Gas Turbine Service Market Growth, Share, Size, and Industry Analysis, By Type (Heavy Duty Services and Aero-Derivative Services), By Application (Power Generation, Oil & Gas, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Gas Turbine Service Market REPORT OVERVIEW

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The global gas turbine service market size was USD 19460 million in 2021 and market is projected to touch USD 28897.8 million by 2031, exhibiting a compound annual growth rate (CAGR) of 4.0% during the forecast period.

Electricity is a basic need of humanity. Its demand is increasing as the global population rises unprecedentedly. Governments worldwide prefer sources such as natural gas for producing electricity. However, the capacity of gas turbines exceeds that of coal, and the turbines play an essential role in the operations of power plants, thereby increasing the traction for gas turbine services. A turbine is a machine that supplies power continuously and is fitted with a rotating wheel for the fast movement of gas.

A turbine is a combustion machine that runs on natural gas and converts the generated chemical energy to mechanical energy, further converted to electricity. The services provided to these turbines for operational purposes are known as gas turbine services. Stringent government regulations for clean power generation with pollution control systems will propel the industrial market growth and share. Moreover, technological advancements and the availability of natural gas will lead the market growth during the period.

COVID-19 Impact: Industrial Activity Disruption Restrained Market Growth

The closure and disruption of industrial activities due to the global ban on supply chain activities during the pandemic restrained the industrial market growth and share during the last two years. Rising inflation, lowered disposable income, and weakened worldwide economies were the significant factors that impeded market growth during the period, leading to losses for investors and manufacturers. However, the market will witness an unprecedented demand rise as industrial activities have resumed post the pandemic.

LATEST TRENDS

"Preference for Clean Energy to Boost Market Demand"

Gas turbine services are primarily needed for utilization, independent industrial and cogeneration plant operators to sustain the availability of gas turbine engines. The rising focus associated with the combustion process and hot gasses released from the gas turbines will propel the market potential as the demand for associated equipment rises. It also includes the testing operation of combustion liners, allowing for the continued & safe operation for a period, which will fuel the industry outlook.

Gas Turbine Service Market SEGMENTATION

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• By Type 

The market is subcategorized based on types into heavy-duty services and aero-derivative services.

• By Application

The market is subcategorized based on power generation, oil and gas, and other applications.

DRIVING FACTORS

"Demand for Electricity Generation to Propel Market Growth"

The wide-ranging power plant applications in the turbine service market will surge during the forecast period. Due to strict energy production rules, constraining ventures to deploy reliable power generating frameworks. In line with government reforms, the demand for clean energy is rising to curtail emissions. The expansion of manufacturing and processing plants worldwide will fuel the market size. Additionally, government initiatives to teach a sustainable energy mix will pose an immense potential for market growth. The reinforcement of protocols coupled with rapid technological enhancements will drive the gas turbine service market growth.

"Maintenance and Operation to Fuel Innovations for Growth"

Power plant operators are shifting their focus to adopting effective measures to increase the performance and efficacy of plants. The ever-increasing electricity demand coupled with robust industrialization, rising worldwide population, and economic growth will lead to the optimization of energy production. A paradigm shift toward maintenance and operations for maximum availability and reliability from power plants will favor the gas turbine service industry's growth and prospects.

RESTRAINING FACTORS

"Uncertainty in Production and Supply to Impede Market Growth"

Factors such as a lack of infrastructure for renewable power generation, uncertainty in the demand and supply of natural gas, and geopolitical tensions due to variations in natural gas prices are expected to restrain the market growth. This will lead to massive losses for investors and manufacturers as the worldwide demand for energy increases, but the supply chain continues to get disrupted in the European region. The market growth and demand for turbine services will thus be affected during the period, affecting the worldwide market share.

Gas Turbine Service Market REGIONAL INSIGHTS

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"Europe to Lead Market Share Owing to Production Rise and Innovations"

The European region will lead the gas turbine service market share owing to production rise and innovations by leading industrial players worldwide. Launching new technologies and innovative solutions through collaborations, mergers, acquisitions, and joint ventures are the major factors driving the industrial market share. This will lead to massive profits and revenue generation for players globally, thus increasing market share globally and benefitting investors and manufacturers.

KEY INDUSTRIAL PLAYERS

"Developed Regions to Lead Market Production and Manufacturing"

The report has analyzed various global market players in the industry, and the information has been published after analysis of trends, key technological developments, & innovations. The report also comprises research on companies, technical outcomes, and emerging industries' impact & risks. After a comprehensive, detailed analysis, the study has considered all the points, thus generating future possibilities for the gas turbine service enterprise. Therefore, the elements specified in the report are subject to change as the market dynamics fluctuate. The European region will lead the market prospects for industrial growth.

List of Market Players Profiled

• General Electric (U.S.)
• Mitsubishi Hitachi Power Systems (Japan)
• Siemens (Germany)
• Wood Group (U.K.)
• Kawasaki Heavy Industries (Japan)
• Solar Turbines (U.S.)
• MTU Aero Engines (Germany)
• Ansaldo Energia (Italy)
• Sulzer (Switzerland)
• MAN Diesel & Turbo (Germany)
• MJB International (Dubai)
• Proenergy Services (U.S.)

INDUSTRY DEVELOPMENT

October 2022: MTU Aero Engines and Pratt & Whitney Canada have signed an agreement detailing MTU's aftermarket participation in the PW800 engine program. With this deal, MTU will expand its active market participation for these turbine engines. This will enable PW800 engines to perform and function at the MTU site in Germany. This will result in increased profits and revenue generation for the company, thus increasing its market share.

REPORT COVERAGE 

The report has examined factors that will affect the demand & supply and estimate forces for the forecast period. After thoroughly evaluating the industrial factors, the report provides an extensive, comprehensive SWOT analysis and estimates all the elements mentioned, taken into consideration after detailed research. The report also comprises information on segmentation, trends and the latest developments, key industry mergers and acquisitions, and an analysis of the risks of the gas turbine service industry. The report has listed the worldwide leading manufacturers and the regions anticipated to experience growth during the period.