The global gas turbine services market size is expected to reach USD 55.1 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 9.8% over the forecast period. The increasing adoption of gas turbines on account of their ability to produce low exhaust gas pollution is expected to drive market growth. These systems are increasingly being used owing to their tremendous energy-producing capacity and multiple fuel capability. They also have the capacity to operate continuously at baseload for numerous hours. Furthermore, low operational cost and high efficiency and durability offered by these systems is expected to drive gas turbine service market growth.
Rapid industrialization and population growth have resulted in high demand for power globally. The energy sector is shifting from conventional systems toward clean power sources resulting in an increase in gas turbines installations. Furthermore, key countries plan to enhance the deployment of gas-based power plants in the future. Major equipment manufacturers are also signing multiyear contracts during the installation of these plants.
The heavy-duty segment dominated the global market in 2019 as these equipment offer cost-effective conversion of fuel to electricity and advanced systems provide improvement in terms of output and efficiency. The rise in new gas-based power plants for power generation has resulted in an increase in the deployment of heavy-duty systems which are preferred due to their higher power generating capacity as compared to its counterparts. These systems also find applications in chemical plants, refineries, and power utilities.
Maintenance and repair is projected to be the fastest-growing segment over the forecast period. Major vendors in the market are providing long-term service contracts to power plant owners which cover periodic and preventive maintenance under its scope. Long-term contracts are also considered as a more economical solution in the long term. Repairs solutions help eliminate steps and cost and increases the overall performance, thereby increasing the life-cycle of these systems. This is projected to drive the maintenance and repair segment in the coming years.
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Gas Turbine Services Market Report Highlights
• Asia Pacific held the largest gas turbine services market share in 2019 and is projected to register a CAGR of 13.5% from 2020 to 2027 on account of increasing demand for power from China, India, and Southeast Asian countries who are opting for cleaner sources of power generation for baseload supply
• The heavy duty segment held a major market share in 2019 due to its application in the power generation sector
• Spare parts supply was the largest service type segment in 2019 as the components of gas turbines have a limited lifespan after which it requires replacement
• >200 MW emerged as the major contributing segment on the basis of capacity in 2019. The demand in this segment is primarily driven by an increase in power generation activities across the globe.
• Some of the significant industry participants are Siemens AG, General Electric, Mitsubishi Hitachi Power Systems, Ltd., and Kawasaki Heavy Industries, Ltd. These companies focus on R&D in order to enhance their position in the market.
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Gas Turbine Services Market Segmentation
Grand View Research has segmented the global gas turbine services market on the basis of turbine type, turbine capacity, service type, service provider, end-use, and region:
Gas Turbine Services Turbine Type Outlook (Revenue, USD Million, 2016 – 2027)
• Heavy Duty
Gas Turbine Services Turbine Capacity Outlook (Revenue, USD Million, 2016 – 2027)
• 100 to 200 MW
• >200 MW
Gas Turbine Service Type Outlook (Revenue, USD Million, 2016 – 2027)
• Maintenance & Repair
• Spare Parts Supply
Gas Turbine Service Provider Outlook (Revenue, USD Million, 2016 – 2027)
Gas Turbine Services End-use Outlook (Revenue, USD Million, 2016 – 2027)
• Power Generation
• Oil & Gas
• Other Industrial
Gas Turbine Services Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Commonwealth of Independent States
• Central and South America
• Middle East & Africa
• South Africa
• Saudi Arabia
List of Key Players of Gas Turbine Services Market
• Siemens AG
• General Electric
• Mitsubishi Hitachi Power Systems, Ltd.
• Kawasaki Heavy Industries, Ltd.
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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