Research Nester’s recent market research analysis on “Aeroderivative Gas Turbine Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global aeroderivative gas turbine market in terms of market segmentation by capacity, technology, application and by region.
Growing Usage in Cogeneration Applications to Promote Global Market Share of Aeroderivative Gas Turbine
The global aeroderivative gas turbine market is estimated to grow majorly on account of the increasing use in cogeneration applications or combined heat and power applications (CHP). During their 40-year lifetime, aeroderivative gas turbines are widely used in CHP applications to generate both electricity and heat for industrial processes.
In addition, aeroderivative gas turbines are low-weight and are considered perfect for decentralized power, and can offer energy providers operational savings.
Furthermore, growing adoption of renewable energy sources such as wind and solar may result in increase in demand for aeroderivative gas turbines. With the help of aeroderivative gas turbines, renewable energy sources can operate only when necessary, and can also be integrated into grids of all sizes.
Some of the major growth factors and challenges that are associated with the growth of the global aeroderivative gas turbine market are:
Growth Drivers:
Surge in Need for Oil & Gas GloballyRising Marine IndustryChallenges:
The stringent environmental regulations and the stringent regulations high cost of upgradation are some of the major factors anticipated to hamper the global market size of aeroderivative gas turbines. The cost of replacing existing gas turbines can be expensive as when the turbine ages the cost of maintenance can increase which might hamper the market growth.
Access our detailed report at: https://www.researchnester.com/reports/aeroderivative-gas-turbine-market/5229
By capacity, the global aeroderivative gas turbine market is segmented into (≤ 50 kW, > 50 to 500 kW, > 500 kW to 1 MW, > 1 to 30 MW, > 30 to 70 MW, and > 70 MW. The > 70 MW capacity aeroderivative gas turbine segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. > 70 MW may be either industrial or modified aeroderivative engines which provide higher efficiency and smaller footprints.
By region, the Europe aeroderivative gas turbine market is to generate the highest revenue by the end of 2035. This growth is anticipated by a growing focus on energy efficiency in the region. To minimize primary and final energy use, the EU has established ambitious energy efficiency goals for 2020 and 2030, and the region has accelerated its energy consumption reduction if it wants to become climate neutral by 2050. For instance, the European Union's energy savings goal will increase to more than 11% by 2030. This has created a huge demand for aeroderivative gas turbines as they help in achieving increased efficiency up to more than 40% as opposed to heavier gas turbines. Additionally, the aviation sector is one of the most developed in Europe, and the industry has made a promise to cut emissions significantly and become carbon-neutral by 2050. Moreover, aircraft have been propelled by aviation gas turbines, leading to a higher demand in the region. Furthermore, favorable government programmes are being driven in the region to boost power capacity.
In addition, the aeroderivative gas turbine market in North America is estimated to hold the second largest, by the end of 2036. The growth can be attributed to growing shale gas exploration. For instance, in the last seven years, the US's shale gas output increased significantly, from around 15,210 billion cubic feet in 2015 to more than 26,130 billion cubic feet in 2021. This has led to an increased demand for aeroderivative gas turbines in the region as shale gas is used for power generation. Besides this, an increase in demand for electricity may contribute to the market growth. Moreover, aeroderivative gas turbines are lighter-weight variations of gas turbines that are most commonly used for energy generation.
The total amount of electricity used for end uses in the US increased by over 2% in 2022 compared to 2021.
This report also provides the existing competitive scenario of some of the key players of the global aeroderivative gas turbine market which includes company profiling of General Electric, Ansaldo Energia, Nanjing Turbine & Electric Machinery, Baker Hughes Company, Harbin Electric Corporation, Capstone Green Energy Corporation, UEC-Saturn, OPRA Turbines, MAN Energy Solutions, Bharat Heavy Electricals Limited (BHEL), Kawasaki Heavy Industries, Ltd., and others.
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