Market Overview:
The global gas turbine services market is expected to grow from $ 19.2 billion in 2022 to $ 37.2 billion by 2032, at a CAGR of 7.63%. The growth of the market is attributed to the increasing demand for gas turbines in the power generation and oil and gas industries.
Gas turbines are used in power generation to convert heat energy into mechanical energy, which is then used to generate electricity. Gas turbines are also used in the oil and gas industry to compress natural gas and drive generators.
Continuous usage of gas turbines in the oil and gas sector and for power generation results in wear and tear of certain parts, necessitating maintenance and repair to extend the life of the machinery. One of the main factors propelling the gas turbine service market growth is what was just discussed.
As a result of new emission control rules, the demand for gas turbines is growing in the power production sector. The growing need for industrial gas turbines is mostly driven by the industrial sector, which includes the manufacturing, metallurgy, and chemical sectors. Natural gas output, which is necessary for gas turbine operation, is increasing significantly. Gas turbines are more affordable, dependable, and efficient than engines powered by alternative fuel sources, which drives up demand. In the EU, natural gas makes for 36% of all energy use.
High demand for natural gas turbines is boosting the growth of the gas turbine services market, which in turn is boosting demand for applications including heating, power production, and marine vehicle operation.
In emerging nations, the industries of manufacturing, maritime transportation, and electric power generation are just a few that are heavily reliant on fossil fuels. The two main reasons promoting the expansion of the gas turbine sector are the rise in population and the absence of supporting infrastructure for electric technologies. The market's growth will be hampered by the availability of alternative energy sources more environmentally friendly than gas-fired power systems.
Key Players:
· General Electric (US)
· Siemens AG (Germany)
· Mitsubishi Heavy Industries Ltd. (Japan)
· Caterpillar Inc. (US)
· Sulzer Ltd. (Switzerland)
· Ansaldo Energia (Italy)
· Ethos Energy (US)
· Kawasaki Heavy Industries Ltd. (Japan)
· Shanghai Electric Group Co Ltd (China)
· MAN SE (Germany)
· MJB International Limited LLC (Dubai)
· MTU Aero Engines AG (Germany)
· Proenergy Services (US)
Market Segmentation:
The global market has been divided into type, service, end-use and regional basis. The type section further classified the market into heavy-duty, industrial and aero-derivative. The service section is further classified into maintenance & repair, overhaul & spare parts. The end-use section is further divided into power generation, oil & gas and others. Five parts are further separated into a regional basis. Asia-Pacific, the Middle East and Africa, North and South America, and Europe.
Regional Analysis:
Due to the existence of the U.S., which has several competing important players, the North American area holds the highest portion of the market and dominates it. Additionally, due to their rising seaborne trade, shale gas production, and increased usage of gas turbines for power generation, Mexico and Canada are also among the top participants. For the first time, more gas-fired power capacity was sanctioned than coal-fired capacity in China, where final investment choices for gas-based power production increased by 70%.
In addition, installing a gas-based power plant is less expensive than building a nuclear one. On the other hand, gas-based power generation is more dependable than renewable energy. The combination of these advantages and the pressing need to cut carbon emissions have fuelled a growth in gas turbine demand throughout the globe.
Industrial News:
While alternative technologies develop, EU authorities view gas turbines as little more than a stopgap to meet the 2030 objectives. It is anticipated to fuel demand for Gas turbine maintenance during the foreseeable period. However, releasing methane and other dangerous gases might endanger the market's expansion.
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