Gas Turbine Service Market Size By Product (Heavy-Duty, Aero-Derivative), By Service (Maintenance, Repair, Overhaul), By Application (Power Plants, Oil & Gas, Process Plants, Aviation, Marine), By Service Provider (OEM, Non-OEM), COVID-19 Impact Analysis,

Gas Turbine Service Market Size By Product (Heavy-Duty, Aero-Derivative), By Service (Maintenance, Repair, Overhaul), By Application (Power Plants, Oil & Gas, Process Plants, Aviation, Marine), By Service Provider (OEM, Non-OEM), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The global gas turbine service market is slated to expand at a substantial rate through 2030 due to increasing use of natural gas turbines. Additionally, surging need for clean power generation is giving rise to advanced technologies, which is set to further propel industry growth.

Recently, key government and private organizations in the industry have been increasingly investing in clean energy projects, which is fueling product uptake, thereby positively influencing the market landscape. To cite an instance, in April 2022, the U.S. DOE Loan Programs Office issued a provisional commitment to Mitsubishi Power Americas, a subsidiary of Mitsubishi Heavy Industries’ energy solutions brand, as well as Advanced Clean Energy Storage I, Haddington Ventures, and Magnum Development, for the Advanced Clean Energy Storage Project with more than $504.4 million in debt funding.

The project is intended to be the world's largest industrial clean hydrogen production & storage facility. This plant was purposed to provide hydrogen to the IPA’s (Intermountain Power Agency) IPP Renewed Project, an 840 megawatts hydrogen-compatible gas turbine combined cycle power plant, which would start operations in 2025 on a mix of 70% natural gas and 30% green hydrogen by volume, eventually escalating to 100% till 2045.

The gas turbine service market has been segmented in terms of product, service, application, service provider, and region. With respect to product, the industry has been classified into heavy-duty and aero-derivative. The heavy-duty segment is expected to garner a considerable market share by the end of the forecast period backed by a strong focus on the adoption of natural gas turbines as a substitute for coal-powered generators.

Based on service, the gas turbine service market has been divided into maintenance, repair, and overhaul. The repair segment is set to witness substantial growth by 2030 on account of the deployment of advanced technologies to repair combustion engine parts as well as prevalent implementation of the reconditioning process.

With respect to application, the market has been categorized into power plants, oil & gas, process plants, aviation, and marine. The gas turbine service industry share from the aviation segment is set to record a growth rate of around 7.6% through 2030. Meanwhile, the marine segment is anticipated to experience steady growth over the study timespan driven by falling gas prices and a shift in consumer focus towards clean and green power.

With regards to service provider, the market has been bifurcated into OEM and non-OEM. The OEM segment is speculated to expand significantly through the forecast period. Major manufacturers in the industry are adopting crucial initiatives, such as business expansion and innovative service launches, which is likely to facilitate segmental growth.

From the regional perspective, the Latin America gas turbine service market is poised to witness exponential growth over the review timeline. Increasing concerns about the rising levels of air pollution and the adoption of rigorous emission regulations are foreseen to stimulate market progress in LATAM in the future.