Market Research Report
Aeroderivative Gas Turbine Market Size By Capacity, By Technology, By Application, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030
|Aeroderivative Gas Turbine Market Size By Capacity, By Technology, By Application, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030|
Published: June 7, 2022
Global Market Insights Inc.
Content info: 630 Pages
Delivery time: 2-3 business days
The aeroderivative gas turbine market is projected to exhibit significant growth by 2030 owing to the rising investment in heat & power generation conveniences. In addition, favorable government norms, along with the restructuring of the existing electrical infrastructure, are likely to augment market growth in the forthcoming years.
The COVID-19 pandemic influenced the market negatively, posing a threat to business growth since oil & gas manufacturers had to cease operations in light of stringent safety norms. However, the relaxation in lockdowns and resumption of business operations have boosted industry growth in recent years.
Moreover, key participants in the industry have been investing strategically in research and development activities to innovate sustainable product lines and improve their position in the aeroderivative gas turbine market, which has positively influenced the product landscape. For instance, in March 2022, Mitsubishi Power, an energy solution brand of Mitsubishi Heavy Industries, received an order for two 32 MW/unit capacity H-25 gas turbines for a natural gas-fired cogeneration plant project operated by JSC Tashkent HPP, a CHP business operator in Tashkent, the Republic of Uzbekistan. The plant was slated to commence operations in 2024.
The aeroderivative gas turbine market has been bifurcated in terms of application, technology, capacity, and region.
With regards to capacity, the industry has been split into ≤50 kW, >50 kW to 500 kW, >500 kW to 1 MW, >1 MW to 30 MW, >30 MW to 70 MW, and >70 MW. The >50 kW to 500 kW capacity segment is anticipated to grow substantially through the review timespan on account of strict government regulations to limit GHG emissions.
Mounting environmental concerns toward effective energy conservation are foreseen to drive the demand for >500 kW to 1 MW capacity aeroderivative gas turbines in the forthcoming years. The >30 MW to 70 MW capacity segment is projected to attain a positive outlook in the forecast period due to surging focus on sustainable energy development.
Based on technology, the aeroderivative gas turbine market has been split into combined cycle and open cycle. The combined cycle segment is poised to record steady progress up to 2030. Robust expansion of the manufacturing sector, along with rapid industrialization, is estimated to impel the segmental uptake through the analysis period.
In terms of application, the market has been categorized into marine, oil & gas, aviation, power plants, and process plants. The power plants application segment is expected to register notable gains by the end of 2030 as a result of increasing power conservation norms in line with the efficient use of generated energy. The increasing fleet count, along with ongoing technical advancement attributed to a large customer base, is slated to boost product adoption in marine applications. Meanwhile, the process plant application segment is set to grow at a rate of over 6.6% through the review timespan.
From the regional perspective, the Middle East & Africa aeroderivative gas turbine market is anticipated to exhibit steady growth over the forecast period owing to promising government norms, comprising tax rebates, financial subsidies, and incentives prevalent across MEA. Furthermore, the aeroderivative gas turbine industry in Latin America is speculated to surpass a valuation of approximately $600 million by 2030.