Gas Turbine Services Market Overview
The global gas turbine services market is expected to expand at a 5.15% CAGR during the forecast period. Gas turbine services include maintenance, repair, overhaul, and supply of spare parts. The gas turbine requires periodic inspection, repair, and replacement of parts to achieve optimum efficiency and reliability. The gas turbine services include a set of activities, which can be applied to very minor work and to a major overhaul. It helps to reduce the outages and maintenance costs while maintaining maximum flexibility and reliability. It is used to monitor the operation and check the performance of gas turbines through annual maintenance and repair.
Gas turbine is a combustion engine that converts natural gas or other liquid fuels to mechanical energy. This energy drives a generator that produces electrical energy. Providing various services for gas turbine is derived as gas turbine services market. Global gas turbine services market is expected to witness substantial growth during the forecast period. North America is estimated to be a prominent region for market growth in gas turbine services market due to increase in shale gas production and declining natural gas prices.
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Companies Covered:
The key players of the global gas turbine services market are MAN SE (Germany), EthosEnergy (US), Proenergy Services (US), Caterpillar (US), MJB International Limited LLC (UAE), Ansaldo Energia (Italy), Sulzer Ltd (Switzerland), Mitsubishi Heavy Industries, Ltd (Japan), BHI Energy (UK), General Electric (US), Siemens (Germany), Kawasaki Heavy Industries Ltd (Japan), and MTU Aero Engines (Germany).
Segments Overview:
The global gas turbine services market has been segmented based on type, service, end-use, and region.
By Type
- Heavy Duty
- Industrial
- Aeroderivative
By Service
- Maintenance and Repair
- Overhaul
- Spare Parts Supply
By End-Use
- Power Generation
- Oil & Gas
- Others
By Regions
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South America
Regional Analysis
The global gas turbine services market by region is segmented into North America, Asia-Pacific, Europe, the Middle East & Africa, and South America. North America is expected to hold the largest share in the global gas turbine services market during the forecast period with 27.12% share. The US was the largest market in 2017, valued at USD 3,807.5 million. The growth in gas turbine services in North America can be attributed to Canada, and Mexico, where the increasing use of gas turbine for marine propulsion is increasing at a higher pace. The increasing production of shale gas, growing seaborne trading, and increasing power generation from gas turbines are some of the major factors contributing to the growth of the global gas turbine service market
Key Developments:
- On May 2018, General Electric (US) established a new business unit for servicing and upgrading other original equipment manufacturers for gas turbines. The services include advanced thermal barrier coatings, proprietary alloys, and enhanced cooling in turbine and combustion components.
- In January 2019, Siemens (Germany) signed a long-term service contract with Cooperative Energy’s in Purvis, Mississippi, the US. Through this contract, it will provide gas turbine services, which include parts, repairs, field services, program management, and offerings from Siemens’ digital services portfolio, including remote monitoring and diagnostics.
- In January 2019, Mitsubishi Hitachi Power Systems Ltd, a subsidiary of Mitsubishi Heavy Industries Ltd. (Japan), provided a gas turbine with a capacity of 993MW in Willis, Texas, the US. It also provided its advance technologies, such as TOMONI digital system and related services.
- In May 2017, Caterpillar (US), acquired Turbomach SA (Switzerland), which manufactures and provides services for gas turbines and related machinery. This acquisition increased the company’s market share in the global gas turbines market.
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