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Gas Turbine Service Market Expected to Reach $32.1 Billion by 2031—Allied Market Research

 
2022
Gas Turbine Service Market

Report Code : A17120

quote Rapidly growing modernization and industrialization across the globe have led to increase in the demand for power hence leading the demand for gas turbine in the oil & gas industry and power generation industry. The increase in the population and growing awareness regarding the negative impact of the utilization of coal based power generation plants especially in North America and Europe region have boosted the demand for the gas turbine service market due to the shift from coal fired power plants to gas fired power plants. quote

Yerukola Eswara Prasad - Manager
Energy and Power at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Gas Turbine Service Market," 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.

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. 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. The above mentioned is one of the major factor driving the growth of gas turbine service 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 growth.

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 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 global gas turbine service market forecast is segmented on the basis of by turbine type, turbine capacity, service type, sales channel, end use and region.

On the basis of turbine type, it is segmented into heavy duty, industrial, and aeroderivative. On the basis of turbine capacity, the market is segmented into less than 100 MW, 100-200 MW, and more than 200 MW. On the basis of service type, it is segmented into maintenance & repair, overhaul, spare parts supply. On the basis of sales channel, the market is bifurcated into OEM and aftermarket. In addition, on the basis of end use, the global gas turbine service market is segmented into power generation, oil & gas, and others.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest gas turbine service market share, followed by Asia-Pacific and Europe.

The major companies profiled in this 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. Due to rapidly development of industrialisation, modernization has led to the development of demand for power from heavy manufacturing industries, and light manufacturing industries which in-turn has fuelled the demand for gas turbine. The presence of the demand for the gas turbine and on-going Upgradation of various thermal power plants in the developing countries is driving the demand for gas turbine service market. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the gas fired power generation systems has led to attain key developments in the global gas turbine service market trends.

Key findings of the study

  • 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.
  • 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.

Impact of COVID-19 on 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 growth of the 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 market.
  • 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.
  • After global vaccination, the government of various countries has taken initiatives to increase the investment in the renewable energy related industries especially gas fired power systems.  The increase in the investment is mostly to improve the national energy security during the pandemic and other crisis. The presence of above mentioned activities and change in policies due to outbreak of the pandemic is expected to have a positive impact on the development of the market during the forecast period.

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quote Gas Turbine Service Market by Turbine Type (Heavy Duty, Industrial, Aeroderivative), by Turbine Capacity (Less than 100 MW, 100 to 200 MW, More than 200 MW), by Service Type (Maintenance and Repair, Overhaul, Spare parts supply), by Sales Channel (OEM, Aftermarket), by End Use (Power Generation, Oil and Gas, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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