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Gas Turbine Service Market Size By Product (Heavy-Duty, Aero-Derivative), By Service (Maintenance, Repair, Overhaul), By Application (Power Plants, Oil & Gas, Process Plants, Aviation, Marine), By Service Provider (OEM, Non-OEM), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI3614
  • Base Year: 2021
  • Report Format: PDF

Industry Trends

Gas Turbine Service Market size was over USD 17.5 billion in 2021 and is expected to grow at a CAGR of 8% between 2022 and 2030.
 

Strict government regulations toward clean power generation coupled with introduction of pollution control systems will drive the market growth. Ongoing technological advancements resulting in the design & development of highly efficient gas turbine units will in turn propel the industry outlook. Moreover, advanced technologies in overhauling coupled with the abundant availability of natural gas will positively sway the market expansion.
 

Gas Turbine Service Market Overview

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The COVID- 19 pandemic has marginal impact on industry growth due to imposition of lockdowns and significant decline in the overall capital expenditure across upgradation & expansion of power generation activities. Increase in the number of cases along with the threat of new variants is further leading to a situation of panic for businesses that may adversely affect the market growth. However, the industry is set to regain its lost strength post 2021 on account of flourishing industrial sector and increasing electricity demand.
 

Shifting focus clean energy generation will boost the market demand

The maintenance service segment held over 20% gas turbine service market share in 2021. It is primarily needed for utility, independent power, industrial, and cogeneration plant operators to sustain the reliability & availability of gas turbine engines. Increasing focus toward performance of equipment associated with the combustion process and hot gases released from the gas turbines will propel the market potential. It further includes the testing operation of combustion liners in line with allowing for the continued & safe operation for a specified period will fuel the industry outlook.
 

Rising concerns for limiting emission level along with implementation of strict government norms

Gas Turbine Service Market Size

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The heavy-duty product segment is anticipated to surge at 7.8% CAGR through 2030, owing to the increasing concern toward plant optimization and flexibilization. The maintenance & service of this technology is needed for efficient and safe operation management. In addition, timely service provides the efficient control of torque coupled with a potential for integrated & intelligent control/operation concepts. Increasing peak load operation in line with minimizing the turbine inlet temperature during the operations of open cycle power plants will augment the market growth.
 

Increasing efforts toward high operating efficiency and less heat rate requirements of the gas turbine units will favor the market expansion. The usage of modern technology components along with higher mechanical load will foster the industry scenario. Ongoing high-tech improvements coupled with a potential for integrated & intelligent control & operation concepts will drive the market outlook. Troubleshooting, periodic damage analysis and condition assessment of plants & components are key factors stimulating the market growth.
 

Increasing electricity demand majorly across developing nations

Power plant application in the gas turbine service market will witness an upsurge during the forecast period, owing to stringent energy productivity mandates that have constrained ventures to deploy viable power generating frameworks in line with government reforms to curtail emissions. The ongoing expansion of manufacturing & processing plants across the globe will fuel the market size. In addition, government initiatives to integrate a sustainable energy mix pose an immense potential for the market growth.
 

The integration of clean energy resources is essential for the utilization of widespread energy resources through the deployment of a modernized electrical grid. The interest to increase the share of renewable energy in electricity generation & energy consumption is essential for a long-term sustainability. The reinforcement of regulatory protocols coupled with rapid technological enhancements to cater to a large consumer base by maintaining reliability & efficiency will further drive the demand for efficient gas turbine units.
 

Upgrading existing fleet of gas turbine will augment the market landscape

Gas Turbine Service Market Share

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OEM service provider segment is set to register around 7.6% growth rate till 2030. The major manufacturers have established an R&D infrastructure along with data management centers, enabling them to observe the system from remote locations to determine the accurate real-time health of gas turbines. In addition, OEMs offer multiyear service agreements with operators covering a range of services, accelerating the industry potential.
 

Availability of abundant & affordable natural gas in North America

The North America gas turbine service market revenue is estimated to surpass USD 4 billion by 2030. The availability of abundant & affordable natural gas along with a shifting focus toward clean energy generation will foster the market outlook. Stringent emission norms imposed by government for gas turbines along with surging upgradation of gas turbine fleet will energize the industry dynamic. Ongoing shale gas evolution will fuel the installation of gas turbine units, which in turn will favor the market expansion.
 

Asia Pacific market will observe a significant growth in the coming years, on account of extensive power plant capacity additions coupled with increasing government electrification programs. The shift from the coal-based for power production to clean energy sources will drive the market growth. The government targets to reduce GHG emissions along with rapid urbanization & industrialization will foster the industry penetration. The rapid economic growth across developing nations along with the growing energy demand across primarily across developing nations will further amplify the market revenue.
 

Strategic collaborations & partnerships will propel the industry growth

Major participants across the market include Siemens, General Electric, Mitsubishi Heavy Industries, Ansaldo Energia, MAN Energy Solutions, Kawasaki Heavy Industries, UEC-Saturn, Baker Hughes Company, Caterpillar, Opra Turbines, VERICOR, MTU Aero Engines AG, Zorya-Mashproekt, EthosEnergy, PROENERGY, MJB International LLC, Sulzer, and Centrax Gas Turbines.
 

Continuous product innovations and collaborations among the key players will foster the business dynamics. In addition, growth ventures and strategic partnerships along with the development of new products will fuel the business growth.
 

The gas turbine service market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2018 to 2030 for the following segments:

Market, By Service

  • Maintenance
  • Repair
  • Overhaul
  • Others

Market, By Product

  • Aero-Derivative
  • Heavy Duty

Market, By Service Provider

  • OEM
  • Non-OEM

Market, By Application

  • Power Plants
  • Oil & Gas
  • Process Plants
  • Aviation
  • Marine
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Italy
    • Netherlands
    • Finland
    • Greece
    • Denmark
    • Romania
    • Poland
    • Sweden
  • Asia Pacific
    • China
    • India
    • Australia
    • Japan
    • South Korea
    • Indonesia
    • Thailand
    • Malaysia
    • Bangladesh
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Kuwait
    • Oman
    • Egypt
    • Turkey
    • Bahrain
    • Iraq
    • Jordan
    • Lebanon
    • South Africa
    • Nigeria
    • Algeria
    • Kenya
    • Ghana
  • Latin America
    • Brazil
    • Argentina
    • Peru
    • Chile

 

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of gas turbine service was valued at over USD 17.5 billion in 2021 and is poised to record a CAGR of more than 8% through 2030 driven by the rising need for periodic inspection, repair, and replacement of parts to achieve optimum availability and reliability.

Demand for heavy-duty gas turbine services is likely to strike a CAGR of around 7.8% through 2030 on account of the rising risks of plant optimization and flexibilization.

The maintenance service segment accounted for over 20% of the industry share in 2021 and will expand with a rising focus on the performance of equipment associated with the combustion process and hot gases.

The market size from the OEM service provider segment is poised to witness a growth rate of over 7.6% through 2030 due to the rising establishment of R&D infrastructure and data management centers.

The North America market is expected to account for USD 4 billion by 2030 owing to the shifting focus toward clean energy generation and the higher availability of abundant & affordable natural gas.

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Premium Report Details

  • Published Date: Apr 2022
  • Companies covered: 18
  • Tables & Figures: 866
  • Countries covered: 44
  • Pages: 450

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