Global Gas Turbine Services Market – Overview
The growing need for periodic inspection and repairing of gas turbines to maintain optimum efficacy is likely to promote the growth of the global Gas Turbine Services Market in the forecast period (2018 to 2023). Market Research Future (MRFR) study states that the worldwide market of gas turbine services is expected to thrive at about 5.15% CAGR during the review period. The need for periodic gas turbine servicing is crucial to prevent accidents and also eliminate on-time high expenses. These causes are likely to spur the global gas turbine services market growth.
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Industry Highlights
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.
Key Players analyzed in the Gas Turbine Services Market Report are:
EthosEnergy (US), MAN SE (Germany), Caterpillar (US), Proenergy Services (US), Ansaldo Energia (Italy), MJB International Limited LLC (UAE), Mitsubishi Heavy Industries, Ltd (Japan), Sulzer Ltd (Switzerland), General Electric (US), BHI Energy (UK), Kawasaki Heavy Industries Ltd (Japan), Siemens (Germany), and MTU Aero Engines (Germany) are companies operating in the global gas turbine services market that are discussed by MRFR in its report. Collaboration, acquisitions and mergers, and deals among them can surface the market expansion.
Segmental Study of Gas Turbine Services Industry:
The segmental study of the worldwide Gas Turbine Services Industry is done based on type, services, and end-user.
By type, the market segments are industrial, heavy-duty, and aero-derivative. The aero-derivative segment can generate high revenue for the global market. The high rate of deployment of gas turbines for electrical power and aircraft applications is creating opportunities for investors. This can aid in large turnovers in the years to come.
By services, the market segments are overhaul, maintenance and repair, and spare parts supply. The maintenance and repair segment is likely to direct the course of market progress. The need to prolong the gas turbine’s lifecycle is promoting the adoption of periodic gas turbine services, which is likely to cause an escalation in the value of the global market.
By end-use, the market segments are oil & gas, power generation, and others. The power generation segment is expected expand at a remarkable high pace. The growing power generation requirement and the rise in need to curb carbon footprint is expected to boost the global gas turbine services market.
Detailed Regional Analysis:
The examination of the regions in the gas turbine services market covers regions such as North America, Asia Pacific, Europe, South America, the Middle East, and Africa.
The North American region is anticipated to control the major share in the gas turbine services market through the forecast period with a 27.12% share. The US was the largest market in the region in 2017 and was valued at USD 3,807.5 million. The development in the gas turbine services in the North American region can be accredited to the existence of countries such as Canada and Mexico, where the growing use of gas turbine for marine propulsion is growing at a higher pace. Furthermore, the growing production of shale gas, rising seaborne trading, and increasing power generation from gas turbines are among some of the chief factors aiding the growth of the gas turbine service market globally.
Industry Related Updates:
July 2019: EthosEnergy, a leader in turbine service provider, ran its operations and maintenance at ExxonMobil, an American oil and gas company.
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List of Tables
Table 1 Market Synopsis
Table 2 Global Gas Turbine Services Market, By Type, 2016–2023 (USD Million)
Table 3 Global Gas Turbine Services Market, By Service, 2016–2023 (USD Million)
Table 4 Global Gas Turbine Services Market, By End-Use, 2016–2023 (USD Million)
Table 5 North America Gas Turbine Services Market, By Region, 2016–2023 (USD Million)
Table 6 North America Gas Turbine Services Market, By Type, 2016–2023 (USD Million)
Table 7 North America Gas Turbine Services Market, By Service, 2016–2023 (USD Million)
Continued….
List of Figures
Figure 1 Global Gas Turbine Services Market: Market Structure
Figure 2 Research Process Of MRFR
Figure 3 Top-Down And Bottom-Up Approaches
Figure 4 Gas Emissions Of Major Countries
Figure 5 Shale Production In The Us
Figure 6 Porter’s Five Forces Model: Global Gas Turbine Services Market
Figure 7 Global Gas Turbine Services Market, By Type, 2017 (% Share)
Figure 8 Global Gas Turbine Services Market, By Service, 2017 (% Share)
Figure 9 Global Gas Turbine Services Market, By End-Use, 2017 (% Share)
Figure 10 Global Gas Turbine Services Market, By Region, 2017 (% Share)
Continued…
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