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Gas Turbine ServicesMarket 2023 Report By Key Companies, Regional Analysis And Forecast 2032
Gas Turbine Services Market
The Business Research Company's Gas Turbine Services Global Market Report 2023 identifies increase in natural gas consumption in electricity generation as the major driver for the gas turbine services market's growth in the forecast period. Electricity generation refers to the creation of energy utilizing several technologies. Natural gas is used to create energy in natural gas power plants. A gas turbine is used in all-natural gas facilities. Natural gas and air are injected into the turbine; they burn and expand to generate power by rotating a generator and a magnet.
The global gas turbine services market size is expected to grow from $24.65 billion in 2022 to $27.24 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gas turbine services market size is expected to reach $39.01 billion in 2027 at a CAGR of 9.4%.
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Major competitors in the gas turbine services market are Siemens AG, General Electric Company, Mitsubishi Heavy Industries Ltd., Ansaldo Energia S.p.A., MAN Energy Solutions SE, Kawasaki Heavy Industries Ltd.
A key trend in the gas turbine services market includes technological advancement.Major companies operating in the gas turbine services market are focused on developing new solutions that are flexible across other elements driving the expansion of gas turbine services. For instance, in June 2020, Baker Hughes, a US-based industrial service company, launched equipment for creating electricity and mechanical driving applications, the NovaLt Gas Turbines. The technology propels turbines that may achieve over 37% efficiency in simple-cycle mode and up to 85% efficiency in cogeneration configuration, making it the perfect choice in industrial and combined heat and power applications.
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The gas turbine services market is segmented -
• By Type: Heavy Duty, Industrial, Aeroderivative
• By Service: Maintenance and Repair, Overhaul, and Spare Parts Supply
• By Service Provider: OEM, Non-OEM
• By End-User: Power Generation, Oil and Gas, Other End-Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the gas turbine services market.
The Business Research Company's "Global Gas Turbine Services Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Gas Turbine Services Market Include:
1. Executive Summary
2. Gas Turbine Services Market Characteristics
3. Gas Turbine Services Market Trends And Strategies
4. Gas Turbine Services Market - Macro Economic Scenario
5. Gas Turbine Services Market Size And Growth
……
26. Africa Gas Turbine Services Market
27. Gas Turbine Services Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Gas Turbine Services Market
29. Gas Turbine Services Market Future Outlook and Potential Analysis
30. Appendix
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