Press release
Global Gas Turbine Services Market Size Expected To Rise At A CAGR Of 4.40% During The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analyzes the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Gas Turbine Services Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.40%
The market for gas turbine services is expected to surge in the coming years owing to the increasing installation of gas turbines for clean energy generation. The number of installed gas turbines is expected to rise above coal plants as governments show their shifting preference towards utilizing clean energy sources, such as natural gas for electricity generation.
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Gas turbines can produce continuous energy through rotational energy. The turbine consists of rotating blades, fitted with vanes, and a generator. The blades spin with the fast flow of pressurized air and by heating a mixture of air and fuel at very high temperatures, useful energy is generated. During the process, a gas turbine experiences very high temperatures and stress, that is why it becomes important for the turbine to be serviced in set periods of time.
The value of gas turbine services will increase with the increasing number of installations and the increasing demand for services to ensure a longer lifecycle of the equipment and improved efficiency.
Gas Turbine Services Industry Definition and Major Segments
A gas turbine is an internal combustion engine which employs natural gas or other pressurized gas to spin the turbine and generate electricity or provide kinetic energy to a jet or an aeroplane.
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The latest gas turbines utilise pressurized gas that is produced by burning a fuel such as natural gas, kerosene, propane, or jet fuel. The fuel's heat causes the air to expand inside the turbine which then enables the generation of energy as the turbine rotates at incredible speeds.
The segments of the market, based on type, including the following:
• Aero-Derivative
• Heavy Duty
Based on the service, the market divisions include:
• Repair
• Maintenance
• Overhaul
On the basis of end-user, the market segments include:
• Power Generation
• Oil and Gas
• Others
The market divisions, based on service provider, can include the following:
• OEM
• Aftermarket
Based on region, the market for gas turbine services can be segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Gas Turbine Services Market Trends
The gas turbine service market is expected to show significant development owing to the increasing environmental awareness and rising trend of utilizing clean energy sources. The development of infrastructure in many emerging economies has propelled the necessity of an uninterrupted energy supply, which is another factor driving the market's expansion.
The Asia Pacific region holds a significant share of the market due to the rapidly growing demand for energy and the increasing development employment of gas turbines. Natural gas is becoming more widely available, which is why there are more gas turbine installations. Many moving parts and other elements exposed to high temperatures and reactive gases during gas turbine operations might cause damage to the components over time.
Key Market Players
The major players in the global gas turbine service market report are:
• General Electric Company
• Siemens AG
• EthosEnergy Group
• Sulzer Ltd.
• Ansaldo Energia S.p.A.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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