Recent Trends In Gas Turbine Services Market To Expand With Growth Factors During Forecast Year

By Author: MarketsandMarkets™ INC.
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According to the new market research report "Gas Turbine Services Market by Type (Heavy Duty, and Aero-Derivative), Service (Maintenance, Repair, and Overhaul), End-User (Power Generation, Oil & Gas), Service Provider (OEM, and NON-OEM), and Region - Global Forecast to 2021", is projected to grow at a CAGR of 4.1% from 2016 to 2021 to reach USD 18.45 Billion by 2021, up from estimated value of USD 15.11 Billion in 2016. Stringent emission regulations for gas turbines and upgradation of aging fleet of gas turbine drives the market for gas turbine services.

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Maintenance segment is expected to hold the largest share of gas turbine services market, by service, during the forecast period

Maintenance service led the overall gas turbine services market in 2015, and is expected ...
... to dominate during the forecast period. Almost half of the gas turbine services market is expected to be dominated by the maintenance service owing to rise in demand inspection and monitoring services for newly installed gas turbines. In addition, advent of gas turbine monitoring services such as intelligent condition monitoring and big data analytics for preventive and predictive maintenance will drive the market for maintenance services. However, the overhaul services is expected to grow at a fastest rate during the forecast period.

Browse and in-depth TOC on “Gas Turbine Services Market”

65 – Tables
47 – Figures
157– Pages

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Power generation to dominate the gas turbine services market, by end-user during the forecast period

Power generation is expected to hold almost half of the gas turbine market during the forecast period. The market is driven by the rise in demand for gas turbines for combined cycle power plants. The total gas turbine installation capacity for power generation exceeded about more than 50 GW in 2015. These turbines will require frequent inspection and maintenance of parts such as rotors, blades, and liners among others. This will drive the market for power generation segment during the forecast period. Middle East & Africa are the potential markets for power generation gas turbine services during the forecast period.

North America: The leading market for gas turbine services

North America is expected to dominate the gas turbine services market owing to the large number of existing and aging gas turbines fleet in the U.S. and Canada. Large number of long term service agreements for gas turbine services are also seen this region. In addition, demand for gas turbine services for mechanical drive application for process industry will also drive the market for gas turbines services in North America.

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Some of the leading players in the gas turbine services market include General Electric Company (U.S.), Siemens AG (Germany), EthosEnergy (U.K), Sulzer AG (Switzerland) and Ansaldo Energia, SpA (Italy). Contracts & agreements was the strategy most commonly adopted by top players in the market, constituting 71% of the total developments from 2014 to 2016. It was followed by mergers & acquisitions strategy.

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