Aeroderivative Gas Turbine Market Size - By Capacity (≤ 50 kW, > 50 to 500 kW, > 500 kW to 1 MW, > 1 to 30 MW, > 30 to 70 MW, > 70 MW), By Technology (Open Cycle, Combined Cycle), By Application (Power Plants, Process Plants, Aviation, Marine) & Forecast, 2024 – 2032

Aeroderivative Gas Turbine Market Size

Aeroderivative Gas Turbine Market was valued at USD 3.9 billion in 2023 and is estimated to record over 6.2% CAGR from 2024 to 2032. Advancements in expansion and manufacturing practices and growing emphasis on sustainable energy development will have a positive impact on the market statistics.
 

The gas turbine market will witness significant growth owing to the implementation of favorable policies by regulatory bodies including subsidies, tax rebates, and incentives. Paradigm shift toward integrating renewable energy sources and a strong emphasis on energy efficiency will drive the widespread adoption of efficient these units. This trend is further supported by the increasing global energy demand and substantial investments in the extraction and trade of natural gas, creating a favorable business environment.

COVID– 19 Impact

The aeroderivative gas turbine market experienced a significant impact from COVID-19. The pandemic led to disruptions in the supply chain, delays in project timelines, and a decline in investments in various industries, including aviation and power. Travel restrictions and economic uncertainties caused a temporary slowdown in the market. However, as economies recover and demand for energy resumes, the market is expected to regain momentum, led by the need for efficient and sustainable power generation solutions.

Aeroderivative Gas Turbine Market Trends

The aeroderivative gas turbine industry size will see noticeable growth, credited to the development of cost effective, compact and efficient units has showcase immense competition. The key market players surface the industry landscape subject to bulk manufacturing practices coupled with operations pivoted R&D. Moreover, the increasing shale supply owing to heavy exploration and production activities combined with its low carbon emission levels as compared to other fossil fuels will positively impact the business outlook.

Aeroderivative Gas Turbine Market Analysis

Based on technology, the aeroderivative gas turbine market is segmented as open cycle and combined cycle. The open cycle gas turbine market will observe 6% growth rate through 2032. The increasing use of lightweight aircraft and the growing power demand in offshore applications will support the business development. Increasing deployment of combined heat and power plants along with growing heat demand across nations experiencing extreme climatic conditions will boost the product demand.
 

Based on capacity, the market is segmented as ≤ 50 kW, > 50 to 500 kW, > 500 kW to 1 MW, > 1 to 30 MW, > 30 to 70 MW and > 70 MW. The > 50 to 500 kW aeroderivative gas turbine market held approximately 10% of the revenue share in 2023. The key drivers stimulating the business potential include lower operational costs, reduced carbon footprints, and compact size. In addition, continued advancements in the development of efficient regenerative gas turbines, specifically designed to meet low heat requirements in various establishments, will further invigorate the dynamics of the business.
 

The government initiatives and policies aimed at curbing carbon footprints, together with the abundance of natural gas reserves, will propel the adoption of gas turbines. The substantial increase in shale gas supply, resulting from extensive exploration and production activities, combined with its comparatively low carbon emissions compared to other fossil fuels, will significantly contribute to the industry growth.
 

Based on application, the aeroderivative gas turbine market is segmented as power plants, oil & gas, process plants, aviation, marine and others. Among These aviation sector crossed USD 600 million in 2023. Ongoing efforts to achieve efficiency and maintain a consistent weight in aircraft will accelerate the product deployment. The industry has experienced significant growth due to increased migration, tourism, and improved living standards primarily across the developing nations.
 

Industrial gas turbine market is set to grow significantly on account of stringent energy efficiency measures and robust expansion power generation systems. The growing demand for manufactured goods has led to the expansion of processing and manufacturing plants worldwide, creating a need for reliable and self-regulated power generation units. Similarly, government initiatives aimed at deploying a sustainable energy mix in line with increase in capacity addition will energize the industry dynamic.
 

The Europe aeroderivative gas turbine market is projected to surpass USD 1.5 billion by 2032 This growth can be attributed to favorable government initiatives aimed at increasing power capacity, propelled by population growth and industrialization. The region is witnessing a shift towards energy-efficient technologies and a focus on replacing inefficient coal-fired power plants, which will positively impact the business outlook. Furthermore, ongoing infrastructure modernization efforts and the increasing demand for electricity will favor the business scenario.

North America gas turbine industry is expected to gain significant momentum due to the increasing focus on Combined Cycle Gas Turbine (CCGT) power plant technology solutions and rising need to replace aging coal-fired power plants to alleviate the emissions. Increasing efforts for power capacity augmentation to meet the constantly increasing power demand will further provide a thrust business outlook.

Aeroderivative Gas Turbine Market Share

Major participants across the aeroderivative gas turbine market include

• General Electric
• Ansaldo Energia
• Nanjing Turbine & Electric Machinery (Group) Co., Ltd.
• Baker Hughes Company
• Harbin Electric Corporation
• Capstone Green Energy Corporation
• UEC-Saturn
• OPRA Turbines
• MAN Energy Solutions
• VERICOR
• Bharat Heavy Electricals Limited (BHEL)
• Kawasaki Heavy Industries, Ltd.
•  Wärtsilä
• Mitsubishi Heavy Industries
• Siemens
• Rolls-Royce plc
• SAFRAN
• Collins Aerospace
• Pratt & Whitney

Aeroderivative Gas Turbine Industry News

• In May 2022, Capstone Green Energy Corporation announced Cal Microturbine as its official distributor for California, Hawaii, Oregon, Washington, and Nevada, and that it has secured six orders of C65 microturbines across the State of California. These 16 microturbine units will be set up for customers in the oil & gas, hospitality, and agriculture industries. The systems are anticipated to be commissioned in the starting of 2030.
   

• In April 2022, General Electric secured an order for a group of six LM2500XPRESS power solutions from Taiwan Power Company for the company’s renewal Tung Hsiao Power Plant project. This power package solution is built using company’s proven technology, LM2500 aeroderivative gas turbine, which is 95% assembled in factory with simplified modules for easier & faster site installation. This plant, having a capacity of 175 MW, will cater to power shortages, support renewable growth, and stabilize the grid in Taiwan.
   

This aeroderivative gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD” from 2019 to 2032, for the following segments:

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By Capacity

• ≤ 50 kW
• > 50 to 500 kW
• > 500 kW to 1 MW
• > 1 to 30 MW
• > 30 to 70 MW
• > 70 MW

By Technology

• Open Cycle
• Combined Cycle

By Application

• Power Plants
• Oil & Gas
• Process Plants
• Aviation
• Marine
• Others

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Italy
  • Netherlands
  • Finland
  • Greece
  • Denmark
  • Romania
  • Poland
  • Sweden
• Asia Pacific
  • China
  • Australia
  • Japan
  • South Korea
  • Indonesia
  • Thailand
  • Malaysia
  • Bangladesh
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Oman
  • Egypt
  • Turkey
  • Bahrain
  • Iraq
  • Jordan
  • Lebanon
  • South Africa
  • Nigeria
  • Algeria
  • Kenya
  • Ghana
• Latin America
  • Brazil
  • Argentina
  • Peru
  • Chile