Press release
Aeroderivative Gas Turbine Market is predicted to exceed 21 GW by 2024
Taking into account the technological bifurcation, aeroderivative gas turbine industry comprises combined and open cycle technologies. Combined cycle aeroderivative gas turbines generated more than 5 GW in 2015 and is anticipated to exhibit a lucrative roadmap over the coming seven years. The escalating efforts by various countries to strengthen and expand the naval and defense sectors will favor the industry growth significantly. Open cycle aeroderivative gas turbine market will collect a revenue of over USD 1 billion by 2024, owing to its high working efficiency and increasing demand.
Aviation, power generation, marine, industrial, and oil & gas are the prominent application areas of aeroderivative gas turbine industry. Oil & gas is also an attractive application segment, which will witness an annual growth rate of over 10% during the coming years of 2016 to 2024. Aeroderivative gas turbine market size from power generation application is projected to cross 9 GW by 2024, owing to the growing preferences for unconventional energy sources as opposed to conventional sources.
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Aeroderivative gas turbine market for ≤18 MW capacity will record a CAGR of more than 8% over the period of 2016 to 2024, owing to its increasing requirement across the small-scale industries. In addition, this type of turbine is in high demand across the mobility sector.
Regional analysis of this industry is illustrated below:
China aeroderivative gas turbine market will register an annual growth rate of more than 12% over the period of 2016 to 2024, owing to the shifting trends toward the sustainable technology.
U.S. aeroderivative gas turbine industry size was worth USD 250 million in 2015 and will exhibit an annual growth rate of more than 11% over the coming seven years. The growth can be attributed to the growing implementation of cogeneration technology across this region.
Brazil aeroderivative gas turbine market share is predicted to grow at a CAGR of more than 10% over 2016 to 2024, primarily driven by the escalating development of small and medium-sized industries.
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Key market participants include General Electric, Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Rolls-Royce, ABB, Ansaldo Energia, Capstone Turbine, Harbin Electric International Company Limited, NPO Saturn, Kawasaki Heavy Industries, and Opra Turbines
Manufacturers are adopting numerous pricing strategies to increase their market penetration. Companies including Siemens and GE are making significant investments in the R&D activities to develop sustainable and cost-efficient technologies to cater the growing market demand.
Aeroderivative gas turbines are mechanical combustion engines which produce desired energy output by mixing fuel with air. These turbines weigh lighter than that of their conventional counterpart and possess higher efficiency. The size of these turbines primarily lies between 0 to 65 MW. High sustainability coupled with growing demand across mobile applications will boost the product demand across the globe.
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