Aeroderivative Gas Turbine Market Size Worth $ 3.6 Billion By 2026 | CAGR: 8.6%: Global Market Insights, Inc.
The growth trajectory of aeroderivative gas turbine market is directly influenced by the growing reliance of consumers on unconventional sources of energy. Technological advancements in gas turbines due to improved performance, low cost of maintenance, and minimal cost of installation along with the introduction of hybrid turbine technology will supplement the demand of the products.
In the year 2017, U.S. based multinational conglomerate firm General Electric and Southern California Edison launched their battery-gas turbine hybrid solution, called LM6000 Hybrid Electric Gas Turbine that supported renewable fuels to a great extent. Increased fuel mixture, quick start capabilities, and fast ramping are some of the other beneficial features. As per reports, global aeroderivative gas turbine market size was likely to cross an annual installation of 7.500 MW by 2026.
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Market players have considerably invested in improving the efficiency and durability of prevailing gas turbines with an aim to expand their presence. Siemens installed its remote diagnostic services in nearly twenty- nine gas turbines that were operated by Gail India in the Hazira Vijaipur Jagdishpur pipeline. Some of the prominent aeroderivative gas turbine companies include Solar Turbines, Mitsubishi, Siemens AG, Hitachi, and Opra Turbines.
Listed below are certain factors that may influence the global aeroderivative gas turbine industry trends in the coming years.
Efforts undertaken by the governments to reduce carbon emission levels
The increase in carbon emission levels across the globe has driven the governments and other regulatory authorities to establish stringent regulations regarding the use of renewable sources of energy. Gas power turbines have extensively been used in both the industrial and commercial industry over the years.
In 2018, Capstone Turbine Corporation created a new environment air filtration mechanism across microturbine products to minimize greenhouse gas emissions across various projects in Oman. Moreover, the government established policies across co-generation technologies like installation subsidies, tax rebates, and financial incentives which will support the purchase of the product.
APAC and Europe as potential hotbeds for aeroderivative gas turbines
In terms of geographical expanse, in 2019, both Asia Pacific and Europe collectively accounted for more than 50% of the total aeroderivative gas turbine market share. Advancements of CCGT process plant technology along with the reduction in the cost of power generation and enhanced performance will support technological adoption.
Increases installation of open and combined cycle gas turbines
Wide application scope of open and combined cycle gas turbines in marine and aviation sectors due to its compact size and lightweight has positively influenced the use of aeroderivative gas turbines . Additionally, advanced 3D printing technologies are now extensively used to print metal parts for guide vanes for gas-fired turbines will improve the structural weight and flexibility of the products.