Market Snapshot:
Gas turbine is the combustion engine which converts natural gas or liquid fuels to mechanical energy. The services related to this ensure that the gas turbines fulfill the lifetime potential. It includes installation of spare parts, upgrades and software solutions. This service boosts the reliability, flexibility and helps in reduction of environmental footprint. In addition it reduces costs of production and increases efficiency. These benefits are increasing the demand which is propelling the market growth.
Highlights from Gas Turbine Services Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 8.63% |
The key Manufacturers profiled in the report are General Electric Company (United States), Siemens AG (Germany), Mitsubishi Hitachi Power Systems (Japan), Kawasaki Heavy Industries (Japan), EthosEnergy (United Kingdom), Sulzer AG (Switzerland), Ansaldo Energia, SpA (Italy), Wood Group (United Kingdom), Solar Turbines (United States) and MTU Aero Engines (Germany). Additionally, other players that are part of this comprehensive study are MAN Diesel & Turbo (Germany), MJB International (United Arab Emirates) and Pro energy Services (United Kingdom).
Geographic Breakdown and Segment Analysis
The Global Gas Turbine Services market presents a comprehensive analysis of the Gas Turbine Services market by product type (Heavy Duty Services and Aero-Derivative Services), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Gas Turbine Services industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Gas Turbine Services market
Analyst at AMA have segmented the market study of Global Gas Turbine Services market by Type, Application and Region.
Influencing Trend:
Adoption of Low Carbon Emission Power Generation Technologies Such as Natural Gas Powered Turbines and Advancements in Technology is Leading to Enhanced Power Output
Market Growth Drivers:
Up Surge in Multi layer Service Contracts are Fueling the Market Growth and Wide Applications in Industries Such as Chemical, Refineries and Power Utilities
Challenges:
Stiff Competition among the Major Players
Restraints:
Availability of Other Sources of Power Generation
Opportunities:
Development of Key Manufacturing Sectors across the Globe and Increasing Urbanization Is Creating an Increased Demand for Electricity
Market Developments Activities:
On June 21, 2023, Mitsubishi Hitachi Power Systems (MHPS) unveiled its new J-Series gas turbines, which are designed to offer improved efficiency, flexibility, and reliability for power generation applications.
On February 7, 2022, GE Gas Power launched its new 9F.05 gas turbine, which is designed to deliver higher efficiency and lower emissions for power generation applications.
The market of Gas turbine services market is fragmented as it consists of emerging players as well as major players. They are looking for new product launch or expansion to gain competitive advantage in upcoming years.
Key Target Audience
Gas turbine service providers, Government associations, Research organizations, Enterprise software vendors and Others