Gas Turbine Services Market Research Report- Forecast till 2023
Market Highlights
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.
The widespread application of gas turbines to power ships, aircraft, trains, tanks, automobiles, and electric generators can cause the expansion of the global gas turbine services market. The increase in a number of gas turbine installations owing to the high production of shale gas can boost market growth. However, the market is expected to encounter setbacks, such as stringency of government regulations, expensive spare parts, and high labor costs. Technological advancements and robust strategies adopted by key players are likely to counter these issues.
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Segmentation:
The segmental study of the worldwide gas turbine services market 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.
Regional Outlook
The gas turbine services market in North America is expected to hold the pole position in the forecast period. The need to maintain and repair existing gas turbines and increase in the fleet are causes that are likely to be responsible for the expansion of the regional gas turbine servicing market. In Middle East Asia and Africa, the growing number of combined cycle power plants are creating scopes for the installation of a gas turbine that would require maintenance services. Hence, the MEA market is expected to thrive at a high CAGR in the review period. Rapid urbanization and a growing number of industries in the Asia Pacific region can accelerate the regional gas turbine service market growth. The growing power consumption in North America and Europe is expected to surge the market in these regions.
Key Players
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.
Industry Update
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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Global Gas Turbine Services Market Report: Information by Type (Heavy Duty, Industrial, & Aeroderivative), Service (Maintenance & Repair, Overhaul, & Spare Parts Supply), End-Use (Power Generation, Oil & Gas, & Others), Region – Forecast till 2023
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