Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, "Gas Turbine Service Market by Turbine Type (Heavy Duty, Industrial, Aeroderivative), by Turbine Capacity (Less than 100 MW, 100 to 200 MW, More than 200 MW), by Service Type (Maintenance and Repair, Overhaul, Spare parts supply), by Sales Channel (OEM, Aftermarket), by End Use (Power Generation, Oil and Gas, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global gas turbine service market is expected to reach $32.1 billion by 2031. The market was valued at $19.6 billion in 2021 and is expected to rise at a CAGR of 5.1% during the 2022-2031 period.
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Prime determinants of growth
The increasing applicability of gas turbines in different processes like heating, electricity, and marine vehicle functioning is estimated to be the primary growth driver of the market. Moreover, the dearth of infrastructure necessary for electric technologies will also help the market surge ahead. On the contrary, fluctuations in the supply of natural gas due to geopolitical tensions across the globe are predicted to restrict market growth. Nonetheless, the rising demand for gas turbines in the power generation industry will create new growth opportunities in the market.
The heavy duty segment to grow rapidly by 2031
By turbine type, the heavy duty segment accounted for the largest market share in 2021 with around half of the total revenue. Widespread applicability of heavy duty gas turbines in the oil & gas industry is expected to propel the segment’s growth. On the other hand, the aeroderivative segment is predicted to have the fastest CAGR of 5.8% during the forecast period. The different advantages of aeroderivative gas turbines including easy integration, straightforward installation, and easy maintenance are expected to be the primary driving factor of the segment.
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The spare parts supply segment to flourish immensely by 2031
By service type, the spare parts supply segment held the highest market share in 2021 with around three-fifths of the total revenue. Rising usage of natural gas by the power generation industry in developed and developing countries is projected to aid in the segment’s growth. On the other hand, the overhaul segment is anticipated to have the highest CAGR of 5.7% during the forecast period, due to the rapid pace of urbanization and industrialization around the world.
The OEM segment to be highly dominant by 2031
By sales channel, the OEM segment garnered the maximum revenue in 2021 with around three-fifths of the total market share. Leading manufacturing companies of this industry have an established R&D ecosystem which is estimated to play a huge role in the rise of this segment. On the other hand, the aftermarket segment is predicted to have the fastest CAGR of 5.5% in the analysis timeframe owing to the extensive use of gas turbines in the power generation and oil & gas exploration industries.
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North America to offer numerous lucrative opportunities by 2031
By region, the North America gas turbine service market accounted for the largest market share in 2021 with around two-fifths of the global gas turbine service market. Establishment of advanced gas-based power plants in different parts of the region, especially the US, is projected to be the main reason behind the market’s surge. On the other hand, the market in the Asia-Pacific region is anticipated to have the highest CAGR of 5.6% during the forecast period. Escalating demand for electricity in countries like India, China, and Japan will help the market to strengthen its position in this region.
Major Companies in the Industry:
- Siemens AG
- Baker Hughes Company
- EthosEnergy
- General Electric
- Caterpillar Inc.
- PROENERGY
- Mitsubishi Heavy Industries
- Opra Turbines
- MJB International LLC
- Ansaldo Energia
- VERICOR
- Sulzer AG
- MAN Energy Solutions
- MTU Aero Engines AG
- Centrax Gas Turbines
- Kawasaki Heavy Industries
- Zorya-Mashproekt
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