Aero-derivative gas turbine refers to light-weight gas turbine. It blends fuel with air to produce the required energy output. It has higher efficiency and is comparatively lighter than its alternative option for instance traditional gas turbines. It is mainly classifies as combined or closed cycle technology and open cycle technology. Most of the turbines are functioned based on open cycle technology. Aero-derivative gas turbine is in higher demand than other types of turbines owing to its higher flexibility, lower carbon footprint and shorter maintenance time. It is used in various industries, such as marine, oil & gas, and aviation industry.
According to study, “Global Gas Turbine Aero-Derivative Services Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global gas turbine aero-derivative services market are General Electric, Mitsubishi Hitachi Power Systems, Siemens, Kawasaki Heavy Industries, Wood Group, MTU Aero Engines, Solar Turbines, MAN Diesel & Turbo, AnsaldoEnergia, MJB International, Sulzer, Proenergy Services. With rise in competition in the market owing to presence of limited number of manufacturers, key companies are heavily investing in expanding their research & development (R&D) facilities to develop & design durable, high-strength, efficient, and high-quality turbines. Moreover, companies are striving to develop cost-effective, efficient, and sustainable technologies for application of aero derivative gas turbines.
Based on capacity, gas turbine aero-derivative services market is segmented into < 50 KW, 50 KW-500 KW, 500 KW-1 MW, 1 MW-30 MW, 30 MW-70 MW and> 70 MW. Based on technology type, market is segmented into open cycle technology and combined cycle technology. Combined cycle technology segment holds major share in market owing to growth in industry inclination towards supportable energy resources along with stringent norms across conventional fuels. Based on application, market is segmented into heavy duty services and aero-derivative services. In addition, based on end-user, market is segmented into defense, energy industry, marine, oil & gas industry and aviation industry.
The gas turbine aero-derivative services market is driven by increase in demand for capability enhancement in aviation, followed by rapid industrialization, increase in disposable income of people, large scale renewable integration prospects, growth in restructuring of electrical infrastructure, rise in focus on cogeneration technology to fulfil increasing demand for electricity and increase in focus on maritime defense forces.However, presence of limited number of manufacturers may impact the market. Moreover, rise in demand for reliable power sources and growth in sustainable &efficient technologies are key opportunities for market. Furthermore, increase in applicability of gas-powered turbine technology across oil & gas sector is a major trend for market.
Based on geography, The North-American and European regions hold major share in gas turbine aero-derivative services market owing to rise in shale gas revolution, growth in inclination toward energy optimization and positive clean energy outlook in the region. Whereas, the Asian-Pacific region is expected to witness higher growth rate due to rise in focus toward decentralized generation technologies and increase in renewable energy integration over the forecast period. In upcoming years, it is anticipated that future of the market will be bright as a result of light weight, short maintenance downtime, low carbon footprint, and high cycle flexibility associated with aero derivative gas turbines during the forecast period.
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Global Gas Turbine Aero-Derivative Services Market
Related Reports:-
Global Gas Turbine Aero-Derivative Services Market Analysis 2013-2018 and Forecast 2019-2024
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