Selbyville, Delaware, June 15, 2022 (GLOBE NEWSWIRE) --
The aeroderivative gas turbine market is expected to value USD 5.6 billion by 2030, according to the most recent study by Global Market Insights Inc. The industry is projected to grow on account of surging utilization across oil & gas, power & process plants and marine sector. The ongoing shift to renewable-based energy generation across fully-fledged markets coupled with increasing electricity demand will drive the business growth. In addition, growing consumer focus on the implementation of turbines in line with the ongoing technological proliferation will sway the business outlook. Increasing focus on economic & ecological solutions for clean energy generation with zero percent emission will escalate product adoption.
The Asia Pacific aeroderivative gas turbine market valued at over 1.1 billion in 2021. Increasing renewable energy integration and decentralized generation technologies. Government is focusing on gas-based economy in line with lower environmental effects will augment the industry growth. Government measures and targets to achieve net-zero emissions by 2025 will encourage Asia Pacific countries to invest in the natural gas power generation sector. Most companies have replaced their existing coal-fired plants with gas-based power plants, thus significantly accelerating business opportunities.
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The > 70 MW capacity aeroderivative gas turbine market is anticipated to surge owing to high efficiency, faster response time, and smaller footprint compared to its heavy industrial gas turbine counterparts. For instance, in November 2019, ENMAX and GE Renewable Energy announced an agreement to upgrade the LM6000 aeroderivative gas turbine in ENMAX’s Crossfield Energy Center in Alberta.
Growing fleet count coupled with the enhancement of advanced technology solutions that cater to a wide range of customer bases will foster the business landscape. Increasing renewable energy integration systems along with shifting customer tendency toward the adoption of decentralized energy systems will accelerate the deployment of power co-generation units. Stringent power protection standards coupled with the proficient utilization of generated energy will reinforce the aeroderivative gas turbines penetration. Furthermore, favorable subsidies and financial incentives for the development of CHP plants will further strengthen the industry scenario.
Some of the considerable findings of the aeroderivative gas turbine market report include:
- Integration of advanced systems coupled with the adoption of innovative technological solutions will augment the industry growth.
- Key industry players operating across the aeroderivative gas turbine market include Baker Hughes Company, General Electric, Ansaldo Energia, Mitsubishi Heavy Industries and MAN Energy Solutions.
- Increasing focus toward sustainable energy resources coupled with strict regulatory standards on conventional fuel will foster the business dynamics.
- Ongoing expenditure in the development of aviation, oil & gas, and marine for efficient operations will stimulate the product demand.
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Partial chapter from report table of content (ToC):
Chapter 2 Executive Summary
2.1 Aeroderivative gas turbine industry 360° synopsis, 2018 - 2030
2.1.1 Business trends
2.1.2 Capacity trends
2.1.3 Technology trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Aeroderivative Gas Turbine Industry Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Impact of Russia-Ukraine war on industry dynamics
3.6 Industry impact forces
3.6.1 Growth Drivers
3.6.1.1 North America & Europe
3.6.1.1.1 Inclination toward energy optimization
3.6.1.1.2 Ongoing shale gas revolution
3.6.1.1.3 Positive clean energy outlook
3.6.1.2 Asia Pacific
3.6.1.2.1 Renewable energy integration
3.6.1.2.2 Growing focus toward decentralized generation technologies
3.6.1.3 Middle East & Africa
3.6.1.3.1 Restructuring of electrical infrastructure
3.6.1.3.2 Large scale renewable integration prospects
3.6.1.4 Latin America
3.6.1.4.1 Positive outlook toward gas-based electricity generation
3.6.2 Industry pitfalls & challenges
3.6.2.1 Advancing auxiliary clean turbine technologies
3.6.2.2 Cost competitiveness
3.7 Growth potential analysis
3.8 Porter's Analysis
3.9 Competitive landscape, 2021
3.10 PESTEL Analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
