Global Gas Turbine Services Market Scenario
The power generation industry is projected to govern the growth pace of the gas turbine services market to a great extent. Reports that gauge the energy and power industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is expected to capture a 5.15 % CAGR in the forecast period.
The gas turbine services include a set of activities, which can be applied to very minor work and to a major overhaul. It helps to reduce the outages and maintenance costs while maintaining maximum flexibility and reliability. It is used to monitor the operation and check the performance of gas turbines through annual maintenance and repair.
The top vendors in the worldwide gas turbine services market include MTU Aero Engines (Germany), Proenergy Services (US), Caterpillar (US), Sulzer Ltd (Switzerland), MAN SE (Germany), EthosEnergy (US), General Electric (US), BHI Energy (UK), Ansaldo Energia (Italy), Siemens (Germany), Kawasaki Heavy Industries Ltd (Japan), MJB International Limited LLC (UAE), Mitsubishi Heavy Industries, Ltd (Japan), to mention a few.
Surging focus on using cleaner sources for generating electricity along with a prohibition on using coal reserves has taken the gas turbines service market to greater heights in recent years. One instance of this includes the latest orders by the present U.S. government that aims to modify the energy policies implemented by the previous government.
The growing usage of the gas turbines in power plants and the upsurge in natural gas-powered turbines for power generation is anticipated to motivate the market for gas turbine services. Moreover, the carbon emission reduction initiatives instated by governments around the world are expected to fuel the market growth in the coming years. The inclination towards sustainable development is expected to further encourage the progress of the gas turbine services market in the forecast period. Also, the upsurge in shale gas production and the falling natural gas prices are expected to create a favorable outlook for the expansion of the market for gas turbine services.
Global Gas Turbine Services Market Segmentation
The worldwide gas turbine services market has been examined with regard to segments like type, service, and end-use.
- Heavy Duty
- Maintenance and Repair
- Spare Parts Supply
- Power Generation
- Oil & Gas
- North America
- Middle East & Africa
- South America
Asia Pacific (APAC), North America, the Middle East & Africa, South America and Europe are the primary regions as per which MRFR has studied the gas turbine services market.
Data experts at MRFR anticipate that during the forecast period, North America could attain the top position in the global gas turbine services market with the highest share of 27.12%. The United States (US) was the most profitable market for gas turbine services in 2017 and was valued at USD 3,807.5 million. The gas turbine services market in the region notes robust demand, thanks to the substantial contribution of Mexico and Canada.
A large number of long-term service agreements for gas turbine services has been observed in Europe. Industrialization and urbanization in various countries have raised the region’s potential as well as opportunities. Surge in the installation of gas turbines for combined cycle plants and upgradation of existing gas turbine fleet is boosting market demand in the power generation segment.
APAC can record high demand in the coming years, thanks to rapid urbanization and the high focus on the development of clean energy sources. India and China are responsible for the strong demand for the power generation market, which is prompting global gas turbine service providers to create a base in the region.
The MEA market for gas turbine services can demonstrate impressive growth in the near future, on account of the high demand for power generation and the subsequently increasing exploitation of natural gas reserves.
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