Gas Turbine Service Market 2021 - 2031: Global Consumption Value, Sales, and Key Companies Profile - MJB International LLC, Caterpillar Inc, Centrax Gas Turbines

Rapidly growing modernization and industrialization across the globe have led to an increase in the demand for power hence leading to the demand for gas turbines in the oil & gas industry and power generation industry. The increase in the population and growing awareness regarding the negative impact of the utilization of coal-based power generation plants especially in North America and Europe region have boosted the demand for the gas turbine service market due to the shift from coal-fired power plants to gas-fired power plants. The gas turbine service market size was valued at $19.6 billion in 2021, and the gas turbine services industry is estimated to reach $32.1 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.

Get a PDF brochure for Industrial Insights and Business Intelligence @ https://www.alliedmarketresearch.com/request-sample/17508

A gas turbine is a combustion engine at the heart of a power plant that can convert natural gas or other liquid fuels to mechanical energy. This energy then drives a generator that produces the electrical energy that moves along power lines to homes and businesses. The continuous utilization of gas turbine in the power generation and oil gas industry causes wear & tear of certain parts which lead to the demand for maintenance and repair to prolong the life of the equipment. The above-mentioned is one of the major factors driving the growth of the gas turbine service market.

The demand for gas turbines is rising in the power generation industry with new emission control regulations. The industrial sector, including chemicals, metals, and manufacturing industries, is a major contributor to the escalating demand for industrial gas turbines. The production of natural gas, which is required for the functioning of gas turbines, is growing at a significant rate. For instance, in 2019, according to IEA Natural Gas Information, natural gas production hit a new high of 4,088 billion cubic meters. Gas turbines are less expensive, environmentally friendly, reliable, and efficient than engines based on other fuel sources, which is propelling their demand. According to Eurostat, natural gas accounts for 36% of the EU energy consumption High use in applications such as heating, electricity generation, and marine vehicle functioning is bolstering the demand for natural gas turbines, which in turn boosts the demand for the gas turbine service market growth.

The electric power, manufacturing, and marine transportation industries, among others, in developing countries are highly dependent on fossil fuels. The rise in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the growth of the gas turbine industry. The presence of alternative power generation sources which are eco-friendly to the environment compared to gas-fired power systems will hamper the development of the market.

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/17508

The global gas turbine service market forecast is segmented on the basis of turbine type, turbine capacity, service type, sales channel, end-use, and region.

On the basis of turbine type, it is segmented into heavy-duty, industrial, and aero-derivative. On the basis of turbine capacity, the market is segmented into less than 100 MW, 100-200 MW, and more than 200 MW. On the basis of service type, it is segmented into maintenance & repair, overhaul, and spare parts supply. On the basis of sales channel, the market is bifurcated into OEM and aftermarket. In addition, on the basis of end-user, the global gas turbine service market is segmented into power generation, oil & gas, and others.

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest gas turbine service market share, followed by Asia-Pacific and Europe.

The major companies profiled in this report include Siemens AG, General Electric, Mitsubishi Heavy Industries, Ansaldo Energia, MAN Energy Solutions, Kawasaki Heavy Industries, Baker Hughes Company, Caterpillar, Opra Turbines, MTU Aero Engines AG, EthosEnergy, PROENERGY, MJB International LLC, Sulzer, and Centrax Gas Turbines. Due to the rapid development of industrialization, modernization has led to the development of demand for power from heavy manufacturing industries, and light manufacturing industries which in turn has fuelled the demand for gas turbines. The presence of the demand for gas turbines and the ongoing Upgradation of various thermal power plants in developing countries is driving the demand for the gas turbine service market. Additional growth strategies such as the expansion of production capacities, acquisition, partnership, and research & innovation in the gas-fired power generation systems have led to attaining key developments in the global gas turbine service market trends.

Procure Complete Report @ https://www.alliedmarketresearch.com/checkout-final/e89a18d04bb31c87f26aa1347100e479

Key findings of the study

• North America would exhibit a CAGR of 4.7% during 2022-2031.
• As per global gas turbine service market analysis, by turbine type, the heavy-duty segment accounted for more than ½ market share in 2021.
• By turbine capacity, more than 200 MW possess a market share of 42.5% in 2021.
• By service type, the spare parts supply and maintenance & repair segment in total contributed a market share of 88.4% in 2021.
• By sales channel, the aftermarket segment is expected to possess a CAGR of 5.5% from 2022 to 2031
• By end use, the power generation segment has the largest market share in 2021.

Impact of COVID-19 on Global Gas Turbine Service Market:

• COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, businesses, financial institutions, industrial establishments, and infrastructure companies. The novel coronavirus has affected several economies and caused lockdowns in many countries, which has limited the growth of the 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. The decrease in the utilization of power in industrial facilities across the globe during the outbreak had a negative impact on the development of the market.
• In several countries, the renewable sector is mainly dependent on imports from other regions, primarily China. Around 60% of engines and generation sets are produced in the U.S. and are supplied across the globe. Gas-based engine project developers worldwide are worried about project delays due to the slowdown of manufacturing in the U.S. Major suppliers are also observing production delays due to COVID-19, thereby causing a huge backlog for fulfilling orders. These factors hampered the growth of the market during the forecast period.
• After global vaccination, the government of various countries has taken initiatives to increase investment in renewable energy-related industries especially gas-fired power systems. The increase in investment is mostly to improve national energy security during the pandemic and other crises. The presence of the above-mentioned activities and change in policies due to the outbreak of the pandemic is expected to have a positive impact on the development of the market during the forecast period.

Access the Full Report @ https://www.alliedmarketresearch.com/gas-turbine-service-market-A17120

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll-Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com

This release was published on openPR.