Gas Turbine Services Market – Overview
PUNE, India, March 13, 2020 (GLOBE NEWSWIRE) -- The power generation industry is projected to govern the growth pace of the gas turbine services market to a great extent. Reports that gauge the energy and power industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is expected to capture a 5.15 % CAGR in the forecast period.
The growing usage of the gas turbines in power plants and the upsurge in natural gas-powered turbines for power generation is anticipated to motivate the market for gas turbine services. Moreover, the carbon emission reduction initiatives instated by governments around the world are expected to fuel the market growth in the coming years. The inclination towards sustainable development is expected to further encourage the progress of the gas turbine services market in the forecast period. Also, the upsurge in shale gas production and the falling natural gas prices are expected to create a favorable outlook for the expansion of the market for gas turbine services.
Segmental Analysis
The evaluation of the segments in the gas turbine services market has been carried out on the basis of service, type, end-use, and region. The segmentation of the gas turbine service market based on type comprises of industrial, heavy duty, and aeroderivative. Based on service, the gas turbine services market is segmented into overhaul, maintenance & repair, and spare parts supply. By end-use, the gas turbine services market is segmented into oil & gas, power generation, and others. The region-based segmentation of the gas turbine service market comprises of North America, Asia Pacific, Europe, South America, the Middle East, and Africa.
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Detailed Regional Analysis
The examination of the regions in the gas turbine services market covers regions such as North America, Asia Pacific, Europe, South America, the Middle East, and Africa. The North American region is anticipated to control the major share in the gas turbine services market through the forecast period with a 27.12% share. The US was the largest market in the region in 2017 and was valued at USD 3,807.5 million. The development in the gas turbine services in the North American region can be accredited to the existence of countries such as Canada and Mexico, where the growing use of gas turbine for marine propulsion is growing at a higher pace. Furthermore, the growing production of shale gas, rising seaborne trading, and increasing power generation from gas turbines are among some of the chief factors aiding the growth of the gas turbine service market globally.
Competitive Analysis
The expansion of the market is reliant on the cutbacks achieved in profile-raising and miscellaneous overhead. The client base in the market is diversifying rapidly to display a broad range of demands that have to be dealt with precision so as to create a loyal user base. An unequivocal lead in the market place is expected to be created due to amended strategies in specific areas. The creation of new competencies and resources in the market is expected to further fuel the development of the market. The restrictions in the market are dealt with effectively so that they don’t impact the growth of the market. The creation of favorable competitive advantage is expected to further expedite the development of the market in the forthcoming period. The experimentation in the basic strategies to help leadership to attain successful results in the market space is bolstering the growth in the market.
The crucial competitors in the gas turbine services market globally are EthosEnergy (US), MAN SE (Germany), Proenergy Services (US), Caterpillar (US), MJB International Limited LLC (UAE), Ansaldo Energia (Italy), Sulzer Ltd (Switzerland), Mitsubishi Heavy Industries, Ltd (Japan), Siemens (Germany), Kawasaki Heavy Industries Ltd (Japan), General Electric (US), BHI Energy (UK), and MTU Aero Engines (Germany).
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Global Gas Turbine Services Market Report: Information by Type (Heavy Duty, Industrial, & Aeroderivative), Service (Maintenance & Repair, Overhaul, & Spare Parts Supply), End-Use (Power Generation, Oil & Gas, & Others), Region - Forecast till 2023
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