Gas Turbine Services Market Outlook
According to the report by Expert Market Research (EMR), the global gas turbine services market size is projected to grow at a CAGR of 4.40% between 2024 and 2032. Aided by the rising demand for electricity and the increasing adoption of gas turbines in power plants, the market is expected to grow significantly by 2032.
Gas turbines are a vital component in the energy sector, used extensively in power plants for electricity generation. They are preferred for their efficiency, reliability, and lower emissions compared to traditional coal-fired plants. The maintenance, repair, and overhaul (MRO) of these turbines are crucial for ensuring uninterrupted power supply and operational efficiency, which underpins the demand for gas turbine services.
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The primary driver of the gas turbine services market demand is the growing global demand for electricity, fuelled by increasing industrialisation and urbanisation, especially in developing countries. As more gas-fired power plants are built to meet this demand, the need for services to maintain and repair these plants grows correspondingly.
Advancements in gas turbine technology are also contributing to market growth. Modern gas turbines are more efficient and environmentally friendly, but they require specialised services to maintain these advanced systems. This technological evolution is prompting service providers to enhance their capabilities and offer more sophisticated and comprehensive services.
Another factor propelling the gas turbine services market growth is the shift towards natural gas as a preferred fuel for power generation, driven by its lower environmental impact compared to coal and oil. This shift is leading to the retrofitting of existing power plants and the construction of new gas-fired plants, subsequently increasing the demand for gas turbine services.
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Regionally, North America and Europe are accounting for significant portions of the gas turbine services market share, owing to their mature power generation sectors and the presence of major service providers. However, the Asia-Pacific region is expected to witness the highest growth rate, driven by the increasing energy demand and the growing number of gas turbine installations in countries like China and India.
Gas Turbine Services Market Segmentation
The market can be divided based on type, service, end user, service provider, and region.
Market Breakup by Type
- Aero-Derivative
- Heavy-Duty
Market Breakup by Service
- Repair
- Maintenance
- Overhaul
Market Breakup by End User
- Power Generation
- Oil and Gas
- Others
Market Breakup by Service Provider
- OEM
- Aftermarket
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global gas turbine services market. Some of the major players explored in the report by Expert Market Research are as follows:
- General Electric Company
- Siemens AG
- EthosEnergy Group
- Sulzer Ltd.
- Ansaldo Energia S.p.A.
- Others
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