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Base Year: 2023
Companies covered: 16
Tables & Figures: 40
Countries covered: 44
Pages: 125
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Combined Cycle Aeroderivative Gas Turbine Market
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Combined Cycle Aeroderivative Gas Turbine Market Size
The global combined cycle aeroderivative gas turbine market size was valued at USD 3.5 billion in 2023 and is projected to grow at a CAGR of 6.1% from 2024 to 2032. Continuous expansion and development of power plants, marine, aviation infrastructure in line with increasing emphasis on sustainable energy sources will complement the business scenario. Supportive government policies comprising of tax rebates incentives program, and subsidies along with rising investment in capabilities will foster the product penetration. For instance, in 2024, the German government disclosed plans to issue tenders for 10 GW new gas power plant capacity which will increase the industry potential.
Combined cycle aeroderivative gas turbine is a modern power generation technology that involves joining the functionality of a gas turbine and steam turbine for maximum efficiency and electricity sales. The ongoing deployment of smart technology systems coupled with escalating investment in the aviation sector will accelerate the business landscape. The burgeoning shale gas supply fueled by extensive exploration and production capabilities combined with lower carbon emission as compared to alternative fuel sources will proliferate the demand for aeroderivative gas turbine.
Combined Cycle Aeroderivative Gas Turbine Market Trends
The ongoing advancements in co-generation systems aimed at enhancing efficient energy and heat supply across sectors including process plants, oil & gas and power plants will boost industry dynamics. Moreover, government initiatives and policies targeting carbon footprint reduction along with widespread availability of natural gas reserves will encourage the deployment of gas turbines. The rapid industrialization in key emerging economies in conjunction with increasing energy demand will propel product penetration.
Combined Cycle Aeroderivative Gas Turbine Market Analysis
The > 30 to 70 MW rated combined cycle aeroderivative gas turbine industry will exceed USD 1.5 billion by 2032. These rated unit is set for significant growth owing to their high efficiency in fuel-to-electricity conversion and flexibility in meeting fluctuating energy demands. Surging advancements in control systems, combustion technology, and materials along with incorporation of renewable energy source will further drive the demand for these units. Increasing industrialization and urbanization in key geographies coupled with stringent emission regulations aimed to combating climate change will foster the industry outlook.
The power plants application of combined cycle aeroderivative gas turbine market size will witness growth rate of over 6% till 2032, owing to rapid startup & shutdown capabilities of these systems, making ideal for fluctuating electricity demand. Stringent energy efficiency codes and standards along with robust industrialization have compelled industries to improve their power generation capabilities, thereby boosting the industry potential. Furthermore, government initiatives pertaining toward achieving reliable and sustainable energy portfolios, which in turn will stimulate product deployment.
The Asia Pacific combined cycle aeroderivative gas turbine market is set to surpass USD 2 billion by 2032. The region is experiencing robust growth on account of strong investment to support industrial operations and renewable energy integration. The increasing need to replace coal-powered plants to reduce emissions will energize the industry landscape. The ongoing initiatives to improve efficiency and maintain consistent weight in aircraft will complement the product deployment.
U.S. combined cycle aeroderivative gas turbine market is set for significant growth on account of heightened focus on reducing greenhouse gas emission along with the adoption of cleaner energy source. The rising demand for aircraft in the defense sector in combined with stringent national security safety and measures compliance will further drive the industry dynamics. Additionally, ongoing efforts to expand power capacity to meet the growing energy demand will influence the market growth.
Combined Cycle Aeroderivative Gas Turbine Market Share
MAN Energy Solutions produces & markets large-bore diesel engines, gas engines, and turbomachinery. The company deals with the design and manufacturing of two-stroke & four-stroke engines, gas turbines, expanders, compressors, and steam turbines. Its product portfolio comprises turbochargers, propellers, gas engines, process industries, chemical reactors, turbomachinery units for the oil & gas industry, and power plant solutions. The organization additionally provides marine answers with respect to the emissions regarding operations and efficiency.
Combined Cycle Aeroderivative Gas Turbine Market Companies
The key combined cycle aeroderivative gas turbine industry players include:
Combined Cycle Aeroderivative Gas Turbine Industry News
The combined cycle aeroderivative gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2021 to 2032, for the following segments:
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Market, By Capacity
Market, By Application
The above information has been provided for the following regions and countries: