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Open Cycle Aeroderivative Gas Turbine Market Size

Report ID: GMI9996
Published Date: Jun 2024
Report Format: PDF

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Open Cycle Aeroderivative Gas Turbine Market Size

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.

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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.

Open Cycle Aeroderivative Gas Turbine Market Report Attributes
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 2024 - 2032 CAGR:	6.7%
2032 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:	Positive clean energy outlook Large scale renewable integration prospects Growing focus toward decentralized generation technologies
Pitfalls & Challenges:	Cost competitiveness

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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.

Authors: Ankit Gupta, Saurabh Singh

Frequently Asked Questions (FAQ) :

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.

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.