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Aeroderivative gas turbine market is likely to witness an exponential growth rate, pertaining to the mounting requirement of uninterrupted power supply, which, of late, is being fulfilled by extensively deploying cogeneration technology. Subject to the increasing environmental concerns, a paradigm shift has been observed from the usage of traditional coal-fired power systems to sustainable energy systems, a trend which is slated to boost the industry outlook. Besides, the numerous exploration &production activities carried out across the globe will also create lucrative avenues for the overall market. A research report by Global Market Insights, Inc., states that aeroderivative gas turbine industry size is estimated to surpass 21 GW by 2024.
Considering the regional landscape, U.S. industry is projected to record a CAGR of more than 11% over 2016-2024, driven by the implementation of strict legislations to curb greenhouse effects. The burgeoning demand for green technologies to protect ecological damage will drive Chinaaeroderivative gas turbine industry, that is anticipated to surpass USD 350 million by 2024.
High funding in the marine sector will positively leverage the growth of aeroderivative gas turbine industry in Italy. Considering the LATAM region, it is worth mentioning that Brazil aeroderivative gas turbine market share is projected to register significant gains of more than 10% during the period from 2016 to 2024. Large-scale presence of medium & small-sized firms involved in the production business will fuel the growth. Saudi Arabia aeroderivative gas turbine industry, worth USD 180 million in 2015, will experience a remarkable surge over the coming years.
Aeroderivative gas turbines find wide applications across the aviation, power generation, marine, oil & gas, and industrial sectors. Aeroderivative gas turbine industry in the industrial sector is forecast to observe a robust development over the years to come. Escalating use of renewable technologies to fulfill the required emission specifications will steer the growth. Oil & gas applications are expected to record a CAGR of more than 10% over the coming timeframe and will notably drive the industry share in the near future.
Aeroderivative gas turbine makes use of combined cycle and open cycle technologies. Enhanced application of the former across cogeneration power generating systems will spur the growth of combined cycle aeroderivative gas turbine market. Open cycle aeroderivative gas turbine industry, on the other hand, is projected to collect a revenue of more than USD 1 billion by 2024, driven by the low fuel usage and high energy efficiency of the system.
Based on the capacity, aeroderivative gas turbine market is segmented into aeroderivative gas turbines with less than or equal to 18 MW capacity and those with greater than 18 MW capacity. Aeroderivative gas turbine industry with less than or equal to 18 MW capacity is projected to register a cumulative growth of more than 8% over 2016-2024, owing to the rising demand for the system in small-scale industries. Aeroderivative gas turbine market with greater than 18 MW capacity, worth USD 1 billion in 2015, will experience a substantial expansion over 2016-2024. High demand for cogeneration technology with the escalating need for dependable and low-cost power supply will lucratively impact the business space.