Pune, Sept. 22, 2023 (GLOBE NEWSWIRE) -- “The Gas Turbine Services Market reached a valuation of USD 19.22 billion in 2022 and is projected to expand to USD 25.70 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 3.7% during the forecast period spanning from 2023 to 2030”, as per the SNS Insider report.
Market Overview
Gas turbine services refer to a comprehensive range of specialized maintenance, repair, and support activities designed to ensure the efficient and reliable operation of gas turbines. Gas turbines are widely used in various industries, including power generation, aviation, oil and gas, and industrial manufacturing, where they play a crucial role in converting fuel into mechanical energy. To keep these high-performance machines running optimally, gas turbine services are essential. Maintaining an inventory of critical spare parts is essential to minimize downtime. Gas turbine service providers often offer inventory management services to ensure that necessary parts are readily available when needed.
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Market Analysis
The gas turbine services market is poised for significant growth in the coming years, driven by several key factors that are reshaping the industry landscape. With the global population on the rise and industrialization continuing to expand, there is a relentless demand for electricity and power generation. Gas turbines are a vital component of many power plants, making gas turbine services indispensable for ensuring uninterrupted energy supply. Advancements in gas turbine technology have resulted in more efficient and eco-friendly turbines. Gas turbine service providers are crucial in helping operators adapt to these technological shifts, such as integrating digital monitoring and predictive maintenance solutions to optimize performance. The expansion of industries such as petrochemicals, manufacturing, and aerospace drives the demand for gas turbine services. These sectors rely on gas turbines for various applications, including power generation and mechanical drive, requiring ongoing maintenance and support.
Gas Turbine Services Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 19.22 billion |
| Market Size by 2030 | USD 25.70 billion |
| CAGR | CAGR of 3.7% From 2023-2030 |
| Key Segments | By Design Type (Heavy duty (frame), Aeroderivative) By Backing Material (Power Generation, Oil & gas, Others) By Technology (Open Cycle, Combined Cycle) By Rated Capacity (1-40 MW, 40-120 MW, 120-300 MW, above 300 MW) |
| Key Market Players | 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 and other players |
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Key Takeaway from Gas Turbine Services Market Study
- In the ever-evolving landscape of the energy sector, the power generation segment stands tall as a dominant force in the market. Gas turbines are relatively cleaner compared to traditional coal-based power plants, emitting fewer greenhouse gases and pollutants. This environmentally conscious approach has garnered support from governments and regulatory bodies, further boosting the power generation segment's dominance.
- Within the realm of gas turbine services, the open cycle segment has emerged as a thriving force, poised for continuous growth and innovation. This unique segment plays a vital role in various industrial applications and power generation scenarios, making it a significant contributor to the market.
Recent Developments
- In a groundbreaking move to bolster energy security and sustainability in Qatar, the Qatar Electricity and Water Company (QEWC) has joined forces with General Electric (GE) in a visionary nine-year gas turbines services contract. This partnership marks a significant stride towards ensuring a consistent and reliable power supply for Qatar, a nation known for its commitment to progressive infrastructure and clean energy solutions.
- EthosEnergy, a global leader in providing services for rotating equipment in the energy sector, has announced a significant milestone in its ongoing commitment to supporting the energy industry. The company has signed a long-term service agreement with GPSC (Global Power Synergy Public Company Limited) to provide comprehensive gas turbine services.
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Market Dynamics Analysis
The gas turbine services market is undergoing dynamic shifts driven by a combination of factors, including drivers, restraints, challenges, and threats that are shaping its trajectory. On the driver's side, the increasing demand for electricity, coupled with the growing need for efficient power generation solutions, has led to a surge in gas turbine installations across the globe. Additionally, the push towards cleaner and more sustainable energy sources has prompted the adoption of gas turbines, which are more environmentally friendly than some alternatives. However, there are notable restraints in the market, including the high initial capital investment required for gas turbine installations and the increasing competition from renewable energy sources. Moreover, the ongoing technological advancements in gas turbine technology pose both a challenge and an opportunity for service providers, as they must constantly upgrade their capabilities to meet evolving customer demands. Furthermore, geopolitical instability and trade tensions can potentially disrupt the global supply chain for gas turbine components, thereby posing a significant threat to the market's stability.
Key Regional Developments
North America, particularly the United States, is a significant player in the gas turbine services market. The region's focus on renewable energy sources and the retirement of older power plants has created opportunities for gas turbine servicing and upgrades. Government incentives for cleaner energy also drive investments in gas turbine technology. As one of the world's largest consumers of energy, Asia Pacific is a key market for gas turbine services. The country's rapid industrialization and urbanization drive the need for power generation, creating opportunities for maintenance and servicing.
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Impact of Recession
While the ongoing recession has posed challenges to the gas turbine services market, it has also created opportunities for companies to adapt and provide essential services that help clients optimize their existing infrastructure. Flexibility, innovation, and a focus on cost-effective solutions will be critical for gas turbine service providers to navigate these challenging economic conditions successfully. Additionally, keeping a keen eye on evolving global economic and industry trends will be vital for long-term growth and sustainability in this market.
TABLE OF CONTENT
- Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Gas Turbine Services Market Segmentation, By Design Type
8.1 Heavy duty (frame)
8.2 Aeroderivative
9. Gas Turbine Services Market Segmentation, By Backing Material
9.1 Power Generation
9.2 Oil & gas
9.3 Other industrial
10. Gas Turbine Services Market Segmentation, By Technology
10.1 Open Cycle
10.2 Combined Cycle
11. Gas Turbine Services Market Segmentation, By Rated Capacity
11.1 1-40 MW
11.2 40-120 MW
11.3 120-300 MW
11.4 Above 300 MW
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia-Pacific
12.5 Middle East & Africa
12.5.1 Middle East
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of Middle East
12.5.2. Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 Rest of Africa
12.6. Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America
13 Company Profile
13.1 General Electric
13.1.1 Company Overview
13.1.2 Financials
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Siemens Energy
13.3 Mitsubishi Power, Ltd.
13.4 Kawasaki Heavy Industries, Ltd.
13.5 Solar Turbines Inc.
13.6 Ansaldo Energia
13.7 Bharat Heavy Electricals Ltd.
13.8 OPRA Turbines
13.9 Man Energy Solutions
13.10 Centrax Gas Turbines
14. Competitive Landscape
14.1 Competitive Bench marking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. USE Cases and Best Practices
16. Conclusion
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