Global Gas Turbine Services Market, By Type (Heavy Duty, Industrial and Aero-Derivative), Capacity Outlook (200 MW), Services (Maintenance, Repair, Spare Parts Supply and Overhaul), End User (Power Generation, Oil & Gas and Other Industrial), Service Provider (OEM, and NON-OEM), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights of Global Gas Turbine Services Market
Gas turbine services market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses the market to account to USD 55.37 billion growing at a CAGR of 9.90% in the above-mentioned forecast period. The increase in demand of gas turbine over coal based power generation process globally has been directly impacting the growth of gas turbine services market.
Gas turbines are defined as combustion engines. The internal combustion engine converts the liquid fuels or natural gas into mechanical energy which is then utilized to produce electricity through the generator. The gas turbines have an upstream rotating compressor combined with a downstream turbine and a combustor. The gas turbines are mainly used to power trains, ships, aircraft, automobiles, tanks, and electric generators. The turbine features an array of alternate stationery and rotating blades.
An increase in multi-year service contracts is the main driver for the gas turbine services market. The rise in installation of the combined cycle power plants is also a driver for the gas turbine services market. Increasing utilization of the gas turbines due to the high output is also an opportunity for the growth of the gas turbine services market.
Strict government regulatory norms and policies regarding the emission are a challenge for the gas turbine services market. However, high labour cost, difficulty in transportation processes and highly expensive gas turbine spare parts are restraints in the growth of the gas turbine services market during the forecast period of 2021-2028.
This gas turbine services market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Data Bridge Market Research gas turbine services market contact us for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
In January 2019, Siemens signed a long-term service contract with Cooperative Energy's in Purvis, Mississippi, U.S. With this agreement, it will provide gas services, including parts, repairs, field services, program management, and contributions from Siemens digital services portfolio, including remote monitoring and diagnosis.
Gas Turbine Services Market Scope and Market Size
Gas turbine services market is segmented on the basis of type, capacity outlook, services, end user and service provider. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications. Based on type, the gas turbine services market is segmented into heavy duty, industrial and aero-derivative.
- Based on capacity outlook, the gas turbine services market is segmented into <100 MW, 100 to 200 MW and >200 MW.
- Based on services, the gas turbine services market is segmented into maintenance, repair, spare parts supply and overhaul.
- Gas turbine services market has also been segmented based on end user, into power generation, oil & gas and other industrial.
- Based on services provider, the gas turbine services market is segmented into OEM, and NON-OEM.
Gas Turbine Services Market Country Level Analysis
Gas turbine services market is analysed and market size insights and trends are provided by country, type, capacity outlook, services, end user and service provider as referenced above.
The countries covered in the gas turbine services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the gas turbine services market due to growing fleet in the existing and aging gas turbines and also the stringent government regulatory emission norms in the regions. Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2021 to 2028 due to increase in establishment of petrochemical industries in this region and usage of acetone in chemical and plastic industries.
The country section of the gas turbine services market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Gas Turbine Services Market Share Analysis
Gas turbine services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to gas turbine services market.
The major players covered in the gas turbine services market report General Electric, Siemens, Mitsubishi Power, Ltd., MAN Energy Solutions, Kawasaki Heavy Industries, Ltd., Ansaldo Energia, Mubadala Investment Company, MTU Aero Engines Ag, Solar Turbines Incorporated, Rolls-Royce plc., Sulzer Ltd, Centrax Gas Turbines., Hitachi, Ltd., EthosEnergy, HPI, LLC, MJB International Limited LLC, PROENERGY, ATLA S.r.l., MAN SE, Caterpillar among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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