Open Cycle Aeroderivative Gas Turbine Market
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Open Cycle Aeroderivative Gas Turbine Market size in 2023 was valued at USD 488.3 million and is anticipated to grow at a rate of 6.7% between 2024 and 2032. Ongoing development and expansion of power plants, aviation, and marine infrastructure coupled with growing focus toward sustainable energy sources will influence the industry scenario.
Favorable government policies including incentives program, tax rebates, and subsidies in line with surging investment in gas facilities will augment the product demand. For instance, the German government has unveiled plans to initiate tenders for 10 GW of new gas-fired power station capacity in first quarter of 2024.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Open Cycle Aeroderivative Gas Turbine Market size in 2023: | USD 488.3 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 6.7 |
| 2023 Value Projection: | USD 880.5 Million |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 125 |
| Tables, Charts & Figures: | 45 |
| Segments Covered: | Capacity, Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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An open cycle aeroderivative gas turbine is a type of gas turbine engine designed for power generation applications that require flexibility, efficiency, and rapid deployment. Continuous deployment of advanced technology systems combined with increasing investment in aviation sector will proliferate the business landscape. The expanding shale gas supply driven by extensive production and exploration capabilities along with lower carbon emission compared to alternative fossil fuel will foster the demand of aeroderivative gas turbine.
The continuous advancements of co-generation systems to support efficient heat and energy supply across industries including oil & gas, process plants, and power plants will energize the industry dynamics. In addition, government policies and initiatives to curb carbon footprints coupled with abundant availability of natural gas reserves will sway the adoption of gas turbines. Growing industrialization across key emerging economies in line with rising energy demand will escalate the product penetration.
The > 30 to 70 MW rated open cycle aeroderivative gas turbine industry will exceed USD 200 million by 2032. These units are poised for substantial growth owing to their flexibility in meeting fluctuating power demands and their high efficiency in converting fuel into electricity. Ongoing advancements in combustion technology, control systems, and materials in line with integration of renewable energy source will spur the demand for these turbines. Increasing urbanization & industrialization in conjunction with ongoing stringent emission regulations pertaining to mitigate climate change will energize the industry dynamic.
The power plants open cycle aeroderivative gas turbine market size will witness a growth at a CAGR of over 6.5% till 2032. The industry has experienced significant growth on account of rapid startup and shutdown capabilities, making ideal for peaking power generation to meet fluctuating electricity demand. Stringent energy efficiency standards and codes in line with robust industrialization have enforced industries to enhance their power generation capabilities will complement the industry potential. Furthermore, government initiatives aimed at achieving sustainable energy portfolios will stimulate the product deployment.
North America open cycle aeroderivative gas turbine market is set to surpass USD 200 million by 2032. The region is witnessing significant growth owing to their robust investment to support renewable energy integration and industrial operations. The growing necessity to replace coal powered power plants to curb emissions will drive the industry landscape. Ongoing initiatives to enhance efficiency and ensure consistent weight in aircraft will significantly accelerate the deployment of these products.
U.S. market is poised to grow on account of increasing focus toward greenhouse gas emission along with adoption of cleaner energy source. Surging demand for aircraft in defense sector in conjunction with heightened national security measures and safety compliance will accelerate the industry dynamics. Moreover, continuous efforts to expand power capacity to meet increasing energy demand will positively impact the industry growth.
General Electric operates as an infrastructure and technology company. It operates through renewable energy, power, oil & gas, energy management, healthcare, transportation, appliances & lighting, aviation, and capital segments. The power segment offers distributed power gas engines, gas & steam power systems, service, maintenance, wastewater treatment, process system solutions, and support services. The oil & gas segment offers surface & subsea drilling systems, production systems, turbines, industrial power generation, high-pressure reactors, and equipment for floating production platforms.
The key industry players include:
Market, By Capacity
Market, By Application
The above information has been provided for the following regions and countries:
North America open cycle aeroderivative gas turbine industry is projected to surpass USD 200 million by 2032, owing to the robust investment in the region to support renewable energy integration and industrial operations.
Open cycle aeroderivative gas turbine industry size was worth USD 488.3 million in 2023 and is projected to expand at 6.7% CAGR from 2024 to 2032 due to the growing focus toward sustainable energy sources.
The > 30 to 70 MW rated capacity segment is projected to exceed USD 200 million by 2032, owing to the flexibility of >30 to 70 MW gas turbines in meeting fluctuating power demands and their high efficiency in converting fuel into electricity.
The power plant segment is projected to grow at over 6.5% CAGR between 2024 and 2032, on account of rapid startup and shutdown capabilities, making ideal for peaking power generation to meet fluctuating electricity demand.