Newark, NJ, May 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global combustion turbine services market is expected to grow from USD 16.94 billion in 2019 to USD 23.16 billion by 2027, at a CAGR of 3.98% during the forecast period from 2020-2027.
North America region dominated the global combustion turbine services market and valued at USD 5.25 billion in the year 2019. The region is highly dependent on the production of energy from the natural gases. For instance, U.S. Energy Information Administration, in the year 2017, natural gas-fired generators accounted for 42% of the operating electricity generating capacity in the United States. Thus, the high demand for maintenance and repair services for turbines, fuelling the growth of the market. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR of 5.28% over the forecast period. “Go electric” is an emerging theme for the Asia Pacific region, which is mainly focused on the generation of electricity from the wind and gas. Thus, there is a rising installation of a combustion turbine for power generation, which is projected to drive the market growth in the coming years.
Get Sample Copy with TOC, Graphs & List of Figures @ https://www.fiormarkets.com/report-detail/417820/request-sample
Key players in the global combustion turbine services market are Sulzer Ltd., General Electric, Mitsubishi Hitachi Power Systems, Siemens Ltd., MAN Diesel & Turbo, Kawasaki, Mechanical Dynamics and Analysis, EthosEnergy, and MJM International among others. Key companies are mainly focusing on implementing the key strategies such as merger and acquisition, partnerships, and collaborations to widen the customer base and to expand the geographical presence. For instance, in April 2019, Mitsubishi Hitachi Power Systems, Ltd., announced that the company had signed an agreement with China Resources Power Group, a leading power provider in China, to provide a long term service agreement for the combined cycle power plant.
The type segment includes maintenance, repair, and overhaul. Overhaul segment is projected to grow at the highest CAGR of 5.31% over the forecast period. The combustion turbine service providers offer a variety of overhaul services for the entire combustion turbine plants to ensure the efficient and reliable operations. The application segment is classified into oil turbine services, gas energy turbine services, and others. Gas, energy turbine services accounted for a major market share of 44.59% in the year 2019. Increasing demand for preventive and predictive maintenance for these energy turbines, driving the need for services across the globe. The gas energy turbines use various gas sources ranging from natural gas to residual oils, which affects the performance of the turbines; thus, regular services are necessary, which is boosting the growth of the market of this segment.
Increasing demand for energy across the globe results in high adoption of combustion turbines, which is likely to drive the need for regular maintenance and services. Furthermore, rising awareness about the preventive and routine maintenance of power plants, further boosting the growth of the market. However, the lack of disruptive technologies for highly efficient services is likely to hamper the market growth in the upcoming years.
To Know More About Report @ https://www.fiormarkets.com/report/combustion-turbine-services-market-by-type-maintenance-repair-417820.html
About the report:
The global combustion turbine services market is analysed on the basis of value (USD million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
Any Query or Customization Before Buying @ https://www.fiormarkets.com/enquiry/request-customization/417820
Customization of the Report:
The report can be customized as per client requirements. For further queries, you can contact us on sales@fiormarkets.com or +1-201-465-4211. Our executives will be pleased to understand your requirements and offer you the best-suited reports.
About Fior Markets
Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others.
Contact Us
Avinash D
Head of Business Development
Phone: +1-201-465-4211
Email: sales@fiormarkets.com
Web: www.fiormarkets.com
To Read Top Industries Reports, Visit our Affiliated Website: https://www.marketquest.biz
Related Reports
Small-Scale LNG Market - https://www.fiormarkets.com/report/small-scale-lng-market-by-type-regasification-liquefaction-application-418652.html
Global Flue Gas Treatment Systems Market - https://www.fiormarkets.com/report/global-flue-gas-treatment-systems-market-by-type-418849.html
Photovoltaic (PV) Materials Market - https://www.fiormarkets.com/report/photovoltaic-pv-materials-market-by-product-back-sheet-419170.html
Process Automation and Instrumentation Market - https://www.fiormarkets.com/report/process-automation-and-instrumentation-market-by-instrument-field-418912.html
