Gas Turbine Services Market to be driven by Existing and Aging Gas Turbines in North America 2024

Albany, New York, March 6, 2017: A recent market research report by Transparency Market Research states that the rising global demand for power and lower power generation costs of gas turbine systems as compared to other power generation technologies will lead the global gas turbine market on a steady growth path in the near future. The report, titled “Gas Turbine Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” gives a detailed overview of the present state of the market and forecasts its growth trajectory over the period between 2016 and 2024.

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The report states that the rising number of gas turbine installations across a number of regions will lead to an additional need for services such as gas turbine inspection, maintenance, repair, overhaul, and monitoring. Of these, maintenance services will contribute the dominant share in global market’s revenue in the near future.

In terms of type of gas turbine, the market is segmented into aero derivative gas turbine and heavy duty gas turbine. Of these, the segment of heavy duty turbines presently accounts for the leading share in the global gas turbine services market. The key applications of gas turbines are found in industries such as oil and gas and power generation.

From a geographical perspective, the report examines the market for gas turbine services across regions such as Asia Pacific, North America, Europe, and Middle East and Africa. Of these, the market for gas turbine services has witness significant traction across Asia Pacific, chiefly owing to the high speed of urbanization and technological advancements in the region.

Nevertheless, developed regions such as North America and Europe are presently at the leading positions in terms of installations of gas turbines and are hence the leading contributor of revenue to the gas turbine services market. North America is the leading regional market for gas turbines owing to the vast number of existing and aging gas turbine installations in countries such as the U.S. and Canada. The region also boasts of a large number of long-term service agreements for gas turbine service companies.

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Europe has also become a region with immense growth potential and opportunities owing to the steady pace of urbanization and industrialization across eastern and central Europe. In developing countries across Middle East and Africa and Latin America, the rising consumption of electricity is expected to drive the market for gas turbines, consequently propelling the services business.

Some of the leading players operating in the global gas turbine market are Centrax Ltd, Rolls-Royce plc, Ansaldo Energia s.p.a, Mitsubishi Motors Corporation, Centrax Ltd, Hitachi Ltd, and Siemens AG.

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This release was published on openPR.