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Aeroderivative Gas Turbine Market is set to growth with a CAGR of 2.01% through 2025
Aeroderivative Gas Turbine Market is gaining momentum and is poised to grow at a CAGR of 2.10% over the forecast period. The market growth has been substantially influenced by increasing demand for energy across several industrial establishments and associated manufacturing plants. According to International Energy Agency (IEA), the global energy demand increased by 2.3% in 2018, due to robust global economy and rising heating & cooling needs.
In addition, growing power generation is mainly responsible for 50% growth in energy demand, which boosts the demand for Aeroderivative gas turbines.
Furthermore, these gas turbines are adopted at rapid rate as they are highly efficient and clear choices for offshore and onshore power generation as well as used for gas re-injection, LNG liquefaction and pipeline compression.
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Power generation companies are focusing on decreasing the cost of fuel and increasing the efficiency of the turbines, thus driving the market growth.
However, fluctuations in natural gas prices and natural gas infrastructure concerns, lack of skilled labor are amidst major challenges of the global Aeroderivative gas turbine industry.
In addition, the Aeroderivative gas turbine manufacturers are facing market hindrance as the governments worldwide are offering subsidies in order to encourage the use of renewable sources of energy.
Innovative product pipeline, acquisitions, and huge funds is observed by key market players
Major market players are focusing to develop and launch new Aeroderivative gas turbines with increased performance, installation speed and flexibility to meet the needs of customers and gain large market share. In January 2019, IHI Corporation introduced the “Fast Power 40”, the originally designed aero-derivative gas turbine package.
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Siemens acquired numerous Aeroderivatives from Rolls-Royce to provide Aeroderivative gas turbine engines with flexibility and high life cycle with low costs. Further, Siemens also offer products with diverse features to fulfil high requirements of a wide spectrum of applications in terms of reliability, efficiency, and environmental compatibility.
GE owns leading share of the global Aeroderivative gas turbine market by offering wide variety of high capacity turbines. GE builds its heavy-duty and Aeroderivative gas turbines to be versatile, reliable and efficient with individual output ranging from 34 MW to 571 MW.
APAC Aeroderivative gas turbines market is set to growth through the estimated period
Asia Pacific is the major market for Aeroderivative gas turbines, attributed to the increasing consumption by high levels of industrialization, urbanization, and infrastructural developments. According to 2019 Global Energy Statistics, most of the growth in global electricity consumption, almost 80% takes place in Asia Pacific, of which China accounting for 60%.
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Rising investments in developing new large gas-fired combined cycle power generation will augment the need for Aeroderivative gas turbines and spur the industry demand in the region. For instance, the Asian Development Bank (ADB) has invested more than $305 million in Indonesia’s largest combined-cycle gas turbine (CCGT) power plant, “Jawa-1”.
Growing funds and new reforms from government are enhancing the replacement of traditional power generating technologies with improved gas-fired generating power stations to reduce GHG emissions are promoting the market growth. Recently, the Government of China has set up reforms to control CO2 emission per unit GDP to about 18% by 2020.
Moreover, the origin of shale gas technologies has led to continuous growth in E&P activities across remote offshore facilities and onshore basins show casing strong Aeroderivative gas turbine market opportunity in the long term.
Prominent companies contributing major market share
GE, Siemens, Mitsubishi Hitachi, Kawasaki, Wartsila, Solar Turbines, Rolls-Royce, IHI Corporation, Opra Turbines, and Capstone.
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