Press release
The Surge In Gas Turbine Services Market Driven By Increased Natural Gas Consumption In Electricity Generation: A Leading Driver Behind Gas Turbine Services Market Expansion in 2025
Gas Turbine Services Market Size
What Will the Gas Turbine Services Industry Market Size Be by 2025?
The market size for gas turbine services has seen a robust growth in recent times. It is projected to expand from $29.25 billion in 2024 to $32.09 billion in 2025, with a compound annual growth rate (CAGR) of 9.7%. The surge during the historic period can be ascribed to factors such as an old gas turbine fleet, escalating energy demand, burgeoning industrialization, emphasis on efficiency, and strict environmental rules.
What's the Long-Term Growth Forecast for the Gas Turbine Services Market Size Through 2029?
It is projected that the market size for gas turbine services will experience considerable growth in the coming years, reaching $47.06 billion in 2029 with a 10.0% compound annual growth rate (CAGR). The predicted growth may be due to factors such as development of infrastructure, implementation of preventive maintenance strategies, increased air travel, the rising trend of predictive maintenance, and the focus on cost efficiency. During the forecast period, the market is expected to see trends such as regulatory compliance, extensive service offerings, hybrid power solutions, fleetwide monitoring solutions, and high demand for aftermarket spare parts.
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What Are the Key Growth Drivers Fueling the Gas Turbine Services Market Expansion?
The forecasted rise in the usage of natural gas for electricity production is likely to boost the expansion of the gas turbine services market. Producing electricity involves the generation of energy using various technologies, one of which is the use of natural gas at power plants. All such facilities operate with a gas turbine. This turbine takes in natural gas and air, burns them and expands, creating power by spinning a generator coupled with a magnet. The U.S. Energy Information Administration (eia), a US-based agency, noted in April 2024 that there was a significant rise in natural gas usage within the electric power sector in 2023. Of all U.S. economic sectors, this sector experienced the largest growth in such consumption, with a 7% (2.2 Bcf/d) increase, climbing from 33.2 Bcf/d in 2022 to an all-time high of 35.4 Bcf/d. As a result, the anticipated rise in the use of natural gas for electric power production is set to fuel the growth of the gas turbine market.
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What Are the Key Trends Driving Gas Turbine Services Market Growth?
The gas turbine services market is currently seeing a surge in technological advancements. Many major companies within this market are introducing new and flexible solutions to accommodate the expansion of gas turbine services. For example, in January 2022, Mitsubishi Power, an energy solutions company from Japan, has introduced three distinct gas turbine combustors. These unique innovations are capable of co-firing hydrogen mixed with natural gas and burning hydrogen separately. The latest addition to these combustors is the Dry Low NOx (DLN) multi-nozzle combustor. This product, which is designed to prevent flashbacks, is based on the traditional DLN technology that was modified accordingly. An intricate design allows for speedier mixing by introducing fuel through minuscule holes on the swirler's wing surface, thereby creating a swirling pattern with combustion air.
How Is the Gas Turbine Services Market Segmented?
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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Which Companies Are Leading the Charge in Gas Turbine Services Market Innovation?
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
Which Regions Are Leading the Global Gas Turbine Services Market in Revenue?
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.
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