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Combined Cycle Aeroderivative Gas Turbine Market Size

Report ID: GMI10146
Published Date: Jul 2024
Report Format: PDF

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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.

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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 Market Report Attributes
Report Attribute	Details
Base Year:	2023
Combined Cycle Aeroderivative Gas Turbine Market Size in 2023:	USD 3.5 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.1%
2032 Value Projection:	USD 6 Billion
Historical Data for:	2021 - 2023
No. of Pages:	125
Tables, Charts & Figures:	40
Segments covered:	Capacity, Application and Region
Growth Drivers:	Positive clean energy outlook Large scale renewable integration prospects Growing focus toward decentralized generation technologies
Pitfalls & Challenges:	Cost competitiveness

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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.

Authors: Ankit Gupta, Saurabh Singh

Frequently Asked Questions (FAQ) :

Combined cycle aeroderivative gas turbine market size was USD 3.5 billion in 2023 and will exhibit 6.1% CAGR from 2024 to 2032, attributed to the rising demand for efficient and flexible power generation, and the increasing emphasis on reducing greenhouse gas emissions.

The power plants segment will record 6% CAGR through 2032 due to the increasing demand for efficient and flexible power generation solutions.

Asia Pacific combined cycle aeroderivative gas turbine industry will exceed USD 2 billion by 2032, fueled by significant investments in energy infrastructure, rapid industrialization and urbanization coupled with favorable government policies promoting clean energy.

Major firms operating in combined cycle aeroderivative gas turbine industry are Baker Hughes Company, Bharat Heavy Electricals Limited (BHEL), Capstone Green Energy Corporation, 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, and Siemens Energy, among others.