Acumen research and consulting estimates that the global gas turbine services market is anticipated to reach market size of around US$ 54,000 Mn by 2027 and is anticipated to grow at a CAGR of around 10% in terms of revenue during the forecast period 2020 – 2027.
Gas turbines often know as combustion engines. The internal combustion engine transforms liquid fuel and natural gas into mechanical energy, which then is used by the turbine to generate electricity. In combination with a downstream turbine and a combustor, the upstream gas turbines have a revolving compressor. The gas turbines are primarily used for power trains, ships, aircraft, automobiles, tanks and generators. The increased use of gas turbines as a result of high output fuels the global demand development in gas turbine services.
Increasing demand for inspection, monitoring and maintenance activities are expected to be met by maintenance services on the global market of gas turbines services. Due to the rising demand for gas turbines for cycle power plants, power generation functions as a key driver for the global gas turbine market. The main industry driving force is the need for an improved output power ratio for aero-derivative gas turbines which has increased need for shale gas. Additional factors driving the demand of gas turbine services are technical advancements and lower cost of energy production. The government regulations on resource depletion, the rise in hazardous pollution and the prevention of climate change have a crucial positive effect on the gas turbine services market.
The market research study on “Gas Turbine Services Market (By Type: Heavy-Duty, Aero-derivative; By Service: Maintenance, Repair, Overhaul; By Service Provider: OEM, Non-OEM; By End-User: Power Generation, Oil & Gas, Other Industrial) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global gas turbine services market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global gas turbine services market are type, service provider, end-user, and major geographic regions. The gas turbine services market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The shale gas manufacturing and declining prices of natural gas are estimated to be a prominent region for the market growth in gas turbine services in North America. Similarly, the increasing number of CO2-reduction initiatives and the growing energy demand are key factors driving Asia-Pacific and Europe's market development throughout the forecast period. In addition, as a result of the shale natural gas reservations, Asia-Pacific held the second biggest market share in the GTS market in 2019. For instance, the BP Statistical reports that China currently has a shale gas reserve of 21.8 trillion trillion cubs (tcm) and is projected to continue to rise over the forecast period. According to the BP Statistical report published in 2018, Japan's primary source of energy is generated using natural gas, which accounted for 39.36% of the electricity produced in 2017. The total power supply in Japan also rose to 1,020 TWh by 2017, rising from 1,002.3 TWh in 2016. As a result, rising developments in natural gas power production are driving Japan's gas turbine services industry. India is also taking steps to increase natural gas consumption in electricity generation. The Ministry of Oil in Indian Honduras, for instance, declared in July 2018 it is plans, from 35 billion cubic meters (bcm) to 72 bcm by 2022, to double current natural gas output. Additionally, one of the key factor of the global gas turbine services market is the contribution of large rising economies.
Major players included in this report Siemens AG, Centrax Ltd., Rolls-Royce plc., Sulzer AG, Ansaldo Energia S.A, EthosEnergy, General Electric Company, Hitachi Ltd., Mitsubishi Motors Corporation, Kawasaki Heavy Industries Ltd., Mitsubishi Hitachi Power Systems, Proenergy Services LLC, and others.
The global gas turbine services market is segmented as below:
Gas Turbine Services Market By Type
Gas Turbine Services Market By Services
Gas Turbine Services Market By Service Provider
Gas Turbine Services Market By End-User
Gas Turbine Services Market By Geography
Middle East & Africa
The gas turbines are primarily used for power trains, ships, aircraft, automobiles, tanks and generators. The increased use of gas turbines as a result of high output fuels the global demand development in gas turbine services.
Increasing demand for power generation owing to growing population worldwide and rising need to reduce CO2 emissions are the major drivers for the growth of the gas turbine services market.
Rising concern regarding natural gas infrastructure is a major factor expected to restraint the growth of the market.
According to Acumen Research and Consulting, the gas turbine services market value is anticipated to be around US$ 54,000 Mn in 2027.
The gas turbine services market is anticipated to grow around 10% CAGR amid the forecast period 2020-2027.
North America held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.