Gas Turbine Services Industry Overview
The global gas turbine services market size is expected to reach USD 55.1 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 9.8% over the forecast period. The increasing adoption of gas turbines on account of their ability to produce low exhaust gas pollution is expected to drive market growth. These systems are increasingly being used owing to their tremendous energy-producing capacity and multiple fuel capability. They also have the capacity to operate continuously at baseload for numerous hours. Furthermore, low operational cost and high efficiency and durability offered by these systems is expected to drive gas turbine service market growth.
Gas Turbine Services Market Segmentation
Grand View Research has segmented the global gas turbine services market on the basis of turbine type, turbine capacity, service type, service provider, end-use, and region:
Based on the Turbine Type Insights, the market is segmented into heavy duty, industrial, aeroderivative.
- Heavy duty turbines emerged as the largest segment, which accounted for a share of over 52.0% in the global market. It is also projected to witness the fastest growth rate over the forecast period.
- Industrial turbines accounted for a share of more than 38.0% in 2019 and are projected to register the second-highest CAGR over the forecast period.
Based on the Turbine Capacity Insights, the market is segmented into 100 mw, 100 to 200 mw, 200 mw.
- The 200 MW segment emerged as the largest segment with a share of over 39.0% in 2019. The development of the power generation sector along with an increased focus on generating electricity through sustainable energy resources is the major growth driver for this segment.
- The 100 to 200 MW segment accounted for the second-largest share in 2019. This is primarily attributed to the growth of end-use industries such as sugar mills, pharmaceuticals, oil and gas, plastic and resin manufacturing, glass manufacturing, and intermediate chemicals.
- The smaller size of 100 MW turbines makes them an ideal product for offshore locations where the power-to-weight ratio is an important parameter while determining which turbine unit would be the most suitable option.
Based on the Service Type Insights, the market is segmented into maintenance repair, overhaul, spare parts supply.
- Spare parts supply emerged as the largest service type segment, which accounted for a share of more than 63.0% of the global gas turbine services market in 2019. This trend is projected to continue throughout the forecast period.
- Maintenance and repair activities are performed regularly in developed regions such as Europe and North America.
- An overhaul is projected to be the second-fastest-growing segment in the global market from 2020 to 2027. Overhaul comprises the inspection, repair, replacement, and disassembly of subcomponents.
Based on the Service Provider Insights, the market is segmented into oem, non-oem.
- OEM dominated the service provider segment of the market in 2019. This dominance is mainly attributed to factors such as technological capability, wide geographical presence, skilled workforce, and brand value of original equipment manufacturers (OEMs).
- Non-OEMs service providers accounted for a market share of about 39.0% in 2019. They have a presence in price-sensitive markets such as India, China, and Thailand as consumers in emerging countries are shifting from OEMs to independent service providers to cut operational costs.
Based on the End-use Insights, the market is segmented into power generation, oil gas, other industrial.
- Power generation emerged as the largest end-use segment in the global market with a share of over 62.0% in 2019. The increasing need for electricity drives the demand for gas turbines in the power generation sector.
- This is projected to increase the application of gas turbines in the oil and gas industry, which faced a major challenge in the past owing to the drop in oil prices.
Gas Turbine Services Regional Outlook
- North America
- Europe
- Asia Pacific
- Commonwealth of Independent States
- Central South America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The key players adopt strategies such as providing multiyear services contracts to existing and new power plant owners to further enhance their market position. Competition among key vendors is based on the performance and efficiency of their manufactured gas turbines as well as associated services provided by them to their customers.
Some prominent players in the global gas turbine services market include
- General Electric
- Siemens AG
- Mitsubishi Hitachi Power Systems, Ltd. (MHPS)
- MAN Energy Solutions
- Kawasaki Heavy Industries, Ltd.
- Ansaldo Energia S.p.A.
Order a free sample PDF of the Gas Turbine Services Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
