Press release
Gas Turbine Services Market Trends, Outlook, Demand, Insights, Overview 2024-2033
Gas Turbine Services Market Trends
Gas Turbine Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $15.5 billion In 2028 At A CAGR Of 30.5% :
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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Gas Turbine Services Market Major Segments
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
Key Driver - The Surge In Gas Turbine Services Market Driven By Increased Natural Gas Consumption In Electricity Generation
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.
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Prominent Trend - Pioneering Technological Advancements In Gas Turbine Services For A Sustainable Future
Technological advancements are a key trend gaining popularity in the gas turbine services market. 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 January 2022, Mitsubishi Power, a Japan-based energy solutions company, launched three types of gas turbine combustors with unique technologies that can be used for co-firing hydrogen blended with natural gas and for burning hydrogen. One of the most recently developed combustors for hydrogen is the Dry Low NOx (DLN) multi-nozzle combustor. Its foundation is traditional DLN technology that has been altered to stop flashbacks. The design allows for quick mixing by introducing fuel through tiny holes in the swirler's wing surface and creating a swirling flow with combustion air.
Gas Turbine Services 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.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the gas turbine services market share in 2023. The regions covered in the gas turbine services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Gas Turbine Services Market Report Structure
3. Gas Turbine Services Market Trends And Strategies
4. Gas Turbine Services Market - Macro Economic Scenario
5. Gas Turbine Services Market Size And Growth
…..
27. Gas Turbine Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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