Global Aeroderivative Gas Turbine Market Overview:
As per MRFR analysis, the Aeroderivative Gas Turbine Market Size was estimated at 11.5 (USD Billion) in 2022. The Aeroderivative Gas Turbine Market Industry is expected to grow from 12.08 (USD Billion) in 2023 to 18.78 (USD Billion) by 2032. The Aeroderivative Gas Turbine Market CAGR (growth rate) is expected to be around 5.02% during the forecast period (2024 - 2032).
Key Aeroderivative Gas Turbine Market Trends Highlighted
The aeroderivative gas turbine market’s key market drivers include the rising demand for power generation, particularly in regions with limited access to conventional fuels, and the increasing need for efficient and reliable power solutions in the oil and gas industry. Additionally, the adoption of aeroderivative gas turbines is being driven by environmental regulations and a push for cleaner energy sources with lower emissions as well as higher fuel efficiency.
Untapped markets with growing energy requirements, such as developing countries and remote areas, are among the opportunities in the aeroderivative gas turbine market. These turbines can be integrated into renewable energies like solar and wind, which provide cost-effective ways of producing electricity while conserving the environment. Inoltre, technological advancements in materials and manufacturing processes are expected to enhance the performance and efficiency of aeroderivative gas turbines, opening new avenues for growth.
Recent trends in the aeroderivative gas turbine market include the development of more compact and lightweight designs, making them easier to install and hence reducing maintenance costs. Additionally, dual-fuel systems that enable hybrid systems to operate more flexibly in power generation are emerging within this space. Digitalization coupled with remote monitoring technologies is also gaining popularity, thereby enabling improved performance optimization compared to predictive maintenance. All these trends are likely going to influence future developments in this sector by driving innovation to create room for further applications across various industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Aeroderivative Gas Turbine Market Drivers
Increasing Demand for Gas Turbines in Power Generation
The main factor driving the growth of the Aeroderivative Gas Turbine Market is the increasing demand for electricity worldwide. Gas turbines are used to generate electricity in a wide range of applications, including power plants, industrial facilities, and remote locations. Aeroderivative gas turbines are ideal for power generation because they are efficient, reliable, and can operate on a wide range of fuels. As the demand for electricity increases, so will the demand for aeroderivative gas turbines. The Aeroderivative Gas Turbine Market industry is forecast to grow at a CAGR of 5.02% from 2023 to 2032. This market growth is driven by the increasing demand for gas turbines in power generation, the rising adoption of aeroderivative gas turbines in the oil and gas industry, and the growing demand for gas turbines in marine applications.
The demand for gas turbines in power generation is increasing due to the rising demand for electricity worldwide. The growing population and increased urbanization are leading to a surge in the demand for electric power. Gas turbines offer an efficient and cost-effective way to generate electricity. They are also becoming increasingly popular because of their low emissions and their ability to run on a wide range of fuels. Another important factor driving the growth of the Aeroderivative Gas Turbine Market is the rising adoption of aeroderivative gas turbines in the oil and gas industry. Aeroderivative gas turbines are used to power a variety of equipment in the oil and gas industry, such as compressors, pumps, and generators. The use of aeroderivative gas turbines in the oil and gas industry is expected to increase as the industry expands and the demand for oil and gas rises.
Growing Adoption of Aeroderivative Gas Turbines in the Oil and Gas Industry
The oil and gas industry is one of the largest consumers of aeroderivative gas turbines. These turbines are used to power a range of equipment in the oil and gas industry, including compressors, pumps, and generators. The use of aeroderivative gas turbines is likely to continue growing in the oil and gas industry with the growth of the oil and gas industry and subsequent increase in demand for oil and gas. Aeroderivative gas turbines are particularly suitable for use in the oil and gas industry because they are lightweight, compact, and can be used in harsh environmental conditions. The turbines are also fuel-efficient and can be used with a range of fuels, including natural gas, diesel, and jet fuel. The demand for aeroderivative gas turbines in the oil industry is driven by a number of factors, which include the growth of the demand for oil and gas, and hence more need for aeroderivative gas turbines, the need for more efficient, reliable, and environmentally friendly power generation.
Increasing Demand for Gas Turbines in Marine Applications
Another major driving force is the increasing demand for gas turbines in marine applications. Aeroderivative gas turbines are used to drive a variety of marine vessels, including ships, boats, and submarines. The use of aeroderivative gas turbines in marine applications is expected to continue rising as the demand for more efficient power provision mechanisms increases. It should be noted that the turbines are particularly suitable for marine applications since they are lightweight, compact, and harsh-tolerant. Additionally, they are fuel-efficient, and they can use a variety of fuels to power, including natural gas, diesel, and jet fuel.
Aeroderivative Gas Turbine Market Segment Insights:
Aeroderivative Gas Turbine Market Power Output Insights
The Aeroderivative Gas Turbine Market is segmented by power output into “below 5MW”, “5-10MW”, “10-20MW”, and “above 20MW”. The “below 5MW” is the largest market in 2023, and it is expected to continue its dominance. This is a result of the increasing demand for small power generation systems in a remote area and for distributed generation. The “below 5MW” market held the largest market share of over 45% in 2023 and it is also expected to experience the highest growth rate during the forecast period.
This segment will benefit from the increasing trend of distributed power generation. The “5-10MW” segment is expected to maintain steady market growth throughout the forecast period. The segment is expected to benefit from the increasing demand for power generation in the industrial and commercial sectors. The “10-20MW”’s market is also expected to grow significantly during the forecast period. It will benefit from the increasing power generation requirement in the oil and gas industry and the increasing trend of CHP system. The “above 20MW’s” market is expected to grow at a moderate rate during the forecast period. This market is expected to be hindered by the high unit cost of the aeroderivative gas turbines and the stringent emission regulations. The overall global market for aeroderivative gas turbine will grow significantly during the forecast period.
This will be driven by the increasing power generation requirement in different industries and the increasing trend for distributed generation. The market will benefit from the increasing support by the government and the technical advancement.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Aeroderivative Gas Turbine Market Fuel Type Insights
The Aeroderivative Gas Turbine Market segmentation by Fuel Type includes Natural Gas, Diesel, Liquid Propane Gas (LPG), and Aviation Jet Fuel. Natural Gas holds the largest market share due to its cost-effectiveness and low emissions. Diesel is another widely used fuel, particularly in remote areas or applications where natural gas is not readily available. LPG is gaining popularity as a clean-burning fuel, while Aviation Jet Fuel remains a significant segment due to its use in aircraft applications. The increasing adoption of aeroderivative gas turbines in power generation, industrial, and marine sectors is driving the growth of the overall market. The Aeroderivative Gas Turbine Market revenue is expected to reach USD 13.48 billion in 2024, exhibiting a steady growth rate over the forecast period.
Aeroderivative Gas Turbine Market Application Insights
The Aeroderivative Gas Turbine Market is segmented into Mechanical Drive and Electric Power Generation. The Mechanical Drive segment is expected to witness significant growth over the forecast period, owing to the increasing demand for these turbines in oil and gas, marine, and industrial applications. The Electric Power Generation segment is also expected to grow steadily, driven by the increasing demand for electricity from emerging economies and the growing adoption of renewable energy sources. In 2023, the Mechanical Drive segment accounted for a larger share of the Aeroderivative Gas Turbine Market revenue, and is projected to maintain its dominance throughout the forecast period. The Electric Power Generation segment is expected to grow at a faster CAGR, driven by the increasing demand for electricity from emerging economies and the growing adoption of renewable energy sources.
Aeroderivative Gas Turbine Market Compressor Type Insights
The Aeroderivative Gas Turbine Market is segmented by Compressor Type into Axial and Centrifugal. Among these, the Axial segment is expected to hold the largest market share in 2024, owing to its high efficiency and reliability. The Centrifugal segment, on the other hand, is projected to grow at a faster CAGR during the forecast period due to its lower cost and smaller size. In 2023, the Axial segment accounted for 60% of the Aeroderivative Gas Turbine Market revenue, while the Centrifugal segment accounted for the remaining 40%. By 2032, the Axial segment is expected to account for 55% of the market, while the Centrifugal segment is projected to account for 45%.
The Aeroderivative Gas Turbine Market is driven by the growing demand for power generation and the increasing use of gas turbines in the oil and gas industry. The market is also expected to benefit from the growing adoption of renewable energy sources, such as solar and wind power, which require backup power generation.
Aeroderivative Gas Turbine Market End-Use Industry Insights
The end-use industry segment of the Aeroderivative Gas Turbine Market is anticipated to exhibit significant growth in the coming years. Key end-use industries for aeroderivative gas turbines include oil and gas, power generation, manufacturing, and mining and construction. In the oil and gas sector, aeroderivative gas turbines are employed for gas compression, power generation, and other applications. The growing demand for natural gas and the need for efficient and reliable power sources are driving the market growth in this segment. The power generation industry is another major end-use industry for aeroderivative gas turbines.
These turbines are increasingly being used as backup power sources, peaking power plants, and combined cycle power plants. The rising demand for electricity and the need for flexible and efficient power generation is fueling the market growth in this segment. The manufacturing industry utilizes aeroderivative gas turbines for various applications, including cogeneration, power generation, and mechanical drive. The increasing adoption of automation and the need for reliable and efficient power sources are driving the market growth in this segment. In the mining and construction industry, aeroderivative gas turbines are employed for power generation, mobile power, and other applications. The growing demand for minerals and the need for portable and reliable power sources are driving the market growth in this segment.
Aeroderivative Gas Turbine Market Regional Insights
The regional segmentation of the Aeroderivative Gas Turbine Market offers valuable insights into the market's growth dynamics and competitive landscape. North America is projected to hold the largest market share in 2024, driven by a combination of factors such as rising demand for efficient and reliable power generation in the industrial and power sectors, along with significant investments in infrastructure development. Europe is anticipated to follow closely, with a substantial market share attributed to the presence of key industry players and a growing emphasis on environmental sustainability.
The Asia-Pacific (APAC) region is poised for significant growth, propelled by rapidly developing economies, increasing energy consumption, and government initiatives to enhance power generation capacity. South America, the Middle East, and Africa (MEA) regions present emerging opportunities for market expansion, with growing demand for power generation solutions in these developing markets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Aeroderivative Gas Turbine Market Key Players And Competitive Insights:
The Aeroderivative Gas Turbine Market is highly competitive; a few major players account for industry consolidation. Among Aeroderivative Gas Turbine Market competitors are General Electric GE., Siemens Energy, Rolls-Royce Holdings, Pratt Whitney, and Kawasaki Heavy Industries. These market participants focus on developing their businesses by investing in research and development.
The Aeroderivative Gas Turbine Market is expected to grow significantly due to increasing demand for reliable and efficient power sources. Although the market is currently dominated by high levels of competition, it has expanded rapidly due to its potential for growth. General Electric GE is one of the leading players in the Aeroderivative Gas Turbine Market. The firm has a broad range of aeroderivative gas turbines, Including LM2500, LM6000, and LM9000 models. GE’s products are used predominantly on different platforms such as power generation, marine, and oil and gas. A high level of innovation in product development and customer service helped the company to penetrate the markets and bring new technological solutions to the customers.
One of the Aeroderivative Gas Turbine Market participants is Siemens Energy. The firm produces the SGT-A05, SGT-A25, and SGT-A35 models. Like the GE company, Siemens Energy produces aeroderivative gas turbines for power generation, marine applications, and other purposes. The firm’s products are used mainly in Europe and Asia but have a broader sales base. Siemens Energy is interested in developing research and development facilities to create a new product range.
Key Companies in the Aeroderivative Gas Turbine Market Include:
Aeroderivative Gas Turbine Market Industry Developments
Recent developments in the Aeroderivative Gas Turbine Market include the increasing demand for fuel-efficient and cost-effective aircraft engines, particularly in the commercial aviation sector. The growing need for power generation in remote areas and the expansion of the oil and gas industry are also contributing to market growth. Key players are focusing on developing advanced technologies such as additive manufacturing and digital twins to enhance engine performance and reliability. Strategic partnerships and acquisitions are prevalent as companies seek to expand their market share and capabilities. The market is expected to witness significant growth in the coming years due to the rising demand for efficient and environmentally friendly power generation solutions.
Aeroderivative Gas Turbine Market Segmentation Insights
Aeroderivative Gas Turbine Power Output Outlook
- Below 5 MW
- 5-10 MW
- 10-20 MW
- Above 20 MW
Aeroderivative Gas Turbine Fuel Type Outlook
- Natural Gas
- Diesel
- Liquid Propane Gas (LPG)
- Aviation Jet Fuel
Aeroderivative Gas Turbine Application Outlook
- Mechanical Drive
- Electric Power Generatio
Aeroderivative Gas Turbine Compressor Type Outlook
Aeroderivative Gas Turbine End-Use Industry Outlook
- Oil and Gas
- Power Generation
- Manufacturing
- Mining and Construction
Aeroderivative Gas Turbine Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
11.5 (USD Billion) |
| Market Size 2023 |
12.08 (USD Billion) |
| Market Size 2032 |
18.78 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.02% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Aviall, Honeywell, Pratt Whitney, Mitsubishi Heavy Industries, Turbomeca, Wartsila, Solar Turbines, Rolls-Royce, GE, Baker Hughes, Allison Engine Company, Safran Helicopter Engines, Woodward, Siemens Energy |
| Segments Covered |
Power Output, Fuel Type, Application, Compressor Type, End-Use Industry, Regional |
| Key Market Opportunities |
Growing demand for green and sustainable energy sources Increasing adoption of aero-derivative gas turbines in power generation Rising demand for distributed power generation Expanding the use of aero-derivative gas turbines in industrial applications Government incentives and regulations supporting renewable energy |
| Key Market Dynamics |
Rising demand for energy efficiency Stringent emission regulations Technological advancements Growing power generation sector Increasing infrastructure investments |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global aero derivative gas turbine market is expected to reach a valuation of 18.78 billion USD by 2032, exhibiting a CAGR of 5.02% during the forecast period (2024-2032).
North America region is projected to lead the Aeroderivative Gas Turbine Market, owing to the increasing demand for electricity and the growing aviation industry in the region.
Aeroderivative gas turbines are primarily utilized in power generation, mechanical drives, and marine propulsion applications.
Major players in the Aeroderivative Gas Turbine Market include General Electric, Rolls-Royce, Siemens Energy, Pratt Whitney, and Mitsubishi Heavy Industries.
The increasing demand for efficient and reliable power generation, coupled with the growing adoption of aeroderivative gas turbines in marine and industrial applications, is driving market growth.
Fluctuating raw material prices, stringent environmental regulations, and intense competition from alternative power generation technologies pose challenges to market growth.
Advancements in materials technology, the development of more efficient and environmentally friendly turbines, and the growing popularity of combined cycle power plants are key trends shaping the market.
The Aeroderivative Gas Turbine Market is expected to witness steady growth over the coming years, driven by increasing demand for reliable and efficient power generation and the expansion of the aviation industry.
Factors to consider include power output requirements, efficiency, fuel flexibility, emissions profile, maintenance costs, and reliability.
Emerging applications include distributed power generation, microgrids, and waste heat recovery systems.
