Gas Turbine Services Market 2021: Analysis of Industry Share, Competitive Landscape, Segmentation Analysis and Forecast

iCrowd Newswire
08 Jan 2021, 00:56 GMT+10

Market Highlights

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.

On the basis of type, the global market is segmented as heavy-duty, industrial, and aeroderivative. The aeroderivative segment is expected to dominate the market during the forecast period due to the rapid deployment of gas turbines in aircraft and electrical power applications. On the basis of services, the global market is segmented into maintenance and repair, overhaul, and spare parts supply. The maintenance and repair segment is estimated to dominate the market during the forecast period due to the system efficiency it extends to the gas turbine's life cycle. On the basis of end-use, the global market is segmented as power generation, oil & gas, and others. The power generation segment is expected to dominate the market during the forecast period due to need for increased power generation and eliminating carbon footprints, across the globe.

The global gas turbine services market is expected to grow at ~5.15% CAGR during the forecast period.

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Drivers

The Global Gas Turbine Services Market is Predicted to Grow by More Than 5.15% by 2023: MRFR-Press release image-00

Market Research Analysis

North America accounts for the largest market share in the gas turbine services market.

Region-wise, in 2017, North America held the largest market share of the global gas turbine services market. It is estimated that North America would be the fastest growing market during the forecast period, mainly due to the growing aviation industry and the increasing seaborne trade, across the globe. Asia-Pacific is expected to be the second largest market during the forecast period due to the growing demand for reduced carbon emissions, increasing demand for energy, and increasing exploration of natural gas fields.

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GLOBAL GAS TURBINE SERVICES MARKET 2018–2023

Scope of the Report

This report offers an in-depth analysis of the global gas turbine services market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, the Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the gas turbine services market by its type, services, end-use, and by 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

Key Players

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).

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