The aeroderivative sensor market size was worth USD 250 million in 2021 and is to record CAGR of around 10% through 2030, on account of the increasing environmental awareness and growing demand for sustainable energy options.
Selbyville, Delaware, Oct. 05, 2022 (GLOBE NEWSWIRE) --
The aeroderivative sensor market is expected to cross a valuation of more than USD 600 million by 2030, according to latest research study by Global Market Insights Inc. The popularity of green technologies in the aviation industry amid the COVID-19 pandemic to be a major driving force for market growth.
Rapid developments and innovations in the launch of new engine technologies coupled with the advent of renewable energy sources are presenting new growth opportunities for the industry players. Regional governments have also been undertaking stringent measures to advance flight operations by introducing low-carbon technologies with renewable sources that’ll help increase the demand for aeroderivative sensors.
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Rising electricity demand to increase vibration sensor sales
The vibration sensor market is slated to observe a targeted CAGR of over 5% through 2030. The product’s cutting-edge features and ability to monitor the effectiveness of vibration in aeroderivative turbines are mainly responsible for segment growth. Increasing demand for electricity supply will upsurge the requirement for vibration sensors for detection of a failure in systems and analysing their overall efficiency.
Strategic collaborations between OEMs and aeroderivative manufacturers
As per the report, the industry share from the OEM segment is likely to gain considerable momentum, driven by increased strategic partnerships between OEMs and aeroderivative manufacturers. The collaborations aim to enhance the existing capabilities of sensors and facilitate the development of ultramodern sensing technologies to ensure better compatibility, reliability, and accuracy when it comes to monitoring pressure and tank leakage management.
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Rising energy production to amplify the market growth
The industrial sector will depict a considerable rise through 2030, owing to the growing investments in clean energy generation that lead to an increase in the demand for aeroderivative gas turbines. These turbines boast high renewability, ease of availability, and also provide operational savings, thereby minimizing the expenses during energy production. Prominent companies are also investing in low-carbon technology for energy production, increasing the demand for aeroderivative sensors across the industrial domain. Moreover, GE recently announced that it will invest up to $5 million in the upcoming two years for a second manufacturing hub for its aeroderivative gas turbines.
North America to emerge as a major revenue pocket
The North America aeroderivative sensor market to record over USD 100 million in 2021. The growth can be credited to the rising construction of smart factories and the subsequent demand for highly-efficient turbines. The favorable properties of turbines to withstand and facilitate continuous power generation and the availability of advanced sensing technologies will also increase product consumption across the region.
Product innovations to define the competitive space of the industry
Some of the key participants operating in the business scenario include Alba Power (Sulzer), Ametek, Inc., AP4 Group, Auxitrol Weston, Bently Nevada (Baker Hughes), Conax Technologies, EthosEnergy, Meggitt PLC, PCB Piezotronics, Inc., Rokade RotoTechniks, and others. These companies are focusing on launching innovative products with cutting-edge technologies to expand their market presence.
Partial Table of Content (TOC)
Chapter 2 Executive Summary
2.1 Aeroderivative sensor industry 3600 snapshots, 2018-2030
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2030
2.3 Regional trends
2.4 Sensor type trends
2.5 Service provider trends
2.6 End-use trends
Chapter 3 Aeroderivative Sensor Industry Insights
3.2 COVID-19 impact
3.4 Aeroderivative Sensor industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Patent landscape
3.7 Key initiative & news
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
188.8.131.52 Growing demand for aeroderivative gas turbine for renewable energy projects in Asia Pacific
184.108.40.206 Rising expenditure in the development of marine industry to reduce greenhouse gas emissions
220.127.116.11 Growing adoption of green energy-based turbines in the aviation industry
18.104.22.168 Continuous developments in the power generation infrastructure
22.214.171.124 Proliferation of energy-efficient technologies in the industrial sector
3.9.2 Industry pitfalls & challenges
126.96.36.199 Cost competitiveness
3.10 Investment portfolio
3.11 Price trend analysis
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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