The Gas Turbine Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gas Turbine Services Global Market Report 2024, The gas turbine services market size has grown rapidly in recent years. It will grow from $26.82 billion in 2023 to $29.52 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to aging gas turbine fleet, increased energy demand, rise in industrialization, focus on efficiency, stringent environmental regulations.
The gas turbine services market size is expected to see strong growth in the next few years. It will grow to $42.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to infrastructure development, preventive maintenance strategies, growth in air travel, rise of predictive maintenance, cost efficiency emphasis. Major trends in the forecast period include regulatory compliance, comprehensive service offerings, hybrid power solutions, fleetwide monitoring solutions, aftermarket spare parts demand.
An increase in natural gas consumption in electricity generation is expected to propel the growth of the gas turbine services market going forward. Electricity generation refers to the creation of energy utilizing several technologies. Natural gas is used to create energy in natural gas power plants. A gas turbine is used in all-natural gas facilities. Natural gas and air are injected into the turbine; they burn and expand to generate power by rotating a generator and a magnet. For instance, in April 2022, according to a report released by the Energy Information Administration, a US-based Federal Statistical System responsible for collecting, analyzing, and disseminating energy information, in 2021, the electric power sector accounted for approximately 37% of the total US natural gas consumption, while natural gas provided approximately 32% of the main energy consumption of the US electric power sector. Therefore, an increase in natural gas consumption in electricity generation is expected to drive the growth of the gas turbines market.
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The gas turbine services market covered in this report is segmented –
1) By Type: Heavy Duty, Industrial, Aeroderivative
2) By Service: Maintenance and Repair, Overhaul, Spare parts supply
3) By Service Provider: OEM, Non-OEM
4) By End-User: Power Generation, Oil and Gas, Other End-Users
Technological advancements are a key trend gaining popularity in the gas turbine services market. Major companies operating in the gas turbine services market are focused on developing new solutions that are flexible across other elements driving the expansion of gas turbine services. For instance, in January 2022, Mitsubishi Power, a Japan-based energy solutions company, launched three types of gas turbine combustors with unique technologies that can be used for co-firing hydrogen blended with natural gas and for burning hydrogen. One of the most recently developed combustors for hydrogen is the Dry Low NOx (DLN) multi-nozzle combustor. Its foundation is traditional DLN technology that has been altered to stop flashbacks. The design allows for quick mixing by introducing fuel through tiny holes in the swirler’s wing surface and creating a swirling flow with combustion air.
The gas turbine services market report table of contents includes:
1. Executive Summary
2. Gas Turbine Services Market Characteristics
3. Gas Turbine Services Market Trends And Strategies
4. Gas Turbine Services Market – Macro Economic Scenario
5. Global Gas Turbine Services Market Size and Growth
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31. Global Gas Turbine Services Market Competitive Benchmarking
32. Global Gas Turbine Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Gas Turbine Services Market
34. Gas Turbine Services Market Future Outlook and Potential Analysis
35. Appendix
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