decarbonization goals is driving the Aeroderivative Gas Turbine Market

Latest News:- Aeroderivative Gas Turbine Market: Combined cycle gas turbine (CCGT) is expected to lead the Technology segment during 2024-2028

Technavio analyzes that the Aeroderivative Gas Turbine Market is expected to grow at a CAGR of 2.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 947 million.There are various factors that contribute to the growth of the market. The Aeroderivative Gas Turbine market is experiencing significant growth due to increasing decarbonization goals worldwide. These turbines, which are derived from jet engines, offer high efficiency and flexibility, making them an attractive solution for power generation with lower carbon emissions. With governments and industries pushing for a shift towards renewable energy and reduced carbon footprints, the demand for aeroderivative gas turbines is expected to rise. These turbines can operate on various fuel types, including natural gas and renewable fuels, making them a versatile choice for decarbonization efforts. The market is projected to expand at a robust CAGR during the forecast period, driven by this trend and advancements in technology.

The aeroderivative gas turbine market is experiencing significant growth due to the increasing adoption of clean turbine technologies and the integration of renewable energy sources into electrical infrastructure. Governments worldwide are offering subsidies and tax rebates to encourage the use of sustainable energy, making gas-based electricity generation an attractive option. Compact aeroderivative gas turbines offer high efficiency and flexibility, making them ideal for renewable energy integration. Offshore operations, where space and weight are limited, benefit greatly from the high efficiency of offshore combined cycle gas turbine plants, which can reach approximately 50% efficiency. These plants are essential for maximizing energy output from limited fuel sources, such as shale gas. 

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Aeroderivative Gas Turbine Market Segmentation

• Technology
  • Combined cycle gas turbine (CCGT)
  • Open cycle gas turbine (OCGT)
• End-user
  • Power generation
  • Oil and gas
  • Mobility
• Geography
  • APAC
  • North America
  • Europe
  • Middle East and Africa
  • South America

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

• Baker Hughes Co.
• Bechtel Corp.
• Capstone Green Energy Corp.
• CEM-Chemie Elektronik Metalle GmbH
• Doosan Enerbility Co. Ltd.
• EthosEnergy Group Ltd.
• GE Vernova Inc.
• Harbin Turbine Co. Ltd.
• Honeywell International Inc.
• IHI Corp.
• Kawasaki Heavy Industries Ltd.
• MAN Energy Solutions SE
• Mitsubishi Heavy Industries Ltd
• MTU Aero Engines AG
• Pratt and Whitney
• Rolls Royce Holdings Plc
• Siemens Energy AG
• VBR Turbine Partners BV
• Vericor Power Systems
• Wartsila Corp.

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Research Analysis Overview

The Aeroderivative Gas Turbine Market is witnessing significant growth due to the increasing demand for cleaner energy sources and fuel efficiency in power generation. Compact and lightweight designs, dual-fuel systems, digitalization, and remote monitoring are key trends in this market. Renewable energy sources, electrical infrastructure, and renewable integration are driving the need for gas-based electricity generation using clean turbine technologies. Shale supply, domestic gas production, and low combustion technology contribute to emission reduction and durability. Open cycle and combined cycle gas-fired power plants are being adopted for their compact units and ability to integrate with renewable energies.

Market Research Overview

The Aeroderivative Gas Turbine market is a significant segment of the global heavy electrical equipment industry, catering to the power generation sector and other industries such as oil and gas. The market encompasses companies manufacturing equipment for power generation using aeroderivative gas turbines, which offer advantages like compact and lightweight designs, fuel efficiency, and the capability to operate on dual-fuel systems. Factors driving market growth include the increasing demand for cleaner energy sources, digitalization, remote monitoring, and the need for electricity in the face of power outages due to natural disasters in regions such as MEA, Europe, and APAC. Technavio projects the global heavy electrical equipment market to grow due to these factors, with the Aeroderivative Gas Turbine market benefiting from the increasing demand for reliable and efficient power solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
Jesse Maida
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