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In 2022, the market for gas turbine services was estimated to be worth USD 19.2 billion. The industry for gas turbine services is anticipated to increase from USD 20.6 billion in 2023 to USD 37.2 billion in 2030, with a compound annual growth rate (CAGR) of 8.63% over the five-year forecast period (2023– 2030). The primary market factors accelerating market expansion include an increase in multi-year service contracts and an increase in the development of combined cycle power plants.
The market CAGR for gas turbine services is being driven by the rise in the utilisation of natural gas for electricity generation. The process of creating energy through the application of diverse technologies is known as electricity generating. Electricity is produced at natural gas-fired power plants using natural gas. A gas turbine is utilised in factories that only utilise natural gas. Natural gas and air are pumped into the turbine, where they burn and expand to drive a generator and a magnet to produce power.
For instance, according to a report issued by the US-based Federal Statistical System known as the Energy Information Administration (EIA), which is in charge of gathering, analysing, and disseminating energy information, in 2021, the electric power sector accounted for roughly 37% of all natural gas consumed in the US, while natural gas provided roughly 32% of the primary energy consumed by the US electric power sector. Therefore, it is anticipated that the gas turbines sector would be driven by an increase in the usage of natural gas for electricity generation.
Furthermore, as urbanisation and industrialization continue to grow, as well as increasing infrastructure building and smart house construction worldwide, electricity demand is surging. In order to satisfy these needs, both the public and private sectors are constructing new power plants or increasing the capacity of existing ones. As a result, gas turbines are being used in these power plants more frequently because they are less dangerous. These trends suggest that between 2022 and 2032, the Gas Turbine Services Market will be lucrative.
Heavy duty, industrial, and aeroderivative are among the market segments for gas turbine services depending on type. With more than 51.0% of the market in 2022, the heavy-duty category has emerged as the largest and most significant product segment, and they are anticipated to grow at the highest rate over the forecast period. The turbine's many uses in chemical plants, refineries, and power utilities are largely responsible for the segment's growth. Additionally, improved thermodynamic cycles and improved manufacturing procedures are made possible by heavy-duty turbines.
Based on service type, the gas turbine services market is segmented into maintenance and repair, overhaul, and spare parts supply. With more than 64.0% of global revenue in 2022 and the expectation that it would continue to represent a significant share of revenue over the forecast period, the spare parts supply category emerged as the largest service type sector. The segment's growth is the result of the fact that gas turbine parts have a finite lifespan and need to be replaced after that. The second-largest part was discovered to be maintenance and repair.
Report Coverage
Global Gas Turbine Services research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Gas Turbine Services report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Gas Turbine Services competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Gas Turbine Services market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Gas Turbine Services market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Gas Turbine Services market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
General Electric (US), Siemens AG (Germany), Mitsubishi Heavy Industries Ltd (Japan), Caterpillar inc. (US), Sulzer Ltd. (Switzerland). Ansaldo Energia (Italy), EthosEnergy (US). Kawasaki Heavv Industries Ltd (Japan), Shanghai Electric Group Co Ltd (China), MAN SE (Germany), MJB International Limited LLC (Dubai), MTU Aero Engines AG (German), Proenergy Services (US).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Gas Turbine Services market based on the below-mentioned segments:
Global Gas Turbine Services Market, By Type
Heavy Duty
Industrial
Aeroderivative
Global Gas Turbine Services market, By Service Type
Maintenance & Repair
Overhaul
Spare Parts Supply
Global Gas Turbine Services Market, By End User
Power Generation
Oil & Gas
Others
Global Gas Turbine Services market, Regional Analysis
The market CAGR for gas turbine services is being driven by the rise in the utilisation of natural gas for electricity generation. The process of creating energy through the application of diverse technologies is known as electricity generating. Electricity is produced at natural gas-fired power plants using natural gas. A gas turbine is utilised in factories that only utilise natural gas. Natural gas and air are pumped into the turbine, where they burn and expand to drive a generator and a magnet to produce power.
For instance, according to a report issued by the US-based Federal Statistical System known as the Energy Information Administration (EIA), which is in charge of gathering, analysing, and disseminating energy information, in 2021, the electric power sector accounted for roughly 37% of all natural gas consumed in the US, while natural gas provided roughly 32% of the primary energy consumed by the US electric power sector. Therefore, it is anticipated that the gas turbines sector would be driven by an increase in the usage of natural gas for electricity generation.
Furthermore, as urbanisation and industrialization continue to grow, as well as increasing infrastructure building and smart house construction worldwide, electricity demand is surging. In order to satisfy these needs, both the public and private sectors are constructing new power plants or increasing the capacity of existing ones. As a result, gas turbines are being used in these power plants more frequently because they are less dangerous. These trends suggest that between 2022 and 2032, the Gas Turbine Services Market will be lucrative.
Heavy duty, industrial, and aeroderivative are among the market segments for gas turbine services depending on type. With more than 51.0% of the market in 2022, the heavy-duty category has emerged as the largest and most significant product segment, and they are anticipated to grow at the highest rate over the forecast period. The turbine's many uses in chemical plants, refineries, and power utilities are largely responsible for the segment's growth. Additionally, improved thermodynamic cycles and improved manufacturing procedures are made possible by heavy-duty turbines.
Based on service type, the gas turbine services market is segmented into maintenance and repair, overhaul, and spare parts supply. With more than 64.0% of global revenue in 2022 and the expectation that it would continue to represent a significant share of revenue over the forecast period, the spare parts supply category emerged as the largest service type sector. The segment's growth is the result of the fact that gas turbine parts have a finite lifespan and need to be replaced after that. The second-largest part was discovered to be maintenance and repair.
Report Coverage
Global Gas Turbine Services research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Gas Turbine Services report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Gas Turbine Services competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Gas Turbine Services market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | General Electric (US), Siemens AG (Germany), Mitsubishi Heavy Industries Ltd (Japan), Caterpillar inc. (US), Sulzer Ltd. (Switzerland). Ansaldo Energia (Italy), EthosEnergy (US). Kawasaki Heavv Industries Ltd (Japan), Shanghai Electric Group Co Ltd (China), MAN SE (Germany), MJB International Limited LLC (Dubai), MTU Aero Engines AG (German), Proenergy Services (US). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Gas Turbine Services Market from 2021 to 2030.
- Market Forecast for Gas Turbine Services Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Gas Turbine Services competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Gas Turbine Services
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Gas Turbine Services market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Gas Turbine Services market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
General Electric (US), Siemens AG (Germany), Mitsubishi Heavy Industries Ltd (Japan), Caterpillar inc. (US), Sulzer Ltd. (Switzerland). Ansaldo Energia (Italy), EthosEnergy (US). Kawasaki Heavv Industries Ltd (Japan), Shanghai Electric Group Co Ltd (China), MAN SE (Germany), MJB International Limited LLC (Dubai), MTU Aero Engines AG (German), Proenergy Services (US).
Primary Target Market
- Market Players of Gas Turbine Services
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Gas Turbine Services market based on the below-mentioned segments:
Global Gas Turbine Services Market, By Type
Heavy Duty
Industrial
Aeroderivative
Global Gas Turbine Services market, By Service Type
Maintenance & Repair
Overhaul
Spare Parts Supply
Global Gas Turbine Services Market, By End User
Power Generation
Oil & Gas
Others
Global Gas Turbine Services market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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