Newark, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 34.86 billion in 2022 global gas turbine services market will reach USD 79.77 billion by 2032. With a global push towards lowering CO2 emissions, gas turbine services can include solutions for carbon capture, utilization, and storage (CCUS). Service providers can work on technologies to capture and mitigate emissions from gas turbine operations, contributing to sustainable energy solutions. Furthermore, the emergence of hydrogen as a clean energy carrier presents opportunities to adapt gas turbines for hydrogen combustion. Service providers can explore retrofitting and modifications to make gas turbines compatible with hydrogen, enabling cleaner energy generation. Besides, gas turbines can provide grid stability and flexibility, especially when integrated with energy storage systems. Service providers can develop solutions that optimize the interaction between gas turbines and energy storage to support evolving grid requirements.
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Key Insight of the global Gas Turbine Services market
Asia Pacific is expected to witness the fastest and highest market growth during the forecast period.
The region's growing population and expanding middle-class drive higher energy consumption. Gas turbines provide a reliable and efficient solution to meet this increasing electricity demand, contributing to the need for related services. Asia-Pacific is also a hub for manufacturing and industrial activities. These sectors require a consistent and stable power supply, making gas turbines an attractive primary and backup power generation option. In addition, the Asia-Pacific region is investing heavily in infrastructure development, including power plants, distribution networks, and transportation systems. This factor further fuels the demand for gas turbine installations and associated services.
In 2022, the spare parts supply segment held the largest market share at 65.47% and a market revenue of 22.82 billion.
The service type segment is divided into maintenance & repair, overhaul and spare parts supply. In 2022, the spare parts supply segment held the largest market share at 65.47% and a market revenue of 22.82 billion.
In 2022, the heavy duty segment dominated the market with the largest share of 52.48% and revenue of 18.29 billion.
The turbine type segment includes aeroderivatives, heavy duty and industrial. In 2022, the heavy duty segment dominated the market with the largest share of 52.48% and revenue of 18.28 billion.
In 2022, the >200 MW segment dominated the market with the highest share of 39.15% and market revenue of 13.65 billion.
The turbine capacity segment is classified into <100 MW, 100 to 200 MW and >200 MW. In 2022, the >200 MW segment dominated the market with the highest share of 39.15% and market revenue of 13.65 billion.
In 2022, the OEM segment registered the highest market share of 62.39% and market revenue of 21.75 billion.
The service provider segment includes OEM and Non-OEM. In 2022, the OEM segment registered the highest market share of 40.72% and market revenue of 21.75 billion.
In 2022, the power generation segment registered the highest market share of 68.19% and market revenue of 23.77 billion.
The end user segment is divided into aerospace, power generation, oil & gas, marine and others. In 2022, the power generation segment registered the highest market share of 68.19% and market revenue of 23.77 billion.
Advancement in market
In February 2023: Azerenerji, the preeminent electricity producer in Azerbaijan, signed a contract with Ansaldo Energia. This noteworthy event unfolded in the presence of President Ilham Aliyev of Azerbaijan and Adolfo Urso, Italy's Minister of Made in Italy and Enterprise. Simultaneously, the commencement of the development and modernization of the plant was marked with the laying of its inaugural stone. The agreement encompasses a significant agreement, valued at over 170 million USD, for procuring 4 AE94.3A gas turbines from the esteemed Italian firm. This contract emphasizes the inherent value of the robust strategic partnership between Italy and Azerbaijan. Its focus on the energy production sector is significant. It paves the way for a broader dissemination of Italy's industrial prowess, exemplified by its "Made in Italy" products across other domains. These new contracts testify to Ansaldo Energia's acumen in identifying burgeoning technologies and capabilities within rapidly growing economies. The AE94.3A gas turbine from Ansaldo Energia boasts a rich history, accumulating over 4 million operating hours. As part of an expansion to the "Azerbaijan" power plant in Mingachevir, 4 AE94.3A gas turbines are set to be incorporated, enhancing the facility's additional generation capabilities within a combined cycle configuration. This forthcoming implementation will realign the plant's architecture, featuring two gas turbines for an individual steam turbine. This restructuring promises a marked surge in performance and a concomitant reduction in gas consumption. Empowered by Ansaldo Energia's cutting-edge technologies, the plant is poised to ensure energy sustainability, accommodate Azerbaijan's escalating energy requisites, and significantly contribute to environmental preservation. By curtailing natural gas usage in electricity generation, the project aligns with safeguarding Azerbaijan's environment and amplifying its export potential.
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Market Dynamics
Driver: Global industrialization and increasing renewable energy integration.
Rapid industrialization in emerging economies requires a robust and consistent power supply. Gas turbines often meet this demand, driving the need for reliable maintenance services. Gas turbines also play a crucial role in providing backup power and stability to grids incorporating a larger share of renewable energy sources like wind and solar. This integration drives the demand for gas turbine services to ensure reliable operation and rapid response capabilities.
Restraint: Competition from renewable energy sources and stringent environmental regulations.
As renewable energy sources (solar and wind) become more cost-competitive, they pose a challenge to gas turbines. Increasing the adoption of renewables can reduce the utilization of gas turbines and subsequently limit the demand for associated services. On the other side, while environmental regulations can drive demand for gas turbine services, they can also act as a restraint. Meeting stringent emissions standards may require expensive upgrades or retrofits, impacting the cost-effectiveness of gas turbine operations.
Opportunity: Hybrid power systems with predictive maintenance solutions.
Combining gas turbines with energy storage and renewable sources can create efficient and flexible hybrid power systems. Service providers can offer solutions that optimize the integration of these components, ensuring reliable and sustainable power generation. At the same time, by leveraging data analytics and machine learning, gas turbine service providers can offer predictive maintenance solutions. They can accurately predict maintenance needs by analyzing operational data, minimizing unplanned outages and optimizing maintenance schedules.
Challenge: Diverse operational environments with global economic uncertainty.
Gas turbines are used in various industries and applications, from power generation to aviation and marine propulsion. Each environment presents unique operational challenges that demand tailored services and solutions. In addition, economic fluctuations and uncertainties can impact infrastructure investment and energy demand, directly influencing the demand for gas turbine services. Moreover, gas turbines operate under high temperatures and pressures. And any failure can have severe consequences. Ensuring safety and reliability during maintenance, repair, and upgrade activities is challenging.
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Some of the major players operating in the global gas turbine services market are:
• General Electric
• Siemens Energy
• Mitsubishi Power Ltd.
• Kawasaki Heavy Industries, Ltd.
• Solar Turbines Inc.
• Ansaldo Energia
• Bharat Heavy Electricals Ltd.
• OPRA Turbines
• Man Energy Solutions
• Centrax Gas Turbines
• Mubadala Investment Company
• ATLA S.r.l.
• Rolls-Royce plc.
• Sulzer AG
• Hitachi Ltd.
• EthosEnergy
• HPI LLC
• Ethosenergy
• MJB International
• Mechanical Dynamics & Analysis
• Proenergy Services LLC
• MTU Aero Engines Ag
• Incorporated Turbine Services and Solutions LLC.
Key Segments cover in the market:
By Service Type
• Maintenance & Repair
• Overhaul
• Spare Parts Supply
By Turbine Type
• Aeroderivatives
• Heavy Duty
• Industrial
By Turbine Capacity
• <100 MW
• 100 to 200 MW
• >200 MW
By Service Provider
• OEM
• Non-OEM
By End User
• Aerospace
• Power Generation
• Oil & Gas
• Marine
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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