Aeroderivative Gas Turbine Market Growth Analysis, Industry Trends, Outlook 2024
Date: 2019-01-23   Author: Rahul Sankrityayan  Category: #market

Aeroderivative Gas Turbine Market Growth Analysis, Industry Trends, Outlook 2024

Aeroderivative Gas Turbine Market growth is propelled by substantial increase in the adoption of cogeneration technology to meet the rising electricity demand coupled with growing focus towards augmenting the potential of maritime and aviation defense forces. Global Aeroderivative Gas Turbine Market is projected to witness growth over 7% and surpass USD 3.5 billion by 2024.

Major players including Siemens and GE are investing heavily on the research and development of high capacity technology. In 2017, GE has introduced two of its major innovations that includes LM9000 and NovaLT12 technology to deliver safe, precise and flexible energy supply for upstream and midstream operations. Aeroderivative gas turbine market was over 8 MW in 2015 and is estimated to witness strong growth pertaining to the increased adoption in power generation and oil & gas applications.

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Light weight, low carbon trails, high cycle elasticity and shorter downtime are the salient features to dominate other alternatives. In 2013, cogeneration accounted for 10% of the U.S. electricity generation followed by Denmark, the Netherlands and Finland for adoption of these facilities. In 2014, European Union has introduced the directive 2003/87/EC to limit the emissions to 20% by 2020. In Australia, government has introduced direct action plan to reduce the emissions to 26-28% by 2030.

Aeroderivative gas turbine market share with capacity of less than 18 MW is anticipated to witness growth over 8% by 2024. Rising demand across mobility segment will affect the business growth of small scale industries. Additionally, with the capacity above 18 MW will witness the growth subject to development of cogeneration facilities to provide affordable electricity supply.

Open cycle aerodervative gas turbine market is predicted to observe significant growth subject to higher energy output in lower fuel consumption. High efficiency and less start time will increase the combined cycle segment growth.

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Stringent emissions standards for power generation governed by the U.S. Environment Protection Agency under the Clean Power Plan will increase the aeroderivative gas turbine market share over 11% by 2024.

Decommissioning of aging coal fired power plants and growing investments in environment friendly cogeneration technology will boost the industry growth in major parts of Europe lead by Russia.

Government initiatives to strengthen the energy and defense industry being the backbone of economy, will positively compliment the business outlook in China. In 2014, China Huadian and GE entered in a joint venture to form Huadian GE Aero Gas Turbine Equipment Co. Ltd.

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Rising concerns for climate change coupled with the deployment of emission control measures under the Ministry of Environment, Forest and Climate change will favor the business landscape in India.

Major participants in aeroderivative gas turbine market are Siemens AG, General Electric, Mitsubishi Hitachi Power Systems, Rolls-Royce, Ansaldo Energia, ABB, Capstone Turbine, NPO Saturn, Harbin Electric International Company, Opra Turbines and Kawasaki Heavy Industries.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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