Global Gas Turbine Services Market Analysis:
The global gas turbine services market can quite possibly attain a CAGR of 5.15% during the forecast period (2016-2023), ventures Market Research Future (MRFR).
High availability of natural gas with relatively lower prices, especially in China, Thailand, and North America, has boosted the demand for gas turbines. Given the rising need for carbon emission reduction, advancement in technologies like integrated coal gasification combined cycle (IGCC) and turbine combined cycle (GTCC) has transpired into a significant trend in the gas turbine market. New GTCC power plants are 60% more efficient that standard technologies and are able to bring down carbon dioxide as well as atmospheric pollutants emissions.
Surging focus on using cleaner sources for generating electricity along with a prohibition on using coal reserves has taken the gas turbines service market to greater heights in recent years. One instance of this includes the latest orders by the present U.S. government that aims to modify the energy policies implemented by the previous government.
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Furthermore, technological advancements in data collection methods are prompting players to come up with a constitutive model for materials. Test rig control helps gather and analyze massive volumes of data, which enables players to develop the best maintenance plan and models for gas turbines. These factors are also working in favor of the market and are expected to benefit the market in the near future as well.
Market Segmentation
The worldwide gas turbine services market has been examined with regard to segments like type, service, and end-use.
In terms of the type, the market has been segregated into heavy duty, industrial, and aeroderivative.
Service-wise, the market caters to maintenance & repair, overhaul, and spare parts supply.
The end-users mentioned in the report are oil & gas, power generation, and others. The power generation industry seems to have the most potential to dominate the gas turbine services market, given the increasing use of gas turbine in power plants. Also, the surge in natural gas backed gas turbines for power generation stimulates market growth across the globe.
Regional Insight
Asia Pacific (APAC), North America, the Middle East & Africa, South America and Europe are the primary regions as per which MRFR has studied the gas turbine services market.
Data experts at MRFR anticipate that during the forecast period, North America could attain the top position in the global gas turbine services market with the highest share of 27.12%. The United States (US) was the most profitable market for gas turbine services in 2017 and was valued at USD 3,807.5 million. The gas turbine services market in the region notes robust demand, thanks to the substantial contribution of Mexico and Canada. These countries observe high use of gas turbine for marine propulsion as well as high production of shale gas. Rising seaborne trading along with increasing power generation from gas turbines seem to be some of the important factors that support the said market growth.
APAC can record high demand in the coming years, thanks to rapid urbanization and the high focus on the development of clean energy sources. Industrial growth and expanding population also benefit the regional market to a great extent. Besides, industry participants in the region are players are now paying attention to emerging countries, which show a lot of promise, given the high electricity demand. India and China are responsible for the strong demand for the power generation market, which is prompting global gas turbine service providers to create a base in the region.
The MEA market for gas turbine services can demonstrate impressive growth in the near future, on account of the high demand for power generation and the subsequently increasing exploitation of natural gas reserves.
Top Vendors
The top vendors in the worldwide gas turbine services market include MTU Aero Engines (Germany), Proenergy Services (US), Caterpillar (US), Sulzer Ltd (Switzerland), MAN SE (Germany), EthosEnergy (US), General Electric (US), BHI Energy (UK), Ansaldo Energia (Italy), Siemens (Germany), Kawasaki Heavy Industries Ltd (Japan), MJB International Limited LLC (UAE), Mitsubishi Heavy Industries, Ltd (Japan), to mention a few.
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