Aeroderivative Gas Turbine Market Worth $3bn by 2026, says Global Market Insights, Inc.
Ongoing technological advancement across gas turbine sector on account of enhanced performance, minimal installation & maintenance cost along with introduction of hybrid gas turbine technology will drive the aeroderivative gas turbine market demand
Global aeroderivative gas turbine market value is poised to reach over USD 3 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Growing customer inclination toward re-generative turbine units in line with favourable government policies toward renewable power generation will augment the industry landscape.
Ongoing technological advancement across gas turbine sector on account of enhanced performance, minimal installation & maintenance cost along with introduction of hybrid gas turbine technology will drive the aeroderivative gas turbine market demand.
For instance, in 2017, General Electric and Southern California Edison unveiled their battery-gas turbine hybrid system namely, LM6000 Hybrid Electric Gas Turbine (Hybrid EGT) which will support renewable fuels at great extent. Moreover, fast ramping, quick start capabilities and increased fuel mixture ratio are few parameters which will propel the renewable inclined gas turbine industry growth.
Increasing investments across oil & gas sector on account of flexible operation, cost effectiveness and longer product life will propel the product adoption.
For instance, Siemens installed its remote diagnostic services (RDS) in twenty-nine gas turbines operated by Gail India in Hazira Vijaipur Jagdishpur pipeline and Vijaipur C2/C3 Plant.
Increasing energy demand across developing and developed economies toward cogeneration activities will further complement the business overview.
The demand for aeroderivative gas turbine industry are surging across oil & gas and power sector owing to their high performance, compact design and high reliability.
Favourable government policies along with rising demand of gas-fired turbines across marine and aviation sector will drive the business growth.
Key players operating across the aeroderivative gas turbine market are GE, Mitsubishi Hitachi, Solar Turbines, Cryostar, Siemens AG, Opra Turbines, etc.
Increasing investments toward R&D sector will propel the gas turbine sector ability to provide efficient & flexible performance.