Global Gas Turbine Engine Airfoils Market - 2023-2030

Global Gas Turbine Engine Airfoils Market - 2023-2030

Global Gas Turbine Engine Airfoils Market reached US$ 387.4 million in 2022 and is expected to reach US$ 506.7 million by 2030, growing with a CAGR of 3.4% during the forecast period 2023-2030.

The global gas turbine engine airfoils market is influenced by various factors, including the growth of the aviation industry, the increasing demand for electricity, the expansion of gas-fired power plants and the need for clean energy solutions. Additionally, government regulations promoting the use of gas turbines and the reduction of carbon emissions drive the adoption of advanced airfoil technologies.

European manufacturers are continuously researching and developing new materials for turbine engine airfoils. These materials exhibit superior properties such as high-temperature resistance, improved strength-to-weight ratio and better resistance to wear and corrosion.
For example, advanced nickel-based alloys and ceramic matrix composites (CMCs) are being incorporated into airfoil designs to enhance performance and durability. Therefore, the Europe was accounting for nearly 1/3rd of the global shares.

Market Dynamics
Efficiency-Driven Combined Heat and Power Systems with Advanced Turbine Airfoils

The increasing adoption of CHP systems in various industries, driven by energy efficiency goals and regulatory incentives, fuels the demand for advanced turbine airfoils. For example, in Europe, government policies like the EU's Renewable Energy Directive and the Ecodesign Directive promote the deployment of high-efficiency CHP systems, creating a market demand for advanced airfoils that enable efficient power generation.

Additionally, the use of advanced turbine airfoils in efficient combined heat and power systems improves energy efficiency, enhances heat recovery, provides fuel flexibility, supports environmental sustainability and aligns with market demand and regulatory incentives. These factors drive the growth of the global turbine engine airfoils market by addressing the specific needs of the CHP industry and advancing sustainable energy solutions.

Expansion of Power Generation Infrastructure
GE is another major player in the gas turbine market that contributes to the expansion of power generation infrastructure. The company has been involved in several large-scale projects worldwide. In 2020, GE secured a contract to supply gas turbines for the Hamriyah Independent Power Plant in the United Arab Emirates. This project aims to meet the growing electricity demand in the region, driving the need for gas turbine airfoils.

Additionally, Mitsubishi Power focuses on providing advanced gas turbine solutions for power generation. The company has been actively engaged in projects that support the expansion of power infrastructure. For instance, Mitsubishi Power supplied gas turbines for the 1.4 GW Cricket Valley Energy Center in New York, USA. This natural gas power plant contributes to the region's energy supply and reinforces the need for high-quality airfoils to ensure turbine efficiency.

Long Lifespan of Gas Turbine Engines
he long lifespan of gas turbine engines can also influence customer preferences and purchasing decisions. Some operators may choose to continue operating older engines if they are still deemed reliable and cost-effective, which reduces the immediate need for new airfoils. Cost considerations, such as the investment required for replacing airfoils or upgrading the engine, can influence decision-making and impact market demand.

In mature markets such as North America and Europe, the installed base of gas turbine engines is relatively high, leading to market saturation. This saturation can result in intense competition among airfoil manufacturers, pricing pressures and limited growth opportunities.

COVID-19 Impact Analysis
The economic impact of the pandemic led to financial constraints and budget cuts for companies and governments. This affected their ability to invest in new power generation infrastructure, resulting in a slowdown in procurement activities and a decrease in orders for gas turbine engines and airfoils.

During the pandemic, there was a growing focus on ensuring energy security, resilience and affordability. This led to a shift in energy priorities, with some countries emphasizing renewable energy sources and energy efficiency measures over traditional gas turbine installations. This shift in priorities may have affected the immediate demand for gas turbine engine airfoils.

Segment Analysis
The global gas turbine engine airfoils market is segmented based on component, end-user and region.

Advancements in Blade Design and Materials Drives the Segmental Growth
Recent developments in blade design and materials have significantly improved the performance and efficiency of compressor blades. Manufacturers have been investing in research and development to enhance the aerodynamic profiles, cooling techniques and material properties of compressor blades. These advancements allow gas turbine engines to operate at higher temperatures, pressures and efficiencies, resulting in improved power output and reduced fuel consumption. The continuous pursuit of more efficient compressor blades has driven the growth of the global gas turbine engine airfoils market.

Geographical Analysis
Emphasis on Energy Efficiency and Sustainability and Robust Power Generation Industry Drives the European Market Growth

Energy efficiency and environmental sustainability are highly valued in Europe. Gas turbine engines equipped with advanced airfoils play a crucial role in achieving these goals. European regulations and initiatives, such as the European Green Deal, drive the demand for more efficient and eco-friendly gas turbine engines. This focus aligns with the expertise and capabilities of European companies, positioning them as leaders in providing advanced airfoils for gas turbine engines.

Europe has a diverse and well-developed power generation industry, including both traditional and renewable energy sources. Gas turbine engines are widely used in power plants, especially in combined cycle power plants, where their efficiency and flexibility are highly valued. The demand for gas turbine engines and their airfoil components in Europe's power generation sector further strengthens the region's dominance in the market.

Competitive Landscape
The major global players include General Electric (GE) Aviation, Rolls-Royce, Siemens Energy, Mitsubishi Hitachi Power Systems (MHPS), Pratt & Whitney (a division of Raytheon Technologies), Safran Aircraft Engines, Honeywell International Inc., Woodward, Inc., Kawasaki Heavy Industries and United Technologies Corporation (UTC) Aerospace Systems (Now Collins Aerospace).

Why Purchase the Report?
• To visualize the global gas turbine engine airfoils market segmentation based on component, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of gas turbine engine airfoils market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global gas turbine engine airfoils market report would provide approximately 53 tables, 49 figures and 185 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies