Gas Turbine Service Market Size

Gas Turbine Service Market Size

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.

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.