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Open Cycle Aeroderivative Gas Turbine Market Trends

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

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Open Cycle Aeroderivative Gas Turbine Market Trends

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.

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.