Press release
The Surge In Gas Turbine Services Market Driven By Increased Natural Gas Consumption In Electricity Generation: An Emerging Driver Transforming The Gas Turbine Services Market Landscape
Gas Turbine Services
What Is the Projected Growth of the Gas Turbine Services Market?
The market size for gas turbine services has witnessed a robust growth in the past years. The market, which was valued at $29.25 billion in 2024, is expected to expand to $32.09 billion in 2025, marking a compound annual growth rate (CAGR) of 9.7%. The historic progression in the market can be credited to factors such as an old gas turbine fleet, a surge in energy demands, increased industrialization, emphasis on efficiency, and strict environmental laws.
Expectations are high for the gas turbine services market to witness substantial expansion in the next few years, with forecasts predicting that it will reach a value of $47.06 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 10.0%. Reasons contributing to this predicted growth during the outlined period include infrastructure development, a focus on preventive maintenance, increased air travel, the emergence of predictive maintenance, and emphasis on cost efficiency. Noteworthy trends for this period include observance of regulatory standards, a comprehensive range of service offerings, the adoption of hybrid power solutions, monitoring solutions implemented across fleets, and an increase in demand for aftermarket spare parts.
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What Are the Different Gas Turbine Services Market 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
Subsegments:
1) By Heavy Duty: Maintenance And Overhaul Services, Parts And Component Replacement, Upgrades and Modifications
2) By Industrial: Routine Maintenance Services, Performance Optimization Services, Emergency Repair Services
3) By Aeroderivative: Inspection And Maintenance Services, Spare Parts Supply, Performance Testing And Optimization
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What Are the Primary Drivers Shaping the Gas Turbine Services Market?
The gas turbine services market is projected to grow due to an anticipated rise in the use of natural gas in electricity generation. This entails the production of energy utilizing various technological processes. It is a common practice to use natural gas to generate power in natural-gas-fueled power plants, with gas turbines being an integral component of all such facilities. The operation of these turbines involves injecting natural gas and air into the turbine, which then combust and expand to create energy by spinning a generator and a magnet. According to the U.S. Energy Information Administration (eia), the US-based agency reported in April 2024 that in 2023, there was a substantial increase in natural gas consumption in the electricity power sector among U.S. economic sectors, registering a 7% growth (2.2 Bcf/d), escalating from 33.2 Bcf/d in 2022 to a historical peak of 35.4 Bcf/d. As a result, it is anticipated that the enhanced consumption of natural gas in electricity generation will spur the expansion of the gas turbines market.
Which Companies Are Leading in the Gas Turbine Services Market?
Major companies operating in the gas turbine services market 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, 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
What Are the Major Trends Shaping the Gas Turbine Services Market?
The rise in technological progress is a significant trend impacting the gas turbine services market. Key players in this market are focusing on introducing novel solutions versatile enough to meet various factors fuelling the gas turbine services expansion. One such development was in January 2022 when Mitsubishi Power, an energy solutions provider based in Japan, unveiled three different gas turbine combustors using distinctive technologies. These combustors can be used for hydrogen co-fired with natural gas and hydrogen burning. Among these newly developed combustors is the Dry Low NOx (DLN) multi-nozzle combustor. It is based on conventional DLN technology with modifications to prevent flashbacks. The engineering allows for swift mixing by administering fuel through small holes in the swirler's wing surface, thereby producing a swirling flow with combustion air.
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What Are the Top Revenue-Generating Geographies in the Gas Turbine Services Market?
North America was the largest region in the gas turbine services market share in 2024. The regions covered in the gas turbine services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Gas Turbine Services Market?
2. What is the CAGR expected in the Gas Turbine Services Market?
3. What Are the Key Innovations Transforming the Gas Turbine Services Industry?
4. Which Region Is Leading the Gas Turbine Services Market?
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