Gas Turbine Service Market Size, Growth Statistics, Share, Key Players, and Forecast 2031

The global gas turbine service market size was US$ 19.6 billion in 2021. The global gas turbine service market size is estimated to reach US$ 30.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.

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A gas turbine is a combustion engine, which runs mainly on natural gas and converts the chemical energy produced by the combustion of natural gas into mechanical energy. This mechanical energy is then transformed into electrical energy. The services provided to these gas turbines to maintain their operating condition are called gas turbine services.

Factors Affecting Marketing Growth

Strict government regulations toward clean power generation coupled with the introduction of pollution control systems are anticipated to drive the growth of the global market.
Ongoing technological advancements resulting in the design and development of highly efficient gas turbine units will in turn drive the growth of the global market.
The growth in awareness about the toxic-free production of electrical and mechanical energy drives the growth of the global market.
The increased efficiency of renewable-based power generation hinders the growth of the global market.

Impact on COVID-19 Analysis

The COVID-19 outbreak had severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, financial institutions, industrial establishments, businesses, and infrastructure companies. COVID-19 had affected several economies and caused lockdowns in many countries, which hindered the growth of the global market. The shutdown of industrial manufacturers led to a decline in the production of gas turbines and hence led to a decline in the demand for the gas turbine service market. Thus the decrease in the utilization of power in industrial facilities negatively impacted the growth of the global market.

Regional Analysis

North America dominated the market revenue share due to the availability of affordable and abundant natural gas along with a shifting focus toward clean energy generation and strict emission norms imposed by the government for gas turbines along with the increase in the up-gradation of gas turbine fleet.

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Leading Competitors
The prominent players in the global gas turbine service market are:
MJB International LLC
PRO ENERGY
EthosEnergy
VERICOR
Opra Turbines
Baker Hughes Company
Kawasaki Heavy Industries
Siemens AG
Centrax Gas Turbines
Sulzer AG
Others

Segmentation Analysis
The global gas turbine service market segmentation focuses on Turbine Type, Turbine Capacity, Service Type, Sales Channel, End Use, and Region.

Segmentation on the basis of Turbine Type

Industrial
Aeroderivative
Heavy Duty

Segmentation on the basis of Turbine Capacity

Less than 100 MW
100 to 200 MW
More than 200 MW

Segmentation on the basis of Service Type

Spare parts supply
Maintenance and Repair
Overhaul

Segmentation on the basis of Sales Channel

Aftermarket
OEM

Segmentation on the basis of End Use

Power Generation
Oil and Gas
Others

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Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

Key questions answered in the global market report are:

- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the market over the forecast period?
- What are the factors driving and restraining the market?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?

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This release was published on openPR.