Gas Turbine Services Market to Cross USD 25.70 Billion by 2030 due to Aging Gas Turbine Infrastructure and Rising Energy Demand
Research Reports
Sep 13, 2023
As per SNS Insider’s research, the gas turbine services market is poised for sustained growth due to the combination of increasing energy demands, evolving technological landscape, environmental concerns, and the need for reliable power solutions.
The gas turbine services market, as per the SNS Insider report, reached a valuation of USD 19.22 billion in 2022 and is projected to expand to USD 25.70 billion by 2030, experiencing a compound annual growth rate (CAGR) of 3.7% throughout the forecast period from 2023 to 2030.
Key Players included are:
• General Electric
• Siemens Energy
• Mitsubishi Power Ltd.
• Kawasaki Heavy Industries Ltd.
• Solar Turbines Inc.
• Ansaldo Energia
• Bharat Heavy Electricals Ltd.
• OPRA Turbines
• Man Energy Solutions
• Centrax Gas Turbines, and other
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Market Report Scope:
Gas turbine services refer to a range of specialized maintenance, repair, and support activities aimed at ensuring the efficient and reliable operation of gas turbines. Gas turbines are a type of internal combustion engine commonly used in various industrial applications, power generation, aviation, and even naval propulsion. These machines are renowned for their high efficiency and power output, making them vital components in many critical systems.
Market Analysis:
The gas turbine services market is a critical sector within the energy and aviation industries, providing maintenance, repair, and support services for gas turbines used in power generation, aviation, and industrial applications. The global demand for energy continues to surge due to population growth, urbanization, and industrialization. Gas turbines play a crucial role in meeting this demand by providing efficient and reliable power generation. As the need for energy increases, the market will expand in tandem to ensure the consistent operation of these turbines. Many gas turbines in service today are reaching the end of their design life. As these turbines age, they require more frequent maintenance and repairs to maintain efficiency and reliability. This creates a substantial market for gas turbine services, including upgrades, retrofits, and overhauls. Advancements in gas turbine technology, such as the development of more fuel-efficient and environmentally friendly turbines, create opportunities for service providers. These advanced turbines often require specialized maintenance and repair services, opening up new markets for innovative solutions.
Market Segmentation and Sub-segmentation included are:
By Design Type
• Heavy duty (frame)
• Aeroderivative
By Backing Material
• Power Generation
• Oil & gas
• Other industrial (mechanical drive processes in the steel, aluminum, and manufacturing industries)
By Technology
• Open Cycle
• Combined Cycle
By Rated Capacity
• 1-40 MW
• 40-120 MW
• 120-300 MW
• Above 300 MW
Impact of Recession:
The impact of a recession on the gas turbine services market is mixed, with both positive and negative aspects. While reduced capital spending and budget constraints can pose challenges, the increased demand for maintenance of aging equipment and government initiatives to stimulate economic recovery can offer opportunities. Ultimately, the resilience and adaptability of gas turbine service providers will play a significant role in determining their success during economic downturns.
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Impact of Russia-Ukraine War:
The Russia-Ukraine war has had a multifaceted impact on the gas turbine services market. While it has created challenges due to sanctions and geopolitical tensions, it has also presented opportunities driven by energy security concerns, infrastructure development, and technological advancements. As the conflict and its consequences continue to evolve, the market will need to adapt and navigate these dynamics to thrive in a changing landscape.
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Key Regional Development:
The United States and Canada are prominent players in the gas turbine services market. The region benefits from a well-established energy infrastructure and a focus on renewable energy sources, which has led to increased demand for gas turbine maintenance and upgrades to ensure reliable power generation. European countries are actively transitioning to cleaner and more sustainable energy sources, resulting in the decommissioning of older gas turbines. However, this also opens up opportunities for servicing and retrofitting existing gas turbine installations to meet modern environmental standards. Asia-Pacific is a rapidly growing market for gas turbine services, fueled by the region’s burgeoning industrialization and urbanization. Countries like China and India are expanding their power generation capacity, with gas turbines playing a crucial role.
Key Takeaway from Gas Turbine Services Market Study
• The Open Cycle segment is witnessing innovations in the field of fuel efficiency and emissions reduction. Manufacturers are developing more efficient combustion technologies, resulting in improved energy conversion rates and reduced greenhouse gas emissions.
• The Power Generation segment within the market is experiencing a surge in demand as countries worldwide strive to meet their energy needs efficiently and sustainably. Gas turbines have emerged as a reliable and environmentally-friendly solution for power generation, especially in the face of increasing environmental regulations and the need to reduce carbon emissions.
Recent Developments Related to Gas Turbine Services Market:
• EthosEnergy, a global leader in power and turbine services, has recently cemented a significant partnership by signing a long-term service agreement with GPSC (Global Power Synergy Public Company Limited). Under the terms of this agreement, EthosEnergy will provide comprehensive maintenance and support services for GPSC’s gas turbines, ensuring the continued reliability and efficiency of their power generation assets.
• Bharat Heavy Electricals Limited (BHEL), a leading Indian engineering and manufacturing company, has recently inked a significant agreement with General Electric (GE), one of the world’s foremost conglomerates in the energy sector. This memorandum of understanding (MoU) signifies a pivotal step towards bolstering India’s capabilities in the field of gas turbine technology.
Table of Contents – Major Key Points:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Market Dynamics
Chapter 4 Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of Ongoing Recession on Major Economies
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 Forces Model
Chapter 7 Gas Turbine Services Market Segmentation, By Design Type
Chapter 8 Gas Turbine Services Market Segmentation, By Backing Material
Chapter 9 Gas Turbine Services Market Segmentation, By Technology
Chapter 10 Gas Turbine Services Market Segmentation, By Rated Capacity
Chapter 11 PEST Analysis
Chapter 12 Regional Analysis
Chapter 13 Company Profile
Chapter 14 Competitive Landscape
Chapter 15 Use Case and Best Practices
Chapter 16 Conclusion
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