Rapidly growing modernization and industrialization across the globe have led to increase in the demand for power hence leading the demand for gas turbine in the oil & gas industry and power generation industry. The increase in the population and growing awareness regarding the negative impact of the utilization of coal based power generation plants especially in North America and Europe region have boosted the demand for the gas turbine service market due to the shift from coal fired power plants to gas fired power plants.
A gas turbine is a combustion engine at the heart of a power
plant that can convert natural gas or other liquid fuels to mechanical energy.
This energy then drives a generator that produces the electrical energy that
moves along power lines to homes and businesses. The continuous utilization of
gas turbine in the power generation and oil gas industry causes wear & tear
of certain parts which lead to the demand for the maintenance and repair to
prolong the life of the equipment. The above mentioned is one of the major
factor driving the growth of gas turbine service market.
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The demand for gas turbines is rising in the power
generation industry with new emission control regulations. The industrial
sector, including chemicals, metals, and manufacturing industries, is a major
contributor to the escalating demand for industrial gas turbines. The
production of natural gas, which is required for the functioning of gas
turbines, is growing at a significant rate. For instance, in 2019, according to
IEA Natural Gas Information, natural gas production hit a new high of 4,088
billion cubic meters. Gas turbines are less expensive, environmentally friendly,
reliable, and efficient than engines based on other fuel sources, which is
propelling their demand. According to Eurostat, natural gas accounts for 36% of
the EU energy consumption High use in applications such as heating, electricity
generation, and marine vehicle functioning is bolstering the demand for natural
gas turbines, which inturn boost the demand for the gas turbine service market
growth.
The electric power, manufacturing, and marine transportation
industries, among others, in developing countries are highly dependent on
fossil fuels. Rise in population and the lack of supporting infrastructure for
electric technologies are the major factors supporting the growth of gas
turbine industry. The presence of alternative power generation sources which are
eco-friendly to the environment compared to gas-fired power systems will hamper
the development of the market.
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The global gas turbine service market forecast is segmented
on the basis of by turbine type, turbine capacity, service type, sales channel,
end use and region.
On the basis of turbine type, it is segmented into heavy
duty, industrial, and aeroderivative. On the basis of turbine capacity, the
market is segmented into less than 100 MW, 100-200 MW, and more than 200 MW. On
the basis of service type, it is segmented into maintenance & repair,
overhaul, spare parts supply. On the basis of sales channel, the market is
bifurcated into OEM and aftermarket. In addition, on the basis of end use, the
global gas turbine service market is segmented into power generation, oil &
gas, and others.
Region wise, the market is studied across North America,
Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the
largest gas turbine service market share, followed by Asia-Pacific and Europe.
The major companies profiled in this report include Siemens
AG, General Electric, Mitsubishi Heavy Industries, Ansaldo Energia, MAN Energy
Solutions, Kawasaki Heavy Industries, Baker Hughes Company, Caterpillar, Opra
Turbines, MTU Aero Engines AG, EthosEnergy, PROENERGY, MJB International LLC,
Sulzer, and Centrax Gas Turbines. Due to rapidly development of
industrialisation, modernization has led to the development of demand for power
from heavy manufacturing industries, and light manufacturing industries which
in-turn has fuelled the demand for gas turbine. The presence of the demand for
the gas turbine and on-going Upgradation of various thermal power plants in the
developing countries is driving the demand for gas turbine service market.
Additional growth strategies such as expansion of production capacities,
acquisition, partnership and research & innovation in the gas fired power
generation systems has led to attain key developments in the global gas turbine
service market trends.
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Key findings of the study
- North
America would exhibit CAGR of 4.7% during 2022-2031.
- As per
global gas turbine service market analysis, by turbine type, the heavy
duty segment accounted more than ½ market share in 2021.
- By
turbine capacity, more than 200 MW possess market share of 42.5% in 2021.
- By
service type, spare parts supply and maintenance &
repair segment in total contributed market share of 88.4% in 2021.
- By
sales channel, aftermarket segment is expected to possess a CAGR of 5.5%
from 2022 to 2031
- By end
use, power generation segment has largest market share in 2021.
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