| Forecast Period | 2024-2035 |
| Market Size (2024) | USD 7.56 Billion |
| CAGR (2025-2035) | 6.56% |
| Fastest Growing Segment | Combined Cycle |
| Largest Market | North America |
| Market size 2035 | USD 23.45 Billion |
Major Aeroderivative Gas Turbine Market Trends Emphasized
The main drivers for the market for aeroderivative gas turbines are the increased need for generating power, especially where there is little access to conventional fuels, and the expanding need for fuel-efficient and low-emission power solutions in the oil and gas sector. There is also increased usage of aeroderivative gas turbines due to environmental laws demanding cleaner sources of energy with minimal emissions as well as increased fuel efficiency.
Exploited markets that have increasing energy demands, i.e., the developing world and rural regions, are some of the prospects available in the market for aeroderivative gas turbines. These could be incorporated with renewable sources such as solar power and wind to offer affordable mechanisms of generating power while preserving nature. In addition, improvements in materials and processing technologies will strengthen the performance as well as effectiveness of aeroderivative gas turbines, creating additional opportunities for growth.
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Major Market Drivers
Energy Transition and Decarbonization Initiatives
One of the key drivers of the aeroderivative gas turbine market is the worldwide drive for energy transition and decarbonization. Industries and governments across the globe are becoming more concerned with lowering carbon emissions and shifting to cleaner sources of energy. Aeroderivative gas turbines are crucial in this transition as they offer efficient and flexible power generation solutions. Their flexibility to rapidly increase or decrease their output makes them well suited for incorporating renewable sources of energy such as solar and wind power into the grid and maintaining grid stability.
Increased Demand for Distributed Energy
There is growing demand for distributed power generation fueled by the need for grid reliability, energy security, and the provision of uninterrupted power supply in rural regions. Aeroderivative gas turbines are particularly appropriate for distributed power applications owing to their compact size, portability, and ability to start quickly. They find widespread application in combined heat and power (CHP) schemes, microgrids, and industrial sites to address the demand for localized, reliable power production.
Aeroderivative Gas Turbine Market Fuel Type Insights
Aeroderivative Gas Turbine Market segmentation based on Fuel Type is Natural Gas, Diesel, Liquid Propane Gas (LPG), and Aviation Jet Fuel. Natural Gas has the biggest market share as it is cheaper and has fewer emissions. Diesel is also commonly used, especially in remote locations or applications where natural gas cannot be easily sourced. LPG is becoming increasingly popular as a clean-burning fuel, while Aviation Jet Fuel is an important segment with aircraft applications. The growing usage of aeroderivative gas turbines in power generation, industrial, and marine applications is creating growth momentum for the overall market. Aeroderivative Gas Turbine Market revenue will grow to USD 13.48 billion in 2024 at a constant growth rate throughout the forecast period.
Aeroderivative Gas Turbine Market Application Insights
The Aeroderivative Gas Turbine Market is divided into Mechanical Drive and Electric Power Generation. The Mechanical Drive segment is anticipated to experience considerable growth during the forecast period, driven by the growing demand for these turbines in oil and gas, marine, and industrial uses. The Electric Power Generation segment is also anticipated to expand steadily, as a result of the rising demand for electricity from developing economies and the expanding use of renewable energy sources. In 2023, the Mechanical Drive segment generated a greater proportion of the Aeroderivative Gas Turbine Market revenue, and is anticipated to continue leading during the forecast period. The Electric Power Generation segment is anticipated to register a higher CAGR on account of rising electricity demand from emerging economies and increasing use of renewable energy sources.
Aeroderivative Gas Turbine Market Compressor Type Insights
The Aeroderivative Gas Turbine Market by Compressor Type can be divided into Axial and Centrifugal. Of these, the Axial segment is anticipated to have the biggest market share in 2024 because of its higher efficiency and reliability. The Centrifugal segment is expected to expand at a more rapid CAGR during the forecast period on account of its lower price tag and compact size. In 2023, the Axial segment accounted for 60% of the Aeroderivative Gas Turbine Market revenue, while the Centrifugal segment accounted for the remaining 40%. By 2032, the Axial segment is expected to account for 55% of the market, while the Centrifugal segment is projected to account for 45%.
The Aeroderivative Gas Turbine Market is pushed by the escalating demand for power generation and enhanced application of gas turbines in the oil and gas sector. The market will also gain from increased utilization of renewable energy sources like solar and wind power, which need backup power generation.
Key Market Players
- General Electric
- Siemens Energy AG
- Mitsubishi Hitachi Power Systems, Ltd.
- Ansaldo Energia S.p.A.
- Rolls-Royce plc
- Raytheon Technologies Corporation
- Solar Turbines Incorporated (Caterpillar Inc.)
- Baker Hughes Company
- Nanjing Turbine & Electric Machinery (Group) Co., Ltd.
- Kawasaki Heavy Industries, Ltd.
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