbine market is anticipated to witness gain over 15% during the forecast timeframe. Rising concern towards the emission control and climate change may favor the business landscape. Saudi Arabia was valued over USD 180 million in 2015. In 2016, Saudi Electricity Company (SEC) awarded General Electric for the supply of 7F.05 turbines for Waad Al-Shamal plant.
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