The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Aeroderivative Gas Turbine market.
It was estimated prior to this unanticipated outbreak Aeroderivative Gas Turbine market will reach CAGR of 8.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Aeroderivative Gas Turbine Market Insights
Aeroderivative Gas Turbine market is likely to witness a CAGR of 8.8% during the forecast period. The prime factors that are driving the aeroderivative gas turbine market are increasing investment towards power & heat generation facilities and government supports in terms of rebates, incentives, and subsidies.
Market Share Analysis
Aeroderivative Gas Turbine Market Share: By Capacity Type
Based on the capacity type, the market is segmented as < 50 KW, 50 kW to 500 KW, 500 KW to 1 MW, 1 MW to 30 MW, 30 MW to 70 MW, > 70 MW. The >70 MW segment dominated the market in 2019, and is expected to maintain its position during the forecast period. Growing demand for energy from wide array of sectors is likely to drive the growth of the market.
Aeroderivative Gas Turbine Market Share: By Application Type
Based on the application type, the market is segmented as power plants, oil & gas, process plants, aviation, marine, and others. The aviation segment held the largest share of the market and is also expected to witness a healthy growth during the forecast period. Huge aircraft fleet size along with continuous increase in demand for new aircraft to meet rising passenger traffic is the major factor behind the dominance of the aviation segment.
Aeroderivative Gas Turbine Market Share: By Region
In terms of regions, Europe is estimated to be the largest market for aeroderivative gas turbines during the forecast period. Huge aircraft fleet size, significant demand from power plants and processing plants, expanding oil & gas and marine industries are the major factors behind the dominance of the region. North America and Asia-Pacific are also expected to witness a healthy demand for aeroderivative gas turbine during the forecast period.