Gas Turbine Services Market Size, Share & Industry Analysis, By Turbine Type (Aeroderivative, Heavy Duty, Light Industrial), By Service (Overhaul, Maintenance, Repair, Others), By End-Use (Oil and Gas, Power Generation, Aerospace, Marine, Others) and Regional Forecast, 2024-2032

Region :Global | Report ID: FBI101727 | Status : Ongoing

KEY MARKET INSIGHTS

Electricity is the basic need of mankind. The demand for electricity is increasing on account of growing population and electricity consumption per capita. The various government prefers using relatively cleaner source like natural gas for production of electricity. The installed capacity of gas turbines is expected to cross the installed capacity of coal in coming future. Gas turbine services play a very important role in the reliable and stable operation of gas turbine power plants. A turbine is a machine for producing continuous power in which a wheel or rotor, typically fitted with vanes, is made to revolve by a fast-moving flow of gas. A turbine produces rotational energy from a fluid that is picked up by a rotor system into useful work or energy. A gas turbine experiences very high temperature and stresses

The gas turbine services market can be segmented on the basis of turbine type, service, and end-user. Based on turbine type, the market is segmented into aero-derivative, heavy-duty, and light industrial. A gas turbine is coupled with alternators to generate primary power. Based on service, gas turbine services can be segmented into repair, maintenance, overhaul, and others. Based on industry vertical, the gas turbine service market is divided into oil and gas, power generation, aerospace, marine, and others.

Key Market Driver -

Key Market Driver – Demand shift towards increase in efficiency

Key Market Restraint -

Key Market Restraint – high cost of services

The primary market driver for the global gas turbine services market is the demand for increasing efficiency around the world. Gas turbine services reduce operating costs, increases safety and increases the life of the equipment. The critical market restraint for the global gas turbine services market is the high cost of downtime. Skilled and specialized manpower is required for gas turbine services, which makes the gas turbine services expensive.

Key Players Covered:

Some of the major companies that are present in the gas turbine services market are Gas Turbine Services, GE Power, Sulzer, MD&A, Mitsubishi Hitachi Power Systems, MTU aero engines AG, MJB International, Alba Power, Siemens Energy, Turbine Services Limited, Solar Turbines, Stork, a Fluor company, TurbinePROs, and Mechanical Field Support B.V.

Regional Analysis:

The global gas turbine service market has been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific region dominates the gas turbine service market owing to huge installed capacity across countries in the region. With increase in availability of natural gas, the number of gas turbine installations is increasing. During the gas turbine operations, there a lot of moving parts, and several other parts are exposed to high temperatures and reactive gases, which can damage the components over a period of time.

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Regular checkups and maintenance reduce the chance of catastrophic failure of the gas turbine. After a certain period, components are replaced to run the gas turbine at highest efficiency. North America also plays a significant role in gas turbine services market. The gas turbine in North America is used by electric utilities, industries, commercial, and residential structures.

Segmentation

ATTRIBUTE	DETAILS
By Turbine Type	Aeroderivative Heavy Duty Light Industrial
By Service	Overhaul Maintenance Repair Others
By End-User	Oil and Gas Power Generation Aerospace Marine Others
By Geography	North America (USA and Canada) Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe) Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific) Latin America (Brazil, Mexico, and Rest of Latin America) Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Key Industry Developments

In October 2019, GE Power has enhanced the operational efficiency and performance of ADNOC Refining’s Ruwais General Utilities Plant with the implementation of its MXL2 upgrade solution on two GE 13E2 gas turbines.

In September 2019, specialty chemical group Evonik Industries has chosen Siemens to build a combined cycle power plant as a turnkey project at the Marl Chemical Park in North Rhine-Westphalia, Germany.

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PUBLISHING STATUS: Ongoing
BASE YEAR: 2023
HISTORICAL DATA: 2019-2022

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