Global Gas Turbine Services Market
Global Gas Turbine Services Market Size Booming to Touch USD 82.5 Billion by 2029
Published | 25 May 2023
The global gas turbine services market is gaining traction because of the growing demand for electricity through clean energy sources and growth in the number of multiyear gas turbine services contracts.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global gas turbine services market size at USD 56.83 billion in 2022. During the forecast period between 2023 and 2029, the global gas turbine services market size is projected to grow at an impressive CAGR of 8.4% reaching a value of USD 82.5 billion by 2029. Rapid technological advancements in the field and a shift in emphasis in favor of technologies for distributed power production are two major development factors for the global gas turbine services market. Due to increased government support for power-generating technologies that minimize carbon dioxide (CO2) emissions globally, it is estimated that this market would expand quickly over the period in analysis.
Global Gas Turbine Services Market – Overview
A gas turbine is a combustion engine in the center of a power plant that transforms mechanical energy from natural gas or other liquid fuels. This power then propels a generator, which creates the electrical energy that travels via power lines to residences and commercial buildings. Services for gas turbines include upkeep, examination, maintenance, repair, overhaul, and replacement. producing and overhauling rotors. prolonged life of the rotor. production and refurbishing of parts.
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Global Gas Turbine Services Market – By Service
Based on service, the global gas turbine services market is segmented into maintenance & repair, overhaul, and spare parts supply. The spare parts supply segment accounts for the largest market share. Spare parts are those that can be purchased separately to replace worn-out or damaged components of a piece of machinery. Typically, they are components that are made to fit together quickly. The services market growth is driven by the expansion in knowledge of the advantages of using natural gas for power generation in both developed and emerging nations.
Impact of COVID-19 on the Global Gas Turbine Services Market
The unprecedented COVID-19 pandemic significantly disrupted the growth of the global gas turbine services market. According to the International Finance Corporation, a decline in demand, financial strain, and disruptions to the power supply chain were only a few of the effects of COVID-19 on the industry. The demand, as well as supply for gas turbine services, consequently declined due to a decline in the capital expenditure on the energy sector as well as a shortage of labor. However, the market is projected to gain pace in the post-pandemic period owing to expansion in industrial and energy sectors.
Major players operating in the global gas turbine services market include General Electric, Siemens Energy, Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Solar Turbines Inc., Ansaldo Energia, Bharat Heavy Electricals Ltd., OPRA Turbines, MAN Energy Solutions, Centrax Gas Turbines, MAN Energy Solutions, MTU Aero Engines Ag, Hitachi Ltd., and EthosEnergy.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Gas Turbine Services Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Gas Turbine Services Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Gas Turbine Services Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Type (Heavy Duty, Industrial, Aeroderivatives); By Capacity (<100 MW, 100–200 MW, >200 MW); By Service (Maintenance & Repair, Overhaul, Spare Parts Supply); By Service Provider (OEM, Non-OEM); By End Use (Power Generation, Oil & Gas, Other Industries); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: May 2023
Growing demand for electric power through clean energy sources and growth in number of multiyear gas turbine services contract are expected to boost the growth of global gas turbine services market during the forecast period between 2023 and 2029.
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