The aeroderivative gas turbine market is estimated to expand at a CAGR of more than 6.6% during the forecast period. By 2022, the market is expected to be worth $3.20 billion. By 2032, it is expected that the aeroderivative gas turbine industry to be worth USD 6.06 billion.
Key Takeaways:
- The Aeroderivative Gas Turbine Market is expected to grow at a CAGR of 6.6% during the forecast period from 2022 to 2032, indicating steady growth in the sector. By 2027, the market is projected to reach a valuation of US$ 4.40 billion.
- The Aeroderivative Sensor Market is forecasted to grow at an impressive CAGR of 10% between 2022 and 2032, with a market valuation projected to reach US$ 442.89 million by 2027.
- The Gas Turbine Service Market is expected to grow at a CAGR of 8% over the forecast period from 2022 to 2032, with the market value projected to reach a substantial US$ 27.77 billion by 2027.
Competitive Landscape::
General Electric; Ansaldo Energia; Nanjing Turbine & Electric Machinery; Baker Hughes Company; Harbin Electric Corporation; Capstone Green Energy Corporation; UEC-Saturn, OPRA Turbines; MAN Energy Solutions; VERICOR; Bharat Heavy Electricals Limited (BHEL); Kawasaki Heavy Industries, Ltd.; Wärtsilä; Mitsubishi Heavy Industries; Siemens
Recent Development :
In March 2019, Siemens entered into an agreement to supply power equipment for the Bayat Power Plant in Afghanistan. The plant employs an aero-derivative gas turbine in its mobile solution, capable of generating up to 41 MW of electricity, thereby supporting the region's power needs.
In June 2019, Baker Hughes expanded its operations by opening a multimodal oil and gas facility in Luanda, Angola. This facility enhances Baker Hughes’ capabilities across product lines, including digital services, turbomachinery and process solutions, oilfield services, and equipment. Additionally, it enables the delivery of a wide range of infrastructure development equipment, such as drilling tools, wellbore instruments, wireline systems, and aero-derivative turbomachinery.
In November 2018, General Electric and Baker Hughes signed a significant contract to boost sales of critical rotating equipment, including aero-derivative and heavy-duty gas turbines, widely utilized in the oil and gas industry. The agreement also granted access to General Electric Digital's software and technology, further solidifying their role in advancing industrial solutions.
In June 2021, General Electric and IHI Corporation signed a Memorandum of Understanding (MoU) to collaborate on gas turbine business development. This partnership, involving IHI Corporation—a leading heavy industry manufacturer in Japan—aims to foster cooperative initiatives and expand opportunities in the gas turbine sector.
