Gas Turbine Service Market to Reach $32.1 Bn, Globally, by 2031 at 5.1% CAGR: Allied Market Research
Lack of supporting infrastructure for electric technologies and use in applications such as heating, electricity generation, and marine vehicle functioning drive the growth of the global gas turbine service market.
PORTLAND, Ore., Aug. 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Gas Turbine Service Market by Turbine Type (Heavy Duty, Industrial, Aeroderivative), by Turbine Capacity (Less than 100 MW, 100 to 200 MW, More than 200 MW), by Service Type (Maintenance and Repair, Overhaul, Spare parts supply), by Sales Channel (OEM, Aftermarket), by End Use (Power Generation, Oil and Gas, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global gas turbine service industry generated $19.6 billion in 2021, and is anticipated to generate $32.1 billion by 2031, witnessing a CAGR of 5.1% from 2022 to 2031.
Prime determinants of growth
Lack of supporting infrastructure for electric technologies and use in applications such as heating, electricity generation, and marine vehicle functioning drive the growth of the global gas turbine service market. However, some factors such as enhanced efficiency of renewable-based power generation, uncertainty in the demand or supply for natural gas, and geopolitical tensions regarding variation in the prices of natural gas are expected to hamper the market growth. On the other hand, the demand for gas turbines is rising in the power generation industry with new emission control regulations, which, in turn, presents new opportunities in the coming years.
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Covid-19 Scenario
- The COVID-19 pandemic limited the growth of the gas turbine service market. The shutdown of industrial manufacturing plants led to reduction in the production of gas turbine, and hence declined the demand for the gas turbine services. The decrease in utilization of power in the industrial facilities across the globe during the lockdown had a negative impact on the development of the market.
- Major suppliers observed production delays due to the COVID-19 pandemic, thereby causing a huge backlog for fulfilling orders. These factors hampered the growth of the market during the forecast period.
- Following the global vaccination, the governments of various countries took initiatives to increase the investment in the renewable energy-related industries, especially gas-fired power systems.
The heavy duty segment to maintain its leadership status throughout the forecast period
Based on turbine type, the heavy duty segment held the highest market share in 2021, accounting for more than half of the global gas turbine service market, and is estimated to maintain its leadership status throughout the forecast period, owing to increase in the utilization of heavy duty gas turbines in the oil & gas industry. However, the aeroderivative segment is projected to manifest the highest CAGR of 5.8% from 2022 to 2031. Various advantages of the aeroderivative gas turbines such as fast installation, simple maintenance, and easy integration into an existing operation are major factors driving the market growth.
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The spare parts supply segment to maintain its lead position during the forecast period
Based on service type, the spare parts supply segment accounted for the largest share in 2021, contributing to more than three-fifths of the global gas turbine service market, and is projected to maintain its lead position during the forecast period. Growth in awareness regarding benefits related to the usage of natural gas for the power generation across both developed and developing countries are some of the factors likely to boost the demand for gas turbine industry, hence augmenting the market growth. However, the overhaul segment is expected to portray the largest CAGR of 5.7% from 2022 to 2031, attributed to rise in industrialization and urbanization across the globe.
The OEM segment to maintain its lead position during the forecast period
Based on sales channel, the OEM segment accounted for the largest share in 2021, contributing to more than three-fifths of the global gas turbine service market, and is projected to maintain its lead position during the forecast period. The major manufacturers have established an R&D infrastructure along with data management centers, enabling them to observe the system from remote locations to determine the accurate real-time health of gas turbines. This factor drives the segment. However, the aftermarket segment is expected to portray the largest CAGR of 5.5% from 2022 to 2031, due to presence of the increase in the demand for the gas turbines in the power generation, oil & gas industries, marine and other industries.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2021, accounting for more than two-fifths of the global gas turbine service market. Factors such as upcoming gas-based power plants and Cascade Combined-Cycle Gas Turbine (CCGT) Power Plant, Alberta and South Field Energy's Combined-Cycle Power Plant, Ohio, are expected to drive the market for gas turbine servicein the region in the coming years. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 5.6% from 2022 to 2031. This is attributed to huge surge in the demand for electricity in different countries of the region including China, Japan, and India.
Leading Market Players: -
- Siemens AG
- General Electric
- Mitsubishi Heavy Industries
- Ansaldo Energia
- MAN Energy Solutions
- Kawasaki Heavy Industries
- Baker Hughes Company
- Caterpillar Inc.
- Opra Turbines
- VERICOR
- MTU Aero Engines AG
- Zorya-Mashproekt
- EthosEnergy
- PROENERGY
- MJB International LLC
- Sulzer AG
- Centrax Gas Turbines
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