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”, published by
MarketsandMarkets™, The gas turbine services
market is projected to grow at a CAGR of 4.1% from 2016 to 2021 to reach a
market of USD 18.45 Billion by 2021. The growth is attributed to the up
gradation of aging fleet of gas turbines, stringent emission norms for gas
turbines and increase in demand of gas turbines owing to the shale gas
production boom.
Browse and
in-depth TOC on "Gas
Turbine Services Market"
65 - Tables
47 - Figures
157 – Pages
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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.
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.
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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.
To enable an in-depth understanding of the competitive
landscape, the report includes profiles of some of the leading players in the gas turbine services market General
Electric Company (U.S.), Siemens AG (Germany), EthosEnergy (U.K), Sulzer AG
(Switzerland) and Ansaldo Energia, SpA (Italy). Leading players are trying to
penetrate the markets in developing economies and are adopting various
strategies such as acquiring service contracts & agreements and mergers
& acquisitions to increase their market share.
