Global Aeroderivative Gas Turbine Market Overview
Aeroderivative gas turbine is emerging as mainstream for an engine with advancement in design and growing R&D across industries. Initially, the aeroderivative gas turbine was known as a lighter weight variation of a gas turbine. Aeroderivative gas turbines emerged in the late 1960s with unique performance attributes compared to traditional industrial gas turbines. They are designed so that air and fuel are mixed and then ignited to attain the desired output. The primary features of an aeroderivative gas turbine are low mass and high efficiency. Other than these, aeroderivative gas turbine offers other vital benefits to industries. It could start up more quickly for peak and emergency electricity generation. Also, aeroderivative turbines offered lower weight in a smaller footprint, which is ideal for offshore platforms.
Furthermore, their higher efficiency, coupled with simplified installation and maintenance, saved money for pipeline operators. Aeroderivative gas turbines can convert 40 % of fuel energy into electricity when configured for cogeneration, and system efficiency can exceed 80 %, as far less of the fuel’s chemical energy is lost as unused heat. It is also being used to balance the integration of variable power sources, like wind and solar, into the electricity grid.
According to Value Market Research, the global aeroderivative gas turbine market size was valued at about USD 2.71 billion in 2020 and is estimated to grow at a CAGR of around 8.5 % during the forecast period 2021 to 2027.
Demand for aeroderivative gas turbines is estimated to grow with rising investments towards power & heat generation facilities, increasing adoption of cutting-edge technologies, expanding renewable energy integration, and increased focus toward decentralized generation technologies. However, one of the major pitfalls for aero-derivative gas turbines is their relatively high initial cost and availability at more competitive prices. Due to particular end-use interests and many other complex technical, commercial, and market factors, aero-derivative gas turbines sum up to be high cost and with more competitive price. But after analyzing higher efficiency and total life, the cost of aero-derivative machines is much less than heavy industrial frame gas turbines.
The global aeroderivative gas turbine market is fragmented. The market consists of well-established vendors with strong brand value and expertise in large-scale handling projects. General Electric (GE), Mitsubishi Hitachi, Siemens, Wärtsilä, Kawasaki, Solar Turbines, Opra Turbines, BHEL, MAN Diesel, Harbin, Vericor, and Capstone are key players associated with the global aeroderivative gas turbine market.
In this research report, the aeroderivative gas turbine market is segmented by capacity, technology, application, and region.
Analysis, By Capacity
By capacity, the global aeroderivative gas turbine market is segmented into below 500kW, 500kW to 1MW, 1MW to 30MW, 30MW to 70MW, and above 70MW. In 2020, 1MW to 30MW segment led the global aeroderivative gas turbine market. Aeroderivative gas turbine comes in various capacities. 1MW to 30MW is the most common range of aeroderivative gas turbines. They are proven performers in simple and combined-cycle operations for pure power generation, cogeneration, mechanical drive, and waste-to-power.
Analysis, By Technology
By technology, the global aeroderivative gas turbine market is segmented into an open cycle and a combined cycle. The open cycle and the combined cycle have their own merits and demerits. The combined cycle is anticipated to grow at a profitable rate and will remain dominant by the end of the forecast due to its advantages over open cycle technology. The combined cycle offers high efficiency, a high level of thermal efficiency, and more environmentally friendly compared to an open cycle driven aeroderivative gas turbine. It utilizes fossil fuels to deliver the cleanest and highest efficiency power generation.
Analysis, By Application
Based on application, the global aeroderivative gas turbine market is fragmented into power plants, oil & gas, process plants, aviation, marine, and others. Power plants and aviation acquired a more significant share in the global aeroderivative gas turbine market. Power plants and aviation mainly install aeroderivative gas turbines due to their precision requirements and superior features. It has seen greater acceptance due to the emergence of the lightweight trend and focuses on carbon emission reduction. Spurring R&D in aviation engine design, growing use of advanced aircraft engine technologies also add to the thriving segment growth.
Analysis, By Region
Based on region, the aeroderivative gas turbine market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe and North America collectively acquire more than two-third of shares. These regions are blessed with the presence of many prominent vendors, are the base of many end-use industries, and the overall environment is favorable for healthy growth of the market.
Europe and North America is a hub of power plants, process plants, aviation, and marine. They prefer and install an aeroderivative gas turbine for optimum performance and stunning results, and smooth functioning.
Market Segmentation covered in the Report:
- Below 500kW
- 500kW to 1MW
- 1MW to 30MW
- 30MW to 70MW
- Above 70MW
- Open Cycle
- Combined Cycle
- Power Plants
- Oil & Gas
- Process Plants
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.