Aeroderivative Gas Turbine Market is predicted to exceed 21 GW by 2024 Key market participants include General Electric, Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Rolls-Royce, ABB, Ansaldo Energia, Capstone Turbine, NPO Saturn, Kawasaki Heavy Indu
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.”
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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.
Aeroderivative gas turbine market for over 18 MW will see strong growth owing to growing applications across power generation and O&G industries. In 2017, GE launched LM9000 and NovaLT12 technology which helps in delivering safe, precise, and flexible energy supply to upstream and midstream operations.
Combined cycle aeroderivative gas turbine market for 2015 was over 5 GW and looks set to see handsome growth. Rising acceptance across cogeneration electricity generating stations owing to its fast start and cycling capabilities will complement the business outlook.
U.S. aeroderivative gas turbine market share is predicted to witness gain over 11% by 2024. Stringent emission norms coupled with deployment of new cogeneration facilities will positively impact the business outlook.
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.
Key industry players include Mitsubishi Hitachi Power Systems, Siemens AG, ABB, Solar turbines, Vericor Power Systems, General Electric, NPO Saturn, Opra turbines and Kawasaki.
Browse key industry insights spread across 162 pages with 392 market data tables & 10 figures & charts from the report @ https://www.gminsights.com/industry-analysis/aeroderivative-gas-turbine-market
Chapter 1 Methodology & Scope
1.1.1 Initial data exploration
1.1.2 Statistical model & forecast
1.1.3 Industry insights and validation
1.1.4 Scope & assumptions
1.2 Data Sources
Chapter 2 Executive Summary
2.1 Aeroderivative gas turbine industry 3600 synopsis, 2013 – 2024
2.1.1 Business trends
2.1.2 Capacity trends
2.1.3 Technology trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Aeroderivative Gas Turbine Industry Insights
3.1 Industry segmentation
3.2 Industry size & forecast, 2013 – 2024
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Innovation & sustainability
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research
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