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Gas Turbine Service Market by Turbine (Heavy Duty, Industrial, Aeroderivative), Turbine Capacity, Service, Sales Channel, End Use (Power Generation, Oil & Gas)
PORTLAND, OREGON, UNITED STATES, September 8, 2022 /EINPresswire.com/ --
Gas Turbine Service Top Companies
The major companies profiled in gas turbine service market report include Siemens AG, General Electric, Mitsubishi Heavy Industries, Ansaldo Energia, MAN Energy Solutions, Kawasaki Heavy Industries, Baker Hughes Company, Caterpillar, Opra Turbines, MTU Aero Engines AG, EthosEnergy, PROENERGY, MJB International LLC, Sulzer, and Centrax Gas Turbines.
AMR published a report, the gas turbine service market size was valued at $19.6 billion in 2021, and gas turbine services industry is estimated to reach $32.1 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
Key Locating of Gas Turbine Service Market:
North America would exhibit CAGR of 4.7% during 2022-2031.
As per global gas turbine service market analysis, by turbine type, the heavy duty segment accounted more than ½ market share in 2021.
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By turbine capacity, more than 200 MW possess market share of 42.5% in 2021.
By service type, spare parts supply and maintenance & repair segment in total contributed market share of 88.4% in 2021.
By sales channel, aftermarket segment is expected to possess a CAGR of 5.5% from 2022 to 2031
By end use, power generation segment has largest market share in 2021.
The electric power, manufacturing, and marine transportation industries, among others, in developing countries are highly dependent on fossil fuels. Rise in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the growth of gas turbine service industry.
The presence of alternative power generation sources which are eco-friendly to the environment compared to gas-fired power systems will hamper the development of the market.
The demand for gas turbines is rising in the power generation industry with new emission control regulations. The industrial sector, including chemicals, metals, and manufacturing industries, is a major contributor to the escalating demand for industrial gas turbines.
The production of natural gas, which is required for the functioning of gas turbines, is growing at a significant rate.
For instance, in 2019, according to IEA Natural Gas Information, natural gas production hit a new high of 4,088 billion cubic meters. Gas turbines are less expensive, environmentally friendly, reliable, and efficient than engines based on other fuel sources, which is propelling their demand.
According to Eurostat, natural gas accounts for 36% of the EU energy consumption High use in applications such as heating, electricity generation, and marine vehicle functioning is bolstering the demand for natural gas turbines, which inturn boost the demand for the gas turbine service market trends.
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Impact Of Covid-19 On The Global Gas Turbine Service Market
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies and caused lockdown in many countries, which has limited the gas turbine service market. The shutdown of industrial manufacturers led to decline in the production of gas turbine, and hence led to decline in the demand for the gas turbine service market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak had a negative impact on the development of the gas turbine service market growth.
In several countries, the renewable sector is mainly dependent on imports from other regions, primarily China. Around 60% of engines and generation sets are produced in the U.S. and are supplied across the globe. Gas based engines project developers worldwide are worried about project delays due to the slowdown of manufacturing in the U.S. Major suppliers are also observing production delays due to COVID-19, thereby causing a huge backlog for fulfilling orders. These factors hampered the growth of the market during the forecast period.
A gas turbine is a combustion engine at the heart of a power plant that can convert natural gas or other liquid fuels to mechanical energy. This energy then drives a generator that produces the electrical energy that moves along power lines to homes and businesses.
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The continuous utilization of gas turbine in the power generation and oil gas industry causes wear & tear of certain parts which lead to the demand for the maintenance and repair to prolong the life of the equipment.
David Correa Allied Analytics LLP 800-792-5285 email us here Visit us on social media: Facebook Twitter LinkedIn
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