Gas Turbine Services Market Growth, Striking Opportunities, And Forecasts To 2027

Posted on 2022-05-30 by researchinsights in Energy // 0 Comments

San Francisco, California , USA, May 30, 2022 — /EPR Network/ —

Gas Turbine Services Industry Overview

The global gas turbine services market size was valued at USD 26.0 billion in 2019 and is projected to register a CAGR of 9.8% over the forecast period.

The rise in environmental concerns owing to the high amount of carbon emissions from coal-based power generation has resulted in the adoption of low carbon emission power generation technologies such as natural gas-powered turbines. This eventually results in the rise in demand for services of these gas turbines globally.

Although natural gas-powered turbines are expected to gain popularity globally, particularly in the North American and European regions, emerging economies in the Asia Pacific such as India and China still rely on coal-based power generation owing to its lower costs. This factor is expected to hinder new gas turbine sales and maintenance contracts in the region in the future. Moreover, limited natural gas reserves are expected to restrict the growth of the market in the coming years.

Gather more insights about the market drivers, restrains and growth of the Global Gas Turbine Services Market

The U.S. has a well-developed natural gas infrastructure and the presence of established key end-use industries, which are the major demand drivers for gas turbine services in the country. According to the Energy Information Administration, natural gas surpassed coal as the most common source for electricity generation in the U.S. in 2016. This has resulted in the rise in demand for maintenance services of gas turbines in the country.

Heavy-duty gas turbines accounted for the largest market share in 2019 followed by industrial and aero-derivative turbines. Although aero-derivative turbines account for a relatively lesser share as compared to other variants in the U.S market, the future of small aero-derivative power generation looks promising owing to the development of the aerospace and defense sector in the country, where these turbines are used on a large scale. This would subsequently drive the demand for maintenance services for aero-derivative gas turbines in the U.S. in the coming years.

The rise in multiyear service contracts is one of the major factors driving the turbine service market globally. Plant operators find multiyear agreements to be an economical solution in the long term. These agreements can be signed for a range of services such as basic maintenance or overall maintenance. Basic maintenance includes preventive maintenance to full-service maintenance whereas overall maintenance comprises repair for concerned equipment.

Browse through Grand View Research’s Conventional Energy Industry Research Reports.

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Gas Turbine Service Market Segmentation

Grand View Research has segmented the global gas turbine services market report based on turbine type, turbine capacity, service type, service provider, end-use, and region:

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