Pune, India, Aug. 19, 2021 (GLOBE NEWSWIRE) -- As per expert analysts, global gas turbine services market size was remunerated at USD 28.55 billion in 2020 and is projected to grow at a CAGR of 9.8% over 2021-2027, subsequently reaching USD 54.93 billion valuation by the end of the assessment period.
Proceeding ahead, the document exemplifies each market segment and highlights all the factors significant to segmental development. Besides, it presents valuable insights of the competitive landscape of this marketplace, unraveling details such as business profiles and other financial aspects of the leading companies, along with overview of new entrants in the domain.
This growth can be credited to upgradation of aging fleet of gas turbines, and increasing production of shale gas. Moreover, digitization of gas turbines, and decentralization of power distribution are also significantly contributing to the market development.
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As per Statista, shale gas production in the United States is predicted to increase to 80 billion cubic feet per day by 2040, up from 37 billion cubic feet per day in 2015. OPRA Turbines B.V. and Spirit Energy Ltd. signed a deal, wherein the former agreed to replace current gas turbine Dresser Rand KG2-3C by providing one gas turbine generator OP16-3B in November 2019. Similar developments undertaken by other organizations are adding to the industry progression.
Notably, gas turbine services include assessing the technological competence of turbines using data management approaches such as asset management and predictive analytics. To achieve optimum efficiency and dependability, gas turbines require maintenance, periodic inspection, and replacement, and repair of parts.
Speaking of restraints, limited natural gas reserves and dependence on coal-based power generation are anticipated to hinder the remuneration scope of the industry over the forecast timespan.
Market segmentation overview:
Based on turbine type, worldwide gas turbine services market is split into aeroderivative, industrial, and heavy duty. As per turbine capacity, the industry segmentation comprises >200 MW, 100 to 200 MW, and <100 MW. Considering type, the market is bifurcated into spare parts supply, overhaul, and maintenance & repair. Moving on to provider category, the industry is divided into non-OEM and OEM. Elaborating on end use scope, the industry is classified into oil & gas, power generation, and other industrials.
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Geographical terrain summary
The report states that North America is projected to hold a major portion of global gas turbine services market share over 2021-2027, owing to presence of considerable number of old gas turbine fleet in Canada and the United States.
Global Gas Turbine Services Market by Turbine Type (Value, USD Billion, 2018-2027)
- Aeroderivative
- Industrial
- Heavy Duty
Global Gas Turbine Services Market by Turbine Capacity (Value, USD Billion, 2018-2027)
- >200 MW
- 100 to 200 MW
- <100 MW
Global Gas Turbine Services Market by Type (Value, USD Billion, 2018-2027)
- Spare Parts Supply
- Overhaul
- Maintenance & Repair
Global Gas Turbine Services Market by Provider Gamut (Value, USD Billion, 2018-2027)
- Non-OEM
- OEM
Global Gas Turbine Services Market by End Use Scope (Value, USD Billion, 2018-2027)
- Oil & Gas
- Power Generation
- Other Industrial
Global Gas Turbine Services Market Regional Bifurcation (Value, USD Billion, 2018-2027)
North America
- U.S.
- Canada
Latin America
- Mexico
- Brazil
Asia Pacific
- Australia
- Japan
- South Korea
- China
- India
- Rest of Asia Pacific
Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Rest of Europe
Rest of the World
Global Gas Turbine Services Market Major Contenders (Value, USD Billion, 2018-2027)
- Centrax Gas Turbines
- Rolls-Royce Holdings plc
- MAN Energy Solutions SE
- Solar Turbines Incorporated
- Ansaldo Energia S.p.A.
- Bharat Heavy Electricals Limited (BHEL)
- Kawasaki Heavy Industries Ltd.
- Mitsubishi Hitachi Power Systems Ltd.
- Siemens AG
- General Electric (GE)
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Gas Turbine Services Market, by Region, 2019-2027 (USD Billion)
1.2.2. Gas Turbine Services Market, by Turbine Type, 2019-2027 (USD Billion)
1.2.3. Gas Turbine Services Market, by Turbine Capacity, 2019-2027 (USD Billion)
1.2.4. Gas Turbine Services Market, by Type, 2019-2027 (USD Billion)
1.2.5. Gas Turbine Services Market, by Provider, 2019-2027 (USD Billion)
1.2.6. Gas Turbine Services Market, by End-use, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Gas Turbine Services Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Gas Turbine Services Market Dynamics
3.1. Gas Turbine Services Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Rising shale gas production
3.1.1.2. Growing upgradation of aging fleet of gas turbine
3.1.2. Market Restraint
3.1.2.1. More reliance on coal-based power generation in emerging economies
3.1.2.2. Limited natural gas reserve
3.1.3. Market Opportunities
3.1.3.1. Decentralization of power distribution
3.1.3.2. Digitization of gas turbines
Chapter 4. Global Gas Turbine Services Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2018-2027)
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Gas Turbine Services Market, by Turbine Type
5.1. Market Snapshot
5.2. Global Gas Turbine Services Market by Turbine Type, Performance - Potential Analysis
5.3. Global Gas Turbine Services Market Estimates & Forecasts by Turbine Type 2018-2027 (USD Billion)
5.4. Gas Turbine Services Market , Sub Segment Analysis
5.4.1. Heavy Duty
5.4.2. Industrial
5.4.3. Aeroderivative
Chapter 6. Global Gas Turbine Services Market, by Turbine Capacity
a. Market Snapshot
6.1. Global Gas Turbine Services Market by Turbine Capacity, Performance - Potential Analysis
6.2. Global Gas Turbine Services Market Estimates & Forecasts by Turbine Capacity 2018-2027 (USD Billion)
6.3. Gas Turbine Services Market, Sub Segment Analysis
6.3.1. <100 MW
6.3.2. 100 to 200 MW
6.3.3. >200 MW
Chapter 7. Global Gas Turbine Services Market, by Type
b. Market Snapshot
7.1. Global Gas Turbine Services Market by Type, Performance - Potential Analysis
7.2. Global Gas Turbine Services Market Estimates & Forecasts by Type 2018-2027 (USD Billion)
7.3. Gas Turbine Services Market, Sub Segment Analysis
7.3.1. Maintenance & Repair
7.3.2. Overhaul
7.3.3. Spare Parts Supply
Chapter 8. Global Gas Turbine Services Market, by Provider
c. Market Snapshot
8.1. Global Gas Turbine Services Market by Provider, Performance - Potential Analysis
8.2. Global Gas Turbine Services Market Estimates & Forecasts by Provider 2018-2027 (USD Billion)
8.3. Gas Turbine Services Market, Sub Segment Analysis
8.3.1. OEM
8.3.2. Non-OEM
Chapter 9. Global Gas Turbine Services Market, by End-use
d. Market Snapshot
9.1. Global Gas Turbine Services Market by End-use, Performance - Potential Analysis
9.2. Global Gas Turbine Services Market Estimates & Forecasts by End-use 2018-2027 (USD Billion)
9.3. Gas Turbine Services Market , Sub Segment Analysis
9.3.1. Power Generation
9.3.2. Oil & Gas
9.3.3. Other Industrial
Chapter 10. Global Gas Turbine Services Market, Regional Analysis
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Offshore Wind Turbine Market Size, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 - 2026
The offshore wind turbine market is anticipated to witness a lucrative growth over the forthcoming years owing to the global shift towards renewable energy and increasing R&D by key market players. Offshore wind speeds have a tendency to flow faster than on land as there are no obstructions that slow the wind down. Small increases in wind speed generally results in large upsurges in energy production. In fact, a turbine standing in a 15-mph wind is capable of generating double the amount of energy as a turbine in a 12-mph wind. Since wind speeds are faster offshore, more energy can be produced through offshore wind farms, creating a demand for offshore wind turbines. Additionally, offshore wind speeds are also steadier than on land, which makes for a much more reliable source of energy.
Global Aeroderivative Gas Turbine Market, Industry Analysis Report, Regional Outlook Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026
Global aeroderivative gas turbine market is projected to record a substantial growth rate over the coming years owing to the growing demand for cleaner, more efficient solutions and wide application of gas turbines across different sectors. The aeroderivative gas turbine is a lightweight variation of a common gas turbine. It is designed so that air and fuel are mixed and then burned to attain the desired power output. Since it is built on advanced aircraft engine materials and technologies, it is substantially lighter and boasts of a smaller carbon footprint when compared to its heavy industrial gas turbine equivalents. Presently, the aeroderivative gas turbines are designed to make use of a combustion process which is ongoing as opposed to the fragmentary nature of automotive combustion engines. Aeroderivative gas turbines are the best choice for energy generation because of their fast response times, flexibility, efficiency and reliability. The gas turbines are also prevalent owing to their fuel flexibility, thereby allowing a combination of natural gas and liquid fuel operations. The aforementioned factors have been driving the demand for aeroderivative gas turbines over the recent years.
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