Gas Turbine Services Market Projected to Reach USD 37.2 Billion, at a 7.63% CAGR by 2032 – Report by Market Research Future (MRFR)
Gas Turbine Services Market Growth Boost by Increase In demands, Technology and Improved Sustainability In The Transportation
New York, US, May 29, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Gas Turbine Services Market Information by Type, End-User, Service Type, and Region – Forecast till 2032”, Gas Turbine Services Market could thrive at a rate of 7.63% between 2022 and 2030. The market size will be reaching around USD 37.2 Billion by the end of the year 2032.
Gas Turbine Services Market Overview
Gas turbines are an important component in the power generation industry and are used to produce electricity and mechanical power. Gas turbine services refer to the maintenance, repair, and overhaul services offered for gas turbines to ensure their efficient functioning and optimal performance. The gas turbine services market is expected to grow significantly in the coming years due to several drivers, including the increasing electricity demand, the rising focus on renewable energy, and the need to improve the efficiency and reliability of gas turbines. Governments around the world are investing in upgrading their power generation infrastructure, which is driving the demand for gas turbine services. Additionally, the growing awareness about the importance of reducing carbon emissions is leading to the adoption of cleaner fuels and technologies such as combined cycle gas turbines (CCGTs) and the use of alternative fuels.
Market Competitive Landscape:
The affluent companies in the Gas Turbine Services industry include
- General Electric
- Siemens AG
- Mitsubishi Heavy Industries Ltd.
- Caterpillar Inc.
- Sulzer Ltd.
- Ansaldo Energia
- Kawasaki Heavy Industries Ltd.
- Shanghai Electric Group Co Ltd
- MAN SE
- MJB International Limited LLC
- MTU Aero Engines AG
- Proenergy Services
- Among others.
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Aluminium Bahrain B.S.C. (Alba) announced a Long-Term Service Agreement (LTSA) with Mitsubishi Power, to handle maintenance, repairs, and services for Alba’s new 680.9 MW Combined Cycle Gas Turbine Power Block that uses Mitsubishi Power’s J-series gas turbine technology.
Sulzer delivered pump technology, specifically the MD200-400 pump, to the Keadby 2 combined cycle gas turbine power plant. The pumps were upgraded in collaboration with leading gas turbine manufacturers.
COVID 19 Analysis
The gas turbine services market was negatively impacted by the COVID-19 pandemic as it resulted in the slowdown of industrial activities and reduced demand for energy globally. The pandemic caused supply chain disruptions, labor shortages, and a decrease in investment in new projects, leading to a decline in the demand for gas turbine services. Moreover, the travel restrictions imposed during the pandemic made it difficult for service personnel to reach the project sites, resulting in delays and interruptions in the execution of services.
|Market Size 2030||2032: USD 37.2 Billion|
|CAGR during 2022-2030||7.63% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Service Type, End-User, and Region|
|Key Market Opportunities||Potential for improved sustainability in the transportation fuel sector.|
|Key Market Dynamics||Increasing demand for environmentally friendly fuel The availability of fossil fuels is rapidly diminishing.|
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However, the market has been showing signs of recovery, with the resumption of industrial activities and increased demand for energy, especially in developing economies. The pandemic has also resulted in a shift towards renewable energy sources, which is expected to impact the growth of the gas turbine services market in the long term.
Market USP Covered:
The electricity demand is rapidly increasing across the world due to urbanization and industrialization, which is leading to the expansion of the gas turbine services market. Many gas turbines installed in power plants are aging and require maintenance and repairs, driving the demand for gas turbine services. Governments across the world are taking initiatives to promote clean energy and reduce greenhouse gas emissions. This has led to an increase in the installation of gas turbines, driving the demand for gas turbine services. The development of new and advanced gas turbine technologies, such as combined cycle gas turbines and aero-derivative gas turbines, is driving the growth of the gas turbine services market.
The high capital investments required for gas turbine installation and maintenance may hinder the growth of the gas turbine services market. The gas turbine services market is subject to various regulations and standards, which may limit its growth potential. Gas turbines emit greenhouse gases, which contribute to climate change. Increasing environmental concerns and regulations may impact the growth of the gas turbine services market. Renewable energy sources, such as solar and wind, are becoming increasingly popular as they are environmentally friendly and cost-effective. This may impact the growth of the gas turbine services market in the future.
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The types in the market include Heavy Duty, Industrial, and Aeroderivative.
By Service Type
By service type, the segment includes Maintenance & Repair, Overhaul, Spare Parts Supply
By end-use, the segment includes Power Generation, Oil & Gas, Others
In North America, the market growth is driven by the increasing demand for electricity and the replacement of older gas turbines with new ones. Additionally, government initiatives and policies to reduce carbon emissions are expected to increase the demand for gas turbines, which in turn is expected to drive the growth of the gas turbine services market in this region. Further, in Europe, the market growth is driven by the increase in the adoption of renewable energy sources, which is expected to boost the demand for gas turbines as a backup source of energy. The increasing demand for electricity and the replacement of older gas turbines with new ones are also driving market growth in this region.
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Additionally, In the Asia Pacific region, the market growth is driven by the increasing demand for electricity due to population growth and urbanization. The growth of industrialization and increasing investments in the energy sector are also expected to drive the growth of the gas turbine services market in this region.
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