Global Gas Turbine Services Market is expected to grow at a robust CAGR
Global Gas Turbine Services Market is expected to grow owing to increase
in multi-year service contracts and growth in combined cycle power plant construction
throughout the forecast period.
According to TechSci Research report, “Gas Turbine Services Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Gas Turbine
Services Market is expected to register robust
growth during the forecast period. The increase in
environmental concerns due to the significant carbon emissions from coal-based
power generation has led to the widespread adoption of low carbon emission
power generation technologies, such as natural gas-powered turbines. This, in
turn, has contributed to a global surge in demand for gas turbine services.
With the aging of numerous gas turbines worldwide, there is an
increasing demand for retrofitting and upgrading services. Upgrades have the
potential to enhance turbine efficiency, minimize emissions, and prolong the
lifespan of existing assets. Service providers can seize this opportunity by
offering innovative upgrade solutions that align with the latest technological
advancements.
With the increasing prevalence of energy storage solutions, such as
batteries, service providers have the opportunity to offer integration services
that combine gas turbines with energy storage systems. This strategic
integration holds the potential to significantly enhance grid stability and
flexibility.
Browse over XX market data Figures spread through XX Pages and an
in-depth TOC on the "Gas Turbine Services Market."
Based on turbine type, Heavy Duty segment is expected to dominate the market during the
forecast period. The heavy-duty gas turbine services market is undergoing a
transformation through the adoption of digitalization and predictive
maintenance technologies. Operators are increasingly leveraging data analytics,
IoT sensors, and machine learning algorithms to monitor equipment health and
anticipate potential issues. This proactive approach helps in reducing
unplanned downtime and minimizing maintenance costs. Gas turbines play a vital
role in the heavy-duty power generation sector by complementing renewable
energy sources such as wind and solar.
They provide quick-start backup and peaking power to ensure grid
stability. Service providers are actively developing solutions to seamlessly
integrate gas turbines with renewable energy systems. The market for gas
turbine services in heavy-duty applications is highly competitive, with both
local and international service providers striving to capture market share.
Market consolidation is also observed as larger companies acquire specialized
firms to expand their capabilities and geographic reach. Gas turbine technology
is continuously evolving, with a strong focus on enhancing efficiency, reducing
emissions, and improving fuel flexibility. Service providers must stay abreast
of these technological advancements to offer the latest upgrades and
enhancements to heavy-duty users.
Based on end-use, Power Generation segment is projected to dominate the
market throughout the forecast period. Gas turbines are commonly utilized to
complement renewable energy sources such as wind and solar, providing vital
backup and peaking power to ensure grid stability in the face of intermittent
renewables. Service providers in the gas turbine industry are now offering
integrated solutions to optimize the power generation mix by combining gas
turbines with renewable energy systems. The gas turbine services market is
highly competitive, boasting a multitude of service providers worldwide. Market
consolidation has emerged as a prevailing trend, as larger companies acquire
smaller service firms to expand their service portfolios and geographic reach.
Simultaneously, smaller specialized service providers are capitalizing on niche
markets and offering unique expertise. The advancement of gas turbine
technology remains a focal point, with efforts directed towards improving
efficiency, reducing emissions, and enhancing fuel flexibility. Service
providers must remain up-to-date on these technological developments to offer
the latest upgrades and enhancements to power plant operators. Given the global
presence of gas turbine power plants, including remote or offshore locations,
the gas turbine services market is becoming increasingly globalized. Service
providers are strategically establishing their presence in various regions to
efficiently serve clients across the globe.
Key market players in the Global Gas Turbine Services Market are:-
- Siemens AG
- Mitsubishi Power, Ltd.
- Kawasaki Heavy Industries, Ltd.
- Solar Turbines Inc.
- ATLA S.r.l.
- Bharat Heavy Electricals Ltd.
- EthosEnergy Group
- Ansaldo Energia S.p.A.
- General Electric Company
- Mubadala Investment Company
Download Free Sample Report
Customers can also request for 10% free
customization on this report.
“The Gas Turbine Services Market in Asia Pacific is poised to be the
dominant force in the industry. Numerous countries in the Asia-Pacific region
are making substantial investments in renewable energy, particularly wind and
solar. As a means of supporting intermittent renewables, gas turbines are
gaining prominence as backup and peaking power sources. Service providers are
now offering innovative solutions to seamlessly integrate gas turbines with
renewable energy systems, thereby ensuring grid stability and reliability.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Gas Turbine Services Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast Segmented By Turbine Type (Heavy Duty, Industrial and
Aeroderivative), By Turbine Capacity (More than 200 MW, Less than 100 MW and
100 to 200 MW), By Service Type (Maintenance & Repair, Overhaul and Spare
parts supply), By Sales Channel (OEM and Aftermarket), By End-use (Power
Generation, Oil & Gas and Others), By Region, By Competition Forecast &
Opportunities, 2018-2028,” has evaluated the future growth potential of Global Gas Turbine
Services Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Gas
Turbine Services Market.
Contact
TechSci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States- 10170
M: +13322586602
Email: [email protected]
Website: https://www.techsciresearch.com