PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182896
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182896
Aeroderivative Gas Turbine Market size was valued at USD 3,209.8 Million in 2021, expanding at a CAGR of 7.4% from 2022 to 2028.
The aero-derivative gas turbine is lightweight. It is designed for air use such as for simple maintenance, fast installation, and easy integration into an existing operation. Additionally, to reduce the energy it is widely used in the marine industry and aeronautical industries. Additionally, for energy generation, aero-derivative gas turbines are a popular option due the features such as efficiency, reliability, flexibility, and footprint. Moreover, it also reduces the emission of harmful gases such as NO2 due to the low combustion technology.
The rising investments in heat & power generation facilities are such key factors that drive the aero-derivative gas turbine market growth. Additionally, government initiatives and policies in terms of subsidies, rebates, and incentives along with the restructuring of the existing electrical infrastructure are propelling the market growth. However, as compared to other turbines it has a limited ability to use different fuels this factor is expected to restrain the market growth of the aero-derivative gas turbine market.
Furthermore, the rising focus on sustainable energy development along with rising expansion and development of manufacturing practices are such opportunities that will positively impact the market growth. The COVID-19 pandemic had impacted the overall aero-derivative gas turbine market operations due to labor shortages, ceased processing & manufacturing operations, and disrupted distribution channels. However, its lost strength is recovered by industry on account of increasing electricity demand and flourishing industrial demand.
The global aero-derivative gas turbine market is segmented on the basis of capacity, technology, application, and region.
The market is divided into four categories based on capacity: up to 500kW, 500kW to 1MW, 1MW to 30MW, and above 30MW. The capacity ranging from up to 500kW segment is expected to hold the largest market share. Across cogeneration power plants this growth is attributed to the ongoing advancements in technologies such as reduced carbon footprints, lower operational costs, and compact size. These factors can stimulate up to 500kW segment growth.
The market is divided into two categories based on technology: combined cycle, and open cycle. The open cycle segment is expected to anticipate market growth. It provides various benefits such as quick start time as compared to high operational flexibility, less warm time, and lightweight. As a result, such benefits can drive market growth for the open cycle segment across the industry.
The market is divided into five categories based on application: process plant, oil & gas, power plant, marine, aviation, and others. The aviation segment is expected to dominate the market during the forecast period. Due to growing national security and safety, the demand for aircraft is increasing as a result the demand for the aviation segment is increasing.
To support heat and energy consumption across commercial, industrial, and remote grid network facilities. In addition to technology, adoption will be aided by the continuous development of co-generating systems. Additionally, lower operational costs, compact size, and smaller carbon footprint are such factors accelerating the product portfolio. Moreover, the rising demand for manufactured goods has increased the expansion of processing and manufacturing facilities around the world, which will drive the growth of self-regulated power-generating units.
For instance, in June 2021, OPRA Turbines B.V., announces it has signed an agreement with Quanta. In the achievement of their sustainable production and net-zero emission ambitions OPRA turbines further strengthens its support for North Sea operators. Reduction of methane or CO2, NOx, and reducing flaring or venting is the field of action today.
The scope of this report covers the market by its major segments, which include as follows: