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Gas Turbine Services Market By Type (Heavy Duty, Industrial, Aeroderivative) By Service (Maintenance & Repair, Overhaul, Spare Parts Supply) By End-Use (Power Generation, Oil & Gas, Others) - Growth, Future Prospects & Competitive Analysis, 2016 - 2028

About this report

The global gas turbine services market report explores the critical analysis of the gas turbine service industry using key parameters. The report consists of investment strategies, the need for investments in the gas turbine services industry, and the multiple benefits for investors. Importantly, this report sets out major changes in the global technical regulations for the gas turbine services industry and how economic and non-economic barriers are helping the market grow. Moreover, the report analyzes the global, regional, and country-level historic and forecasted market sizes. The report also provides a comprehensive analysis of key investment propositions, the demand and supply gap, competitor positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses include Porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

REPORT ATTRIBUTE DETAILS

Gas Turbine Services Market by Volume

Yes

Market by Value

Yes

Market, Tornado Analysis

Yes

Market, STAR Analysis

Yes

Market, SRC Analysis

Yes

Market, Import-Export Data

Yes (On Demand)

Market Pricing Analysis

Yes (On Demand)

Market Segment Analysis

By Type (Heavy Duty, Industrial, and Aeroderivative)

By Service (Maintenance & Repair, Overhaul, and Spare Parts Supply)

By End-Use (Power Generation, Oil & Gas, and Others)

Market, Regional Analysis

North America (the US and Canada)

Europe (Germany, UK, France, Italy, Spain, and the Rest of Europe)

Asia Pacific (China, India, Japan, South Korea, South East Asia, and the Rest of Asia Pacific)

Latin America (Brazil, Mexico, and the Rest of Latin America)

Middle East and Africa (GCC Countries, South Africa, and the Rest of the Middle East and Africa)

Market Key Companies

MAN SE (Germany), EthosEnergy (US), Proenergy Services (US), Caterpillar (US), MJB International Limited LLC (UAE), Ansaldo Energia (Italy), Sulzer Ltd (Switzerland), Mitsubishi Heavy Industries Ltd (Japan), BHI Energy (UK), General Electric (US), Siemens (Germany), and MTU Aero Engines (Germany)

Market Competitive Landscape

Market Share Analysis

Competitive Benchmarking

Key Players Market Positioning

Geographical Presence Analysis

Major Strategies Adopted

 

Key Highlights of the Report

How are the major segments performing in the gas turbine services market?

  • The heavy-duty type segment led the global market in 2021 and is expected to continue during the projection period. The broad range of uses for these turbines in petrochemical industries, refineries, and power utilities is primarily responsible for the segment's growth. In addition, heavy-duty turbines offer improved thermodynamic cycles and a more efficient manufacturing process.
  • In 2021, the spare parts supply service segment held the largest global market share. The gas turbine components have a specific lifespan, which requires periodic replacement, thereby driving the segment's growth.
  • The power generation segment at the end-user dominated the global gas turbine services market in 2021 due to strict energy productivity regulations that have made it difficult for businesses to implement viable power-generating frameworks in line with governmental reforms to reduce emissions. The global expansion of manufacturing and processing plants will drive market growth.

Which region dominated the gas turbine services market?

Asia Pacific dominated the global gas turbine services market in 2021 and is presumed to maintain its dominance by 2028. Demand for gas turbine services in China, India, and other developing Asian countries is driving regional market demand due to rapid urbanization and an expanding middle-class population. Additionally, the growing need for clean energy sources for power generation in these nations is anticipated to fuel regional market expansion. Transitioning from coal-based power generation to clean energy sources will propel market growth. Rapid urbanization and industrialization will promote industry penetration and government targets to reduce GHG emissions. Rapid economic growth and rising energy demand will increase market revenue, particularly in developing countries.

How is the US market performing in the gas turbine services market?

The United States dominated the North American gas turbine services market in 2021. Shale gas reserves and developments in mining and extraction technology, which consistently help lower the operational cost of extraction, are the main factors driving the market. The U.S. has an established natural gas infrastructure and several key end-use industries, which are the main sources of demand for gas turbine services in the nation. The Energy Information Administration reports that in 2018, natural gas surpassed coal as the most popular fuel for electricity in the United States. The demand for gas turbine services for mechanical drive applications in the process industry will also propel the market for gas turbine services in the United States.

What is the competitive environment of the gas turbine services market?

The major players in the gas turbine services market employ strategies like offering long-term maintenance agreements to owners of both new and existing power plants to strengthen their market positions. Key vendors compete based on the effectiveness and performance of the gas turbines they manufacture and the related services they offer to their clients. With the rapid advancement of technology and fierce competition, a company's technological capability and R&D efforts are among its top priorities for improving its position in the market. OEMs dominate the market due to their extensive experience providing power generation services and well-structured data management techniques. Besides, OEMs are offering upgrades to existing gas turbines through service contracts to existing customers. For instance, General Electric introduced a new 6B repowering upgrade for turbines in September 2018 that can improve combined-cycle and gas turbine performance. This advancement will enable General Electric to increase its global market share further.

Executive Summary

What are the technical developments being developed in the global gas turbine services market?

Technology expertise and research and development are crucial areas for organizations to improve their market position due to rapidly evolving technology and intense competition. The industry outlook will be boosted by ongoing technological advancements that result in the design and development of extremely efficient gas turbine units. In addition, the market expansion will be positively influenced by modern overhauling technologies combined with an abundant natural gas supply. The increased environmental concern caused by the high carbon emissions from coal-based power generation has resulted in the adoption of low-carbon emission power generation technologies. This eventually leads to an increase in demand for these gas turbine services on a global scale. With the development of E, F, and H-class technology, companies in the sector are providing cutting-edge services to meet the upcoming demands of power plant operators.

Which are the key investments by the gas turbine services market players?

The companies use investment strategies to improve their market share, such as providing long-term service agreements to owners of both new and existing power plants. Competition among major vendors is driven by the efficiency and performance of their manufactured gas turbines and the associated services they provide their customers. For instance, General Electric (US) invested in and established a new business unit in May 2018 for servicing and upgrading other gas turbine equipment manufacturers. The offerings include improved cooling for turbine and combustion parts, proprietary alloys, and highly developed thermal barrier coatings. Likewise, in October 2019, GE Power upgraded two GE 13E2 gas turbines to improve operational performance and efficiency at ADNOC Refining's Ruwais General Utilities Plant.

Some major players in the gas turbine services market are MAN SE (Germany), EthosEnergy (US), Proenergy Services (US), Caterpillar (US), MJB International Limited LLC (UAE), Ansaldo Energia (Italy), Sulzer Ltd (Switzerland), Mitsubishi Heavy Industries Ltd (Japan), BHI Energy (UK), General Electric (US), Siemens (Germany), and MTU Aero Engines (Germany).

What are the major driving factors for the gas turbine services market?

A gas turbine is a natural gas-powered combustion engine that converts the chemical energy produced by natural gas combustion into mechanical energy. This mechanical energy is then used to generate electrical energy. Gas turbine services refer to the procedures carried out on these gas turbines to keep them in working order. Government regulations requiring clean power generation and implementing pollution control technologies are anticipated to fuel market expansion. The continuous technological development that leads to the design and development of extremely efficient gas turbine units will, in turn, boost the industry's outlook. Moreover, advanced overhauling technologies and abundant natural gas availability will positively impact market expansion.

gas-turbine-services-market

What are the major risks for the gas turbine services market?

Global demand for gas turbine services is constrained by stringent government emission regulations, as well as high labor costs, exorbitant gas turbine spare part costs, and difficult transportation logistics. The increased effectiveness of renewable-based power generation on the global market is another factor limiting the market's growth.

Which is the key type in the gas turbine services market?

The heavy-duty segment is expected to maintain its dominance during the forecast period due to rising concerns over plant optimization and flexibility. The wide range of applications for these turbines in petrochemical industries, refineries, and power utilities is primarily responsible for the segment's expansion. Heavy-duty turbines also provide better thermodynamic cycles and a more effective manufacturing process. Technological advances have also improved these turbines' power output, efficiency, and environmental compatibility. For effective and secure operations management, this technology requires maintenance and service. Moreover, prompt service offers effective torque control and the potential for integrated and intelligent control and operation concepts. Increasing peak load operation while lowering turbine inlet temperature during open-cycle power plant operations will boost market growth.

How is the gas turbine services market performing in different regions?

Asia Pacific will retain the largest gas turbine services market throughout the forecast period. Gas turbine installation capacity is rising due to the greater availability of natural gas in the Asia Pacific region, particularly in nations like China, which is helping the market grow. The rising population, rapid urbanization, and the implementation of government initiatives aimed at decarbonizing the region's economies are expected to impact the gas turbine services market positively. Gas turbine technology advancements and the strong presence of regional market players are expected to boost the market during the forecast period.

Furthermore, North America is expected to have a significant revenue share in the global gas turbine services market in the coming years. The availability of abundant and affordable natural gas and a shift toward clean energy generation will improve the market outlook. The government's strict emission standards for gas turbines, combined with the rapid upgrade of the gas turbine fleet, will energize the industry. The ongoing evolution of shale gas will fuel the installation of gas turbine units, favoring regional market expansion. The region's market for gas turbine service is anticipated to grow in the coming years due to factors like upcoming gas-based power plants like the Cascade Combined-Cycle Gas Turbine (CCGT) Power Plant in Alberta and South Field Energy's Combined-Cycle Power Plant in Ohio.

What is the regulatory landscape for the gas turbine services market?

One of the most significant factors driving up demand for gas turbines for power generation is the increasing tendency of governments worldwide to reduce the use of coal-based power plants and lower carbon emissions. The strengthening of regulatory protocols, combined with rapid technological advancements to meet the needs of a large consumer base while maintaining reliability and efficiency, will drive demand for efficient gas turbine units even further. Government regulations to address resource depletion increased harmful emissions, and climate change mitigation is a significant trend that positively affects the gas turbine services market.

What is the market size of gas turbine services in terms of value?

The global gas turbine services market is anticipated to grow at a substantial CAGR of 9.5% in the upcoming years. The global gas turbine services industry is estimated to be worth USD 27.1 billion in 2021 and is expected to be worth USD 46.71 billion by 2028.

What are the major players planning for the future of the gas turbine services market?

Services for continuous turbines Key-player innovations and collaborations will boost business dynamics. Besides, growth ventures, strategic partnerships, and new technologically advanced services will propel the companies forward. Market participants provide improved services such as overhaul, repair, and scheduling. Unscheduled maintenance services, among others, satisfy the needs of aero-derivative gas turbine customers, favoring the market most likely over the forecast period. Leading players are attempting to break into markets in developing economies. They are increasing their market share through various strategies such as acquiring service contracts and agreements, mergers, and acquisitions. Plant operators view multiyear agreements as a cost-effective long-term solution. These contracts can be executed for various services, such as fundamental or comprehensive maintenance. Basic maintenance entails everything from preventive to full-service care, whereas overall maintenance includes repairs for the affected equipment.

Segmentation of Global Gas Turbine Services Market -

Global Gas Turbine Services Market – By Type

  • Heavy Duty
  • Industrial
  • Aeroderivative

Global Gas Turbine Services Market – By Service

  • Maintenance & Repair
  • Overhaul
  • Spare Parts Supply

Global Gas Turbine Services Market – By End-Use

  • Power Generation
  • Oil & Gas
  • Others

Global Gas Turbine Services Market – By Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of the Middle East and Africa

Frequently asked questions about the global gas turbine services market

The global gas turbine services market also suffered from the COVID-19 pandemic, which resulted in a decline of over 4.6% in revenue generated in 2020.

Asia Pacific accounted for the most heightened share in the global gas turbine services market.

Rising environmental concerns caused by the significant carbon emissions from coal-based power generation have led to the adoption of low-carbon emission power generation technologies, one of the key factors fueling the growth of the global gas turbine services market.

The spare parts supply segment had a major share in the global market in 2021.

The power generation segment had a major share in the global market.

Gas Turbine Services Market Scope

Report Attribute Details
Market Value in 2021 USD 27.1 billion
Market Value in 2028 USD 46.71 billion
CAGR 9.5%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Dec 2022
Category:  Biotechnology
Report ID:   60838
Report Format:   PDF
Pages:   120
Rating:    4.5 (30)
Delivery Time: 24 Hours to 48 Hours   
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