Gas Turbine Service Market size is set to surpass USD 35 billion by 2030, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the ongoing initiatives to integrate a sustainable energy networks and ongoing refurbishment of existing power plants. The ongoing revolution across the shale gas industry coupled with the regional inclination toward the integration of effective gas-based generation technologies will foster the industry landscape. Stringent government rehabilitation to decrease carbon emissions coupled with slowing down of gas costs will improve technology productivity.
The COVID- 19 pandemic has marginally affected the gas turbine service industry owing to the lockdown in several region and limited on-site operations. The industry has regained its lost strength in 2021 on account of the flourishing industrial sector and increasing electricity demand. In addition, respective government measures to resume the operations across major industries, manufacturing facilities and infrastructure projects will complement the business growth. However, to overcome the impact, respective government authorities and regulatory bodies are taking effective measures to fast track the operations.
Robust expansion of industries in line with flourishing manufacturing sector will sway the business landscape
The aero-derivative segment is predicted to observe a 6% growth rate till 2030. Increasing number of manufacturing plants coupled with the rapid expansion of gas power plants primarily across the developing economies will enhance the market revenue. Large scale integration of captive generating stations for serving the growing electricity demand will augment the industry progression.
Browse key industry insights spread across 450 pages with 837 market data tables & 29 figures & charts from the report, “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, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
Surging expansion of efficient & reliable technological advancements across the region will propel the product demand
Middle East & Africa gas turbine service market is expected to reach USD 10 billion by 2030. Favorable government plans for power capacity additions primarily driven by the rising industrialization and population will in turn boost the business scenario. Stringent regulations for including clean energy generation technologies along with shifting consumer focus toward green power will energize the industry dynamic. The integration of a sustainable energy mix into optimized energy resource management schemes will spur the business potential.
Non-OEM service providers will witness an appreciable momentum due to the increasing consumer focus for reducing operational & maintenance costs of gas-powered power plants. Rising economic growth majorly across the emerging economies along with the growing electricity demand will accelerate the business outlook. The rising awareness of environmental & energy security coupled with the increasing adoption of advanced auxiliary technologies will further escalate the industry potential.
Major players operating in the market are MAN Energy Solutions, Siemens, Caterpillar, VERICOR, Ansaldo Energia, General Electric, Zorya-Mashproekt, Mitsubishi Heavy Industries, Centrax Gas Turbines, MTU Aero Engines AG, Kawasaki Heavy Industries, MJB International Limited, Baker Hughes Company, Opra Turbines, UEC-Saturn, Sulzer, EthosEnergy, and PROENERGY.