Gas Turbine Service Market By Turbine Type (Heavy Duty, Industrial, Aeroderivative), By Turbine Capacity (Less than 100 MW, 100 to 200 MW, More than 200 MW), By Service Type (Maintenance and Repair, Overhaul, Spare parts supply), By Sales Channel (OEM, Aftermarket), By End Use (Power Generation, Oil and Gas, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global gas turbine service market size was valued at $19.6 billion in 2021, and projected to reach $32.1 billion by 2031, with a CAGR of 5.1% from 2022 to 2031.
The engine that converts liquid fuels and natural gas to mechanical energy for producing electrical energy with combustion is known as a gas turbine. The service provided by the gas turbine is called gas turbine services. The market in the global market is growing at a significant growth rate. Owing to the decrease in the price of natural gas and an increase in shale gas production, the gas turbine service market has witnessed tremendous growth during the forecasted period. The main reason that has increased the use of gas turbines is the growing need for sustainable development and reduced emissions to produce electricity from natural gas.
Owing to the increasing concern about environmental protection and global warming, the conventional coal-fired power plant used to emit toxic gases that too in a large quantity, so there was a substantial need for toxic-free energy production which is fulfilled by the market. Also, the surge in the demand for electricity acts as a driving factor in the growth of the gas turbine service market in the global market. Another factor that drives the growth of the market is the growth of infrastructure in various emerging economies that requires high electricity uninterrupted supply.
Caterpillar Inc. and MAN SE are offering low pollutions engines with fuel type natural gas having ultimate reliability and the highest energy efficiency. Natural gas based engines deliver better functioning than coal plants because they can be turned up and down rapidly. For instance, according to the International Energy Agency (IEA), the total fossil fuel supply will be up to 80% by 2040, making natural gas based engines the most preferred fuel for the future.
The global gas turbine service market is segmented on the basis of by turbine type, turbine capacity, service type, sales channel, end use and region.
On the basis of turbine type, it is segmented into heavy duty, industrial, and aeroderivative. On the basis of turbine capacity, the market is segmented into less than 100 MW, 100-200 MW, and more than 200 MW. On the basis of service type, it is segmented into maintenance & repair, overhaul, spare parts supply. On the basis of sales channel, the market is bifurcated into OEM and aftermarket. In addition, on the basis of end use, the global gas turbine service market is segmented into power generation, oil & gas, and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Asia-Pacific and Europe.
The major companies profiled in this report include Siemens AG, General Electric, Mitsubishi Heavy Industries, Ansaldo Energia, MAN Energy Solutions, Kawasaki Heavy Industries, Baker Hughes Company, Caterpillar, Opra Turbines, MTU Aero Engines AG, EthosEnergy, PROENERGY, MJB International LLC, Sulzer, and Centrax Gas Turbines. Due to rapidly development of industrialization, modernization has led to the development of demand for power from heavy manufacturing industries, and light manufacturing industries which in-turn has fuelled the demand for gas turbine. The presence of the demand for the gas turbine and on-going Upgradation of various thermal power plants in the developing countries is driving the demand for gas turbine service market. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the gas fired power generation systems has led to attain key developments in the global gas turbine service market trends.
Impact of COVID-19 on Global Gas Turbine Service Market:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies and caused lockdown in many countries, which has limited the growth of the market. The shutdown of industrial manufacturers led to decline in the production of gas turbine, and hence led to decline in the demand for the gas turbine service market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak had a negative impact on the development of the market.
In several countries, the renewable sector is mainly dependent on imports from other regions, primarily China. Around 60% of engines and generation sets are produced in the U.S. and are supplied across the globe. Gas based engines project developers worldwide are worried about project delays due to the slowdown of manufacturing in the U.S. Major suppliers are also observing production delays due to COVID-19, thereby causing a huge backlog for fulfilling orders. These factors hampered the growth of the market during the forecast period.
After global vaccination, the government of various countries has taken initiatives to increase the investment in the renewable energy related industries especially gas fired power systems. The increase in the investment is mostly to improve the national energy security during the pandemic and other crisis. The presence of above mentioned activities and change in policies due to outbreak of the pandemic is expected to have a positive impact on the development of the market during the forecast period.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the gas turbine service market analysis from 2021 to 2031 to identify the prevailing gas turbine service market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the gas turbine service market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global gas turbine service market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Turbine Type
Heavy Duty
Industrial
Aeroderivative
By Turbine Capacity
More than 200 MW
Less than 100 MW
100 to 200 MW
By Service Type
Maintenance and Repair
Overhaul
Spare parts supply
By Sales Channel
OEM
Aftermarket
By End Use
Power Generation
Oil and Gas
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Siemens AG
General Electric
Mitsubishi Heavy Industries
Ansaldo Energia
MAN Energy Solutions
Kawasaki Heavy Industries
Baker Hughes Company
Caterpillar Inc.
Opra Turbines
VERICOR
MTU Aero Engines AG
Zorya-Mashproekt
EthosEnergy
PROENERGY
MJB International LLC
Sulzer AG
Centrax Gas Turbines
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