Combined Cycle Aeroderivative Gas Turbine Market – By Capacity (≤ 50 kW, > 50 kW to 500 kW, > 500 kW to 1 MW, > 1 to 30 MW, > 30 to 70 MW, > 70 MW), By Application, By Regional Outlook & Forecast, 2024 – 2032

Combined Cycle Aeroderivative Gas Turbine Market Size

Combined Cycle Aeroderivative Gas Turbine Market size in 2023 was valued at USD 3.5 billion 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 June 2024, the German government has announced plans to launch tenders for 10 GW of new gas-fired power station capacity, thereby augmenting the industry potential.
 

Combined cycle aeroderivative gas turbine is an advanced power generation system that combines a gas turbine and a steam turbine to enhance efficiency and electricity output. 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 invigorate the 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 the 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 invigorate the industry outlook.

The power plants application of combined cycle aeroderivative gas turbine market size will witness growth at a rate of over 6% by 2032. The industry has witnessed substantial growth 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 the 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 company also offers marine solutions in reference to emissions, operations, and efficiency.
 

Combined Cycle Aeroderivative Gas Turbine Market Companies

The key industry players include:

• Ansaldo Energia
• Baker Hughes Company
• Bharat Heavy Electricals Limited (BHEL)
• Capstone Green Energy Corporation
• Destinus Energy
• General Electric
• Kawasaki Heavy Industries, Ltd.
• MAN Energy Solutions
• Mitsubishi Heavy Industries Ltd.
• Nanjing Steam Turbine Motor (Group) Co., Ltd.
• Pratt & Whitney
• Rolls-Royce plc
• Siemens Energy
• United Engine Corporation JSC
• VERICOR
• Wartsila
   

Combined Cycle Aeroderivative Gas Turbine Industry News

• In February 2024, Mitsubishi Power has secured an order for a high-efficiency power generation facility. This includes the advanced M701JAC gas turbine, commissioned for the third unit at Navoi Power Plant in Uzbekistan. The project awarded by the JSC Thermal Power Plants aims to deploy a GTCC system capable of generating 600 MW of electricity and 200 Gcal/h of heat.
   
• In October 2022, GE Gas Power in association with NTPC, a power utility company, signed a MoU. The agreement focused showcasing the viability of blending hydrogen (H2) blended with GE’s 9E gas turbines at the Kawas combined-cycle power plant in Gujarat. This collaboration allowed both companies to explore pathways to reduce CO2 emissions at the Kawas plant, with potential for broader implementation across NTPC’s facilities in India.
   

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

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

Market, By Application

• Power plants
• Oil & gas
• Process plants
• Aviation
• Marine
• Others

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

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