ID: MRFR/E&P/5804-CR | October 2020 | Region: Global | 111 pages
Gas turbine service market in the global market is expected to increase at a high CAGR of 5.15% to reach a high market value during the forecasted period from 2017 to 2027.
The engine that converts liquid fuels and natural gas to mechanical energy for producing electrical energy with combustion is known as a gas turbine. The services provided by the gas turbine is called gas turbine services. The market in the global market is growing at a significant growth rate. Owing to the decrease in the price of natural gas and an increase in shale gas production, the gas turbine service market has witnessed tremendous growth during the forecasted period. The main reason that has increased the use of gas turbines is the growing need for sustainable development and reduced emissions to produce electricity from natural gas.
COVID 19 Analysis
The situation of the global pandemic of COVID 19 has affected the lives of all business in the worst-case scenario possible as due to this global pandemic situation now one has to deal with financial crises along with health crises. Owing to the lockdown situation and post lockdown situation, many manufacturing units were shut down which caused a downfall in the market.
It is expected that the market will recover from the global pandemic situation at the beginning of the second quarter of the coming year.
The most prominent market key players in the gas turbine services market in the global market are as follows:
These are the most prominent key market players in the gas turbine service market in the global market and use different strategies and policies like product innovation and modification, improvement in the style of production, collaboration and partnership and mergers and acquisitions for attracting the potential market for increasing customer base to get a competitive edge in the global market.
Owing to the increasing concern about environmental protection and global warming, the conventional coal-fired power plant used to emit toxic gases that too in a large quantity, so there was a substantial need for toxic-free energy production which is fulfilled by the market. Also, the high increase in the demand for electricity acts as a driving factor in the growth of the gas turbine service market in the global market. Another factor that drives the growth of the market is the growth of infrastructure in various emerging economies that requires high electricity uninterrupted supply.
The increasing demand for the gas turbine service market in the global market is owing to the increase in awareness about the toxic-free production of electrical and mechanical energy. The advancement in technology is another factor that provides a further scope of improvement in the working of the market in the global industry related to efficiency.
The market is growing at a fast pace but some factors like the uncertainty in the demand or supply for natural gas and geopolitical tensions regarding the variation in the prices of the natural gas lead may hamper the growth of the gas turbine service market in the global market. Another factor that restrains the growth of the market is the enhanced efficiency of renewable-based power generation in the global market.
Value Chain Analysis
The market is the growing market in the global market owing to its various benefits provided to the customers like high operational speed and low lubrication cost along with efficient and durable turbines which requires less maintenance and repair services. It also provides environment-friendly fuels like landfill gas and diesel fuels. With the use of the gas turbine service market, the overall operational cost was also reduced to a large extent.
The market in the global market has been divided based on type, service, end-use, and region.
Based on the type
The market in the global market has been divided based on type into industrial type, aero-derivative type, and heavy-duty type.
Based on the service
The market in the global market has been divided based on service into overhaul service, spare parts supply service, maintenance, and repair service.
Based on the end-use
The market in the global market has been divided based on the end-use into oil and gas, power generation, and many other uses. Owing to the increasing use of gas turbines in power plants, the power generation market holds the maximum market share and hence dominates the market. Also, the rising demand for natural gas increases the demand for gas turbines used for the generation of power.
Based on the region
The market in the global market has been divided based on the region into North America region, Europe region, South America region, the Asia-Pacific region, the Middle East and the Africa region.
Increasing power generation capacities, drives the global gas turbine service market.
Source: MRFR Analysis
The gas turbine service market in the global market has been divided based on the region into North America, South America, Europe, the Asia-Pacific region, and the Middle East and Africa. The largest share in the market is held by the North American region owing to the presence of the U.S. which has many competitive key players and hence this region dominates the market. Also, Mexico and Canada are the leading players too owing to their increasing use of gas turbine service in marine propulsion, growing seaborne trading, shale gas and the increasing use in power generation by gas turbines.
The second-largest market share is held by the Asia-Pacific region owing to the presence of various emerging countries like India, Japan, China, and South Korea that shows positive growth-share towards the market in the global market during the forecasted period. The next position is held in the Europe region owing to the increasing innovation in the service sector market and growing need for power generation followed by the Middle East and Africa region and South America region respectively.
This global gas turbine service market research report consists of the following aspects:
This gas turbine service research report contains the factors that drive the gas turbine service along with the factors that restrain its growth. The impact of COVID 19 is studied and mentioned along with the estimation of the future growth rate.
Market research and consulting firms, banks, venture capitalists, financial institutions, and other investors, government and research organizations, environmental and industrial associations, gas turbine services manufacturers, dealers, and suppliers and many others.
The global gas turbine services market has been segmented based on type, service, end-use, and region. On the basis of type, the market is segmented into heavy duty, industrial, and aeroderivative. On the basis of service, the market is segmented into maintenance & repair, overhaul, and spare parts supply. On the basis of end-use, the market is classified into power generation, oil & gas, and others. The power generation industry is expected to dominate the gas turbine services market due to the increasing use of gas turbine in power plants and increase in natural gas driven gas turbines for power generation, which is anticipated to drive the market for gas turbine services, globally.
Key Questions Addressed by the Report
|Market Size||2027: Significant Value|
|CAGR||5.15% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Service and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||MAN SE (Germany), EthosEnergy (U.S.), Proenergy Services (U.S.), Caterpillar (U.S.), MJB International Limited LLC (UAE), Ansaldo Energia (Italy), Sulzer Ltd. (Switzerland), Mitsubishi Heavy Industries, Ltd. (Japan), BHI Energy (U.K.), General Electric (U.S.), Siemens (Germany), MTU Aero Engines (Germany)|
|Key Market Opportunities||Increasing Demand For Data Analytics|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
MAN SE, EthosEnergy, Proenergy Services, Caterpillar, MJB International Limited LLC, Ansaldo Energia, Sulzer Ltd, Mitsubishi Heavy Industries,BHI Energy, General Electric, Siemens and MTU Aero Engines are the top players in the market.
Market Research Future says that the global gas turbine services market is expected to expand at 5.15% CAGR during the period 2018 to 2023.
Gas Turbine Services Market Report Segmented by Type (Heavy Duty, Industrial, & Aeroderivative), Service (Maintenance & Repair, Overhaul, & Spare Parts Supply), End-Use (Power Generation, Oil & Gas).
The global gas turbine services market by region is segmented into North America, Asia-Pacific, Europe, the Middle East & Africa, and South America.
North America is expected to hold the largest share in the global gas turbine services market during the forecast period with 27.12% share. The United States (US) was the most profitable market for gas turbine services in 2017 and was valued at USD 3,807.5 million.