The global aeroderivative gas turbine market to grow at a CAGR of 4.59% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global aeroderivative gas turbine market for 2016-2020. To calculate the market size, the report determines the installed capacity and price of gas turbines in various regions. The report also includes a discussion of the key vendors operating in this market.
Growing use of alternative fuels will be a key trend for market growth. The cost of gas turbine fuel can account for as high as 80% of the overall power generation cost even in the most efficient CC power plants. Low-cost alternative fuels are being increasingly used in marine and industrial plants. Fuel flexibility is gaining ground as a crucial factor for the development of new technologies and applications. The aeroderivative gas turbine is one such application that is being developed for fuel flexibility. Traditionally, natural gas is primarily used in such systems. However, other liquid fuels and gases are increasingly being increasingly used to power aeroderivative gas turbines as they are inexpensive options.
According to the report, one of the key drivers for market growth will be increased power-to-weight ratio of aeroderivative gas turbines. The high power-to-weight ratio is one of the main characteristics of aeroderivative gas turbines. The power-to-weight ratio has been constantly improving for the last five decades. A 4,000% increase in the power-to-weight ratio has been registered since 1941. The US Navy, in the year 1941, designed the Iowa class battleships. These class battleships generated almost 212,000 shaft HP by utilizing a 4,443 tons steam plant. These figures translate into a power-to-weight ratio of 47.7 shp per ton. In current day scenario, four GE LM2500s or Rolls-Royce MT-30 gas turbines with machinery weight 118 tons can generate the same power output. The figures correspond to a power-to-weight ratio change from 47.7 shp per ton to 1,800 shp per ton. This is a significant reason for steam turbines to be increasingly replaced by gas turbines.
Further, the report states that the over-reliance on aeroderivative gas turbines for mobility and power generation is one of the main challenges faced by the growing global aeroderivative gas turbine market. This exposes consumers to the risk of volatility in natural gas prices. To safeguard power prices from price fluctuations, utilities always seek to maintain a balanced feedstock portfolio. However, in the present scenario, the reliance on natural gas is continuously increasing due to the rapid shift toward gas turbine and natural gas-driven power plants for cleaner modes of power generation and propulsion systems.
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
- Mitsubishi Hitachi
For more information about this report visit http://www.researchandmarkets.com/research/pf55t4/global
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SOURCE Research and Markets