The global gas turbine services market was valued at $15.1 billion in 2022 and it is expected to reach $24.3 billion at a CAGR of 4.9% between 2022 and 2032. The development of low-carbon emission power generation technologies, including natural gas-powered turbines, is a response to the escalating environmental concerns brought on by the high levels of carbon emissions from coal-based power generation. This has finally led to an increase in demand for these gas turbine services on a global scale.
A gas turbine is an engine that uses combustion to transform liquid fuels and natural gas into mechanical energy to produce electrical energy. Gas turbine services refer to the services offered by the gas turbine. A sizable growth rate is being experienced by the global market. The gas turbine services industry has expanded significantly over the anticipated period due to the decline in natural gas prices and an uptick in shale gas production.
The demand for greater efficiency across the globe is the main market driver for the global gas turbine services industry. Gas turbine services extend the life of the equipment, boost safety, and save on operating expenses. The high cost of downtime is a significant market restraint for the worldwide gas turbine services market. However, although it is anticipated that natural gas-powered turbines will become more commonplace worldwide, particularly in the North American and European continents, developing nations in the Asia Pacific, such as India and China, continue to rely on coal-based power generation because it is more affordable. This aspect is predicted to limit new gas turbine sales and maintenance contracts in the region in the future.
Source: SAI Research
Download Free PDF Sample Request
Most European countries have shut down their nuclear power facilities as a result of Europe's growing preference for producing energy that is cleaner and less hazardous and its growing opposition to the use of nuclear power. The European gas turbine MRO industry is being driven by factors like the need to increase dependability, durability, and profitability as well as the operational performance of the area's aging gas turbine fleets.
The market expansion will be favored by increased efforts toward greater operating efficiency and lower heat rate needs for the gas turbine units. The use of components with modern technology combined with a larger mechanical load will improve the business environment. The size of the market will also be boosted by the ongoing global expansion of manufacturing and processing facilities. Government efforts to incorporate a sustainable energy mix also present a huge opportunity for market expansion.
Based on turbine type, the heavy turbine segment has been leading the market with a significant market share. The broad range of applications for these turbines in chemical plants, refineries, and power utilities is primarily responsible for the segment's growth. Heavy-duty turbines also offer enhanced thermodynamic cycles and a production process that is tuned. However, the industrial turbine segment is also expected to accelerate the market with increasing demand among various types of end-user industries. The potential for industrial gas turbine services to grow is supported by favorable trends in the expansion of important manufacturing industries around the world. This is a result of the growth of both heavy and light sectors, which will likely result in a rise in the demand for gas turbine services.
In terms of end-user type, the power generation segment accounted for the highest market share and is also anticipated to propel the market growth during the forecast period. The need for gas turbines in the power generation industry is driven by the rising demand for electricity. Important rivals, though, continue to have doubts about the market for gas turbines in the power generation sector. The market's expansion in this sector is constrained by the volatility of natural gas prices. Government restrictions on the production of clean energy, along with the adoption of pollution control technologies, will fuel market expansion. The prognosis for the industry will be boosted by ongoing technological developments that result in the design and development of extremely efficient gas turbine units.
Geographically, the Asia-Pacific region has dominated the market and is also anticipated to hold its dominant position during the forecast period from 2022 to 2032. Due to fast urbanization and an expanding middle class, China, Japan, Indonesia, and India have a high demand for these services, which drives the regional market. China has been largely dependent on coal, which is beneficial for the market. Furthermore, even though the Asia-Pacific industry is still in its infancy, governments' aggressive infrastructure investment is expected to give it a significant boost. India is putting more emphasis on using cleaner resources. On the other side, the North American region is also expected to become the second-largest market in the future. The ability of raw materials to be easily accessed and the ongoing integration of technologically sophisticated turbines are two important reasons for hastening the saturation of the market.
According to the study, key players such as Brookfield Asset Management (Canada), Bharat Heavy Electricals Limited (India), Centrax Gas Turbines (U.K), Caterpillar Inc (U.S), Dai-ichi-Life (Japan), Harbin Electric Corporation (China), Kanaci Technologies (U.S), MAPNA Group (Iran), MTU Aero Engines (Germany), OPRA (Netherlands), Porsche SE (Germany), Rostec (Russia), Rolls Royce Holdings (U.K), Wartsila (Finland), among others are leading the global gas turbine services market.
|Market Size in 2021||US$ 15.1 Billion|
|Market Volume Projection by 2032||US$ 24.3 Billion|
|Forecast Period 2023 to 2032 CAGR||4.9%|
|Historical Data||2019 and 2022|
|Forecast Period||2024 to 2032|
By Turbine Type: Heavy Duty, Aero-derivative, Industrial & Others
By End-User Type: Power Generation, Oil & Gas & Others
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Brookfield Asset Management (Canada), Bharat Heavy Electricals Limited (India), Centrax Gas Turbines (U.K), Caterpillar Inc (U.S), Dai-ichi-Life (Japan), Harbin Electric Corporation (China), Kanaci Technologies (U.S), MAPNA Group (Iran), MTU Aero Engines (Germany), OPRA (Netherlands), Porsche SE (Germany), Rostec (Russia), Rolls Royce Holdings (U.K), Wartsila (Finland), among others.|
The Global Gas Turbine Services Market – by Turbine Type:
The Global Gas Turbine Services Market – by End-User Type:
The Global Gas Turbine Services Market – by Regions:
Customization options available to meet your custom research requirements :