Gas Turbine Services Market Growth, Size, Share, Trends, and Forecast 2032

Gas Turbine Services Market

Gas Turbine Services Market By Service (repair, overhaul, and maintenance), By Type (heavy-duty and aero-derivative), By Service provider (OEM and non-OEM), By End-user industry (oil and gas, power generation, and other industries) And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2024-2032

Category: Energy & Mining Report Format : PDF Report Code: ZMR-1184 Status : Upcoming
Market Size in 2023 Market Forecast in 2032 Growth Rate (in %) Base Year
USD 20.99 Billion USD 40.24 Billion CAGR at 7.50% 2023

Description

According to the report published by Zion Market Research, the global Gas Turbine Services Market size was valued at USD 20.99 Billion in 2023 and is predicted to reach USD 40.24 Billion by the end of 2032. The market is expected to grow with a CAGR of 7.50% during the forecast period. The report analyzes the global Gas Turbine Services Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Gas Turbine Services Market industry.

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Global Gas Turbine Services Market: Overview

Gas turbines are also known as combustion engines. The internal combustion engine converts the liquid fuels or natural gas into mechanical energy which is then used to produce electricity via the generator. The gas turbines have upstream rotating compressor combined with a downstream turbine and a combustor. The gas turbines are mainly used to power trains, ships, aircraft, automobiles, tanks, and electric generators. The growing utilization of the gas turbines due to the high output propels the global gas turbine services market growth.

Global Gas Turbine Services Market: Growth Factors

The major factors expected to drive the global gas turbine services is the increasing installation of the combined cycle power plants. The rise in the gas turbine installation increases due to the high shale gas production which in turn boosts the global market. The stringent government regulatory norms regarding the emission, high labor cost, highly expensive gas turbine spare parts, and difficulty in transportation processes hinders the global gas turbine service market.

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Global Gas Turbine Services Market: Segmentation

The gas turbine services market segment is bifurcated based on the service, type, service provider, and end-user industry.

The type segment is divided for heavy-duty and aero-derivative.

The service segment is classified into repair, overhaul, and maintenance.

The service provider segment is categorized into OEM and non-OEM.

The end user segment is grouped into oil and gas, power generation, and other industries. The maintenance and power generation segment is expected to dominate the global gas turbine services market.

Gas Turbine Services Market : Report Scope

Report Attributes Report Details
Report Name Gas Turbine Services Market Research Report
Market Size in 2023 USD 20.99 Billion
Market Forecast in 2032 USD 40.24 Billion
Growth Rate CAGR of 7.50%
Number of Pages 196
Key Companies Covered Ansaldo Energia S.A, Rolls-Royce plc., Sulzer AG, Siemens AG, Centrax Ltd., Hitachi Ltd., Mitsubishi Motors Corporation, EthosEnergy, and General Electric Company. The other players in the global market are HPI LLC, Ethosenergy, HPI LLC, Kawasaki Heavy Industries Ltd., MJB International, Mechanical Dynamics & Analysis, Proenergy Services LLC, Mitsubishi Hitachi Power Systems, MTU Aero Engines Ag, Solar Turbines, and Incorporated Turbine Services And Solutions LLC.
Segments Covered By Service, By Type, By Service provider, By End-user industry and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Global Gas Turbine Services Market: Regional Analysis

North America dominates the global gas turbine services market because of the increasing fleet in the existing and aging gas turbines and also the stringent government regulatory emission norms in the regions such as the U.S. and Canada. The Middle East and Africa, especially the Middle East region, is expected to show rapid growth in the market due to the growing gas turbine installation for the combined cycle power plants. Europe proves to be a region of high potential for the market due to the increasing industrialization and urbanization in the Central and eastern European region. The rising need for power in the developing region such as Latin America, owing to the over utilization of the natural gas reserves in the region, is expected to fuel the market in the region.

Global Gas Turbine Services Market: Competitive Players

The major players in the global gas turbine services market include:

  • Ansaldo Energia S.A
  • Rolls-Royce plc.
  • Sulzer AG
  • Siemens AG
  • Centrax Ltd.
  • Hitachi Ltd.
  • Mitsubishi Motors Corporation
  • EthosEnergy
  • General Electric Company.

The other players in the global market are

  • HPI LLC
  • Ethosenergy
  • HPI LLC
  • Kawasaki Heavy Industries Ltd.
  • MJB International
  • Mechanical Dynamics & Analysis
  • Proenergy Services LLC
  • Mitsubishi Hitachi Power Systems
  • MTU Aero Engines Ag
  • Solar Turbines
  • Incorporated Turbine Services And Solutions LLC.

The Global Gas Turbine Services Market is segmented as follows:

By Service 

  • repair
  • overhaul
  • maintenance 

By Type 

  • heavy-duty
  • aero-derivative 

By Service provider 

  • OEM 
  • non-OEM

By End-user industry 

  • oil and gas 
  • power generation
  • and other industries

Global Gas Turbine Services Market: Regional Segment Analysis

  • North America
    • U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • Middle East and Africa

What Report Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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