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Global Gas Turbine Services Market is forecast to emerge with 4.17% CAGR over the forecast period
Gas Turbine Services Market is poised to reach a market value of $17.3 billion during 2019 and set to grow at a CAGR of 4.17% over the forecast period between 2019 and 2025.
Increasing demand for power generation owing to growing population worldwide and rising need to reduce CO2 emissions are promoting the gas turbine services market growth.
Adoption of gas turbines has been increasing in the transportation sector and contributes for gas turbine services market size expansion. In addition, strong growth in usage of gas turbines is witnessed in marine and aviation sector across the globe.
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Increasing demand for power generation through clean energy and large requirement for electricity drives the gas turbine services market growth. The new concept of floating LNG to power vessels will further create long term gas turbines market opportunity.
Mounting technological advancements in the mining and sensing technologies is set to empower manufacturers to use more refined and strong which can sustain extreme conditions and uneven loads.
Further, the gas turbine services market growth is driven by large number of companies focusing on data and analytics technologies to detect faults in turbines to reduce the outage.
However, escalating focus on renewable energy, rising labour cost due to less availability of skilled professionals and increasing costs of spare parts, transportation are key factors negatively impacting the gas turbine services market growth.
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Gas Turbine Services market growth is driven by strong demand from gas turbine services across power plant owners
The rising demand for power and energy is outlined with energy generation and supply with cost cuttings and lesser environmental impact. Accordingly, gas turbine services key players are penetrating market growth by offering resilience and continuity of critical services across natural gas power and energy sector.
To meet the oil and gas supply and demand dynamics, drill pad to refinery sectors are increasingly implementing longer-term gas turbine solutions to bolster environmental performance across upstream, midstream and downstream components. For example, gas turbine service project undertaken by Siemens in Alabama, the U.S. delivering a commitment to help energy greener and more sustainable.
Further, major vendors of gas turbine services market are complying unmet industrial needs of robust and reliable gas turbine operations. Gas turbine service players are partnering with industrial consumers and are set to grow by offering service for value chain digitization, corrective services during unscheduled downtime, and fast recovery for machines and plants.
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OEM is the major service provider and is forecast to reach a CAGR of 3.63% during 2019-2025
Original equipment manufacturers (OEM) are set to hold strong market share through the forecast period amidst service provider segment of gas turbine service market. The market growth is driven by high technological and financial capabilities, broad geographical presence, skilled workforce, and brand value of OEMs
In addition, OEM approved engine overhaul, field service, and support solutions are penetrating market growth with advantages of safe operation and reliability.
Further, non-OEMs growth rate is forecast to be lower than that of OEMs in future as most global OEMs are firmly acquiring non-OEMs to expand their business operations and minimize competition in the gas turbine services industry.
Growth rate of gas turbine services market is proceeding growth phase across Asia Pacific and North America
Increasing prominence for power generation through eco-friendly sources is stimulating the demand for gas turbine services across North America. A wide number of long-term service agreements (LTSAs) are witnessed in the North American region for gas turbine services, which is set to boost the demand for gas turbine services market size.
Presence of prominent OEMs and non-OEMs, proper infrastructure for electricity transmission, and sufficient shale gas reserves have emerged as primary driving factors for the North American market.
Whereas, China, India, and Japan being the fastest growing economies across Asia-Pacific are set to shape the gas turbine services market value with $4269.07 million in 2018.
Additionally, China gas turbine market is showcasing market growth driven by positive, clean energy outlook and ongoing expansion of large capacity power plants across the nation. For instance, in 2018, Siemens fetched orders to supply two H-class gas turbines and associated components for the CCHP project of CHD Guangzhou Zengcheng.
Joint ventures and service contracts are amid key market strategies observed by major market players through the forecast
The key players operating in the market are entering into strategic ventures to expand services and products across the gas turbine service market. For instance, in May 2019, the company Ansaldo Energia SpA established a joint venture with REP Holding to produce and service gas & steam turbines.
Further, market OEMs is signing tactical contacts to cater unmet need of energy utilities. In April 2019, GE Renewable Energy’s Grid Solutions signed two agreements to upgrade 3 substations in Cote d’Ivoire and to build energy systems in Benin. On similar lines, Siemens signed the services contract agreement in April 2019, with aluminium producer Emirates Global Aluminum (EGA) for its H-class gas turbine in UAE.
Key Companies operating in gas turbine services market include General Electric Company, Siemens AG, Ethos Energy, Sulzer AG, Ansaldo Energia SpA, Mitsubishi Hitachi Power Systems, Kawasaki Heavy Industries Ltd., MTU Aero Engines AG, Proenergy Services LLC, and Turbine Services and Solutions LLC.
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