Press release
Gas Turbine Services Industry Expected to Reach $46.53 Billion by 2029 at 9.9% CAGR
Gas Turbine Services
Gas Turbine Services Market Value Projection: How Much Will the Market Size by 2025?
In recent years, there has been significant growth in the size of the gas turbine services market. The market is projected to expand from $29.25 billion in 2024 to approximately $31.89 billion in 2025, maintaining a compound annual growth rate (CAGR) of 9.0%. Factors such as the aging gas turbine fleet, heightened energy demand, increased industrialization, enhanced focus on efficiency, and rigorous environmental regulations have contributed to growth during the historical period.
What Will Be the Market Growth Forecat for Gas Turbine Services in 2029?
Expectations suggest robust expansion in the gas turbine services market in the coming years, increasing to an estimated $46.53 billion by 2029, with a compound annual growth rate (CAGR) of 9.9%. Factors fostering growth during this projection period are: infrastructural development, preventive maintenance approaches, an increase in air travel, the prominence of predictive maintenance, and a focus on cost efficiency. Throughout this interval, prevailing trends would encompass regulatory compliance, holistic service provision, hybrid power solutions, systemwide monitoring solutions, and heightened demand for aftermarket spare parts.
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What Are the Core Competitive Drivers in the Gas Turbine Services Industry?
The future expansion of the gas turbine services market is anticipated to be fueled by a rise in the use of natural gas in electricity generation. The process of electricity generation involves the production of power using various forms of technology. Natural gas plays a key role in energy production at natural gas-powered plants. Gas turbines are a critical component in every natural gas installation, functioning by driving a generator and a magnet to produce power through the burning and expansion of natural gas and air. As a case in point, The U.S. Energy Information Administration (EIA), a U.S agency, revealed in April 2024 that the consumption of natural gas in the electric power sector grew more than any other economic sector in the U.S in 2023, marking a 7% increment (2.2 Bcf/d) from 33.2 Bcf/d in 2022 to hit a record peak of 35.4 Bcf/d. Thus, the anticipated growth in use of natural gas for producing electricity is poised to stimulate the expansion of the gas turbine market.
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Which Gas Turbine Services Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the Gas Turbine Services Market?
The rise of technology continues to influence trends in the gas turbine services marketplace prominently. Improvement and innovation is a prime focus for key corporations within this industry, with solutions seeking to encompass a variety of factors that would contribute to the growth of such services. For instance, Mitsubishi Power, an energy solutions provider based in Japan, initiated the 2022 with the launch of three distinct gas turbine combustors, each embedded with unique technologies for co-firing hydrogen mixed with natural gas and pure hydrogen burning. Among the novel combustors for hydrogen is the Dry Low NOx (DLN) multi-nozzle combustor. It's primarily based on time-tested DLN technology but reengineered to prevent flashbacks. The strategic design enables rapid fuel- air mixing by forcing fuel through minuscule holes located on the swirler's wing surface, resulting in a swirl motion with the combustion air.
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Who Are the Leaders 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
Which Regional Gas Turbine Services Markets Offer the Greatest Growth Potential?
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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