The global gas turbine service market size was US$ 19.6 billion in 2021. The global gas turbine service market size is estimated to reach US$ 30.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
A gas turbine is a combustion engine, which runs mainly on natural gas and converts the chemical energy produced by the combustion of natural gas into mechanical energy. This mechanical energy is then transformed into electrical energy. The services provided to these gas turbines to maintain their operating condition are called gas turbine services.
Factors Affecting Marketing Growth
Strict government regulations toward clean power generation coupled with the introduction of pollution control systems are anticipated to drive the growth of the global market.
Ongoing technological advancements resulting in the design and development of highly efficient gas turbine units will in turn drive the growth of the global market.
The growth in awareness about the toxic-free production of electrical and mechanical energy drives the growth of the global market.
The increased efficiency of renewable-based power generation hinders the growth of the global market.
Impact on COVID-19 Analysis
The COVID-19 outbreak had severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, financial institutions, industrial establishments, businesses, and infrastructure companies. COVID-19 had affected several economies and caused lockdowns in many countries, which hindered the growth of the global market. The shutdown of industrial manufacturers led to a decline in the production of gas turbines and hence led to a decline in the demand for the gas turbine service market. Thus the decrease in the utilization of power in industrial facilities negatively impacted the growth of the global market.
North America dominated the market revenue share due to the availability of affordable and abundant natural gas along with a shifting focus toward clean energy generation and strict emission norms imposed by the government for gas turbines along with the increase in the up-gradation of gas turbine fleet.
The prominent players in the global gas turbine service market are:
MJB International LLC
Baker Hughes Company
Kawasaki Heavy Industries
Centrax Gas Turbines
The global gas turbine service market segmentation focuses on Turbine Type, Turbine Capacity, Service Type, Sales Channel, End Use, and Region.
Segmentation on the basis of Turbine Type
Segmentation on the basis of Turbine Capacity
Less than 100 MW
100 to 200 MW
More than 200 MW
Segmentation on the basis of Service Type
Spare parts supply
Maintenance and Repair
Segmentation on the basis of Sales Channel
Segmentation on the basis of End Use
Oil and Gas
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America