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Gas Turbine Services Market Size, Share, Trends, Analysis Report 2024-2033
Gas Turbine Services Market
The Business Research Company presents an extensive market research report on the Gas Turbine Services Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The gas turbine services market size has grown rapidly in recent years. It will grow from $26.82 billion in 2023 to $29.52 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to aging gas turbine fleet, increased energy demand, rise in industrialization, focus on efficiency, stringent environmental regulations.
The gas turbine services market size is expected to see strong growth in the next few years. It will grow to $42.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to infrastructure development, preventive maintenance strategies, growth in air travel, rise of predictive maintenance, cost efficiency emphasis. Major trends in the forecast period include regulatory compliance, comprehensive service offerings, hybrid power solutions, fleetwide monitoring solutions, aftermarket spare parts demand.
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Key Market Players:
Major companies operating in the gas turbine services market report are Siemens AG, General Electric Company, Mitsubishi Heavy Industries Ltd., Ansaldo Energia SpA, MAN Energy Solutions SE, Kawasaki Heavy Industries Ltd., Caterpillar Inc., MTU Aero Engines AG, EthosEnergy Group Limited, ProEnergy Services LLC, MJB International LLC, Sulzer Ltd., Rolls-Royce plc, Solar Turbines Incorporated, Centrax Gas Turbines Limited, OPRA Turbines BV, Welland Power Limited, Turbine Technology Services Corporation, Mechanical Dynamics & Analysis LLC, APR Energy Limited, PW Power Systems LLC, Stellar Energy Americas Inc., Alba Power Limited, National Electric Coil, Turbine Services Limited, Stork BV, TurbinePRO, Mechanical Field Support BV, Caterpillar Inc.
Market Drivers:
An increase in natural gas consumption in electricity generation is expected to propel the growth of the gas turbine services market going forward. 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. For instance, in April 2022, according to a report released by the Energy Information Administration, a US-based Federal Statistical System responsible for collecting, analyzing, and disseminating energy information, in 2021, the electric power sector accounted for approximately 37% of the total US natural gas consumption, while natural gas provided approximately 32% of the main energy consumption of the US electric power sector. Therefore, an increase in natural gas consumption in electricity generation is expected to drive the growth of the gas turbines market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/gas-turbine-services-global-market-report
The gas turbine services market covered in this report is segmented -
1) By Type: Heavy Duty, Industrial, Aeroderivative
2) By Service: Maintenance and Repair, Overhaul, Spare parts supply
3) By Service Provider: OEM, Non-OEM
4) By End-User: Power Generation, Oil and Gas, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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