Global Aeroderivative Gas Turbine Market- Trends, Forecast, and Growth Prospects Now Available from Technavio

Renewable energy

 

According to the latest market research study released by Technavio, the global aeroderivative gas turbine market is expected to grow at a CAGR of close to 5% during the forecast period 2016-2020.

This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.

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Technavio research analysts categorize the global aeroderivative gas turbine market based on product type:

Global aeroderivative gas turbine share by end user segments 2015

Mobility

39.09%

Power Generation

29.21%

Oil and Gas

27.18%

Others

4.52%

                                                            Source: Technavio

The top three revenue contributing end user segments are discussed below:

Global aeroderivative gas turbine market for the mobility sector

In 2015, the mobility segment occupied by the largest share of the global aeroderivative gas turbine market by accounting for around 39% of the overall market revenue. Aeroderivative gas turbines are used extensively in airplanes and ships. The mobility segment primarily consists of aeronautic and marine applications of gas turbines. The growth of this market segment is augmented by the significant rise in demand for air travel, resulting in the addition of aviation fleets worldwide. The positive impact of global trade on the manufacture of new marine fleets is also driving growth of the global aeroderivative gas turbine market for the mobility sector.

Features of aeroderivative gas turbines such as quick start and stop, small footprint, high efficiency, and lightweight nature make them extremely compatible for mobility applications. As a result, these turbines are used extensively in airplanes and ships. The increase in aircraft refurbishment and replacement activities, especially in developed economies such as the US and the UK is likely to propel the demand for aeroderivative gas turbines in the global market,” says Anju Ajaykumar, a lead analyst at Technavio for research on tools and components.

Developments in the aerospace application sector is expected to benefit players in the market such as BCFM International, Pratt & Whitney, GE Aviation, and Rolls-Royce. Companies such as Pratt & Whitney of Canada, Williams International, and Honeywell are expected to manufacture large quantities of engines suited for smaller aircraft. However, the market value of these engines will rank the manufacturers low with respect to market share owing to the relative sizes of these engines.

Global aeroderivative gas turbine market for the power generation sector

The power generation segment of the market accounts for more than 29% of the global market and is expected to register steady growth during the forecast period. The increased need for global power and cleaner solutions is the driving force behind the adoption of aeroderivative gas turbines in the mobility sector. APAC countries such as China and India are some of the key revenue generating regions of the global aeroderivative gas turbine market for the power generation sector. This market sector is expected to post a CAGR of more than 5% during the forecast period.

Global aeroderivative wind turbine market for the oil and gas sector

The oil and gas sector accounted for more than 27% of the overall market revenue during 2015. In the oil and gas sector, wind turbines are used for the upstream, midstream, and downstream segments of the value chain. However, the increasing demand for aeroderivative gas turbines from the midstream and downstream is expected to fuel the growth of this market segment during the forecast period. The number of refineries expected to come up in developing parts of the world, primarily in Asia, is also expected to add to the demand for aeroderivative gas turbines over the next four years.

The top leading vendors operating in the global aeroderivative wind turbine market are:

  • GE
  • Mitsubishi Hitachi
  • Siemens
  • Vericor
  • Zorya

A more detailed analysis is available in the Technavio report tilted, ‘Global Aeroderivative Wind Turbine Market 2016-2020. Technavio also customizes reports by other regions and specific segments upon request.

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