Gas Turbine Services Market: Top Industry Players Includes General Electric Company, Siemens AG, EthosEnergy, Sulzer AG,Ansaldo Energia, SpA

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.

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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.

Global Oilfield Services Market: Top Industry Players Includes Baker Hughes Incorporated, Halliburton Company, Schlumberger Limited, Weatherford International, Superior Energy Services, GE Oil & Gas

According to the new market research report “Oilfield Services Market by Application (Onshore and Offshore), Service (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services), and Region - Global Forecast to 2022”, published by MarketsandMarkets™,  The Oilfield Services Market is expected to grow from an estimated USD 106.43 Billion in 2017 to USD 125.51 Billion by 2022, registering a CAGR of 3.35%, from 2017 to 2022. The global market is set to witness a significant growth due to the increasing shale gas exploration, increasing oil & gas production, and growing efforts in exploring new oil & gas reserves.

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Increasing oil & gas production activities to drive the global oilfield services market close to USD 125 billion by 2022

Global crude oil production stood at 98.24 million barrels per day in 2017 and is projected to rise to 99.90 million barrels per day by 2018 according to EIA. The global natural gas production is expected to increase from 342 billion cubic feet per day to 554 billion cubic feet per day by 2040. By 2040, shale gas is expected to account for more than 30% of the world’s natural gas production. The ever-increasing demand for fossil-based resources continues to influence the demand growth for new reserves and drilling activities across the world. These increasing drilling activities drive the demand growth for oilfield services.

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Leading oilfield service providers are developing sustainable and innovative solutions for enhancing the efficiency of various operations in the oilfield services market to drive the industry forward

Onshore 

Onshore applications are highly popular in the Middle East and North America, especially in countries such as Saudi Arabia, Kuwait, the U.S., and Canada, where the maximum number of oilfields are located onshore. As per Baker Hughes’ International Rig Count, as of April 2017, the number of onshore rotary rigs globally was 1,693 compared with 218 offshore rigs. Moreover, the onshore environment in regions, such as Europe and North America has witnessed a technology-driven revolution. The Middle Eastern and North American regions are currently the world’s largest crude oil producer, as most of the oilfields in these regions are located onshore. The increasing production activities are likely to boost the oilfield services market during the forecast period.

Offshore

Activities in offshore oilfield environments are comparatively more complex than onshore oil & gas fields. Offshore activities require advanced technologies, making the offshore market a capital-intensive segment. Further, the cost of oilfield services at offshore fields is much higher than onshore oil or gas wells. The increasing growth rate is fueled by new exploration & production activities being carried out in offshore areas.

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The fluctuating crude oil prices are the major restraints for the market.

The oil & gas industry is susceptible to crude oil price fluctuations affecting the demand for oil as well all its related markets. The competition between the U.S. and the OPEC countries, particularly because of the shale gas revolution, has been one of the factors for the oil price plunge in the recent years. The crude oil prices plummeted to less than USD 30 a barrel in February 2016 after having seen a peak of over USD 110 a barrel in September 2013. From July 2014, prices fell sharply and continued to be at lower level causing sharp CAPEX cuts in 2015, and 2016. The industry shifted their focus towards cost optimization and extremely thin spend on new activities effecting heavily any demand growth across upstream oil and gas activities. The current year, 2018, is witnessing stabilized crude oil prices around USD 70 a barrel bringing alive the upstream spending to an extent.

MV Protection Relay Market Is Projected To Reach Around Of $1115 Million By 2023

According to the new market research report "MV Protection Relay Market by Type (Electromechanical & Static Relay, Digital & Numerical Relay), Connected Load (Feeder Lines, Transformers, and Motors), End-User (Utilities, Industrial, and Commercial & Institutional) & Region - Global Forecast to 2023", published by MarketsandMarkets™, the global MV protection relay market is projected to reach USD 1,115 million by 2023, at a CAGR of 5.33%, from an estimated USD 860 million in 2018.

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The growth of the MV protection relay market is mainly driven by the upgrading of existing substations and feeder line protection and expansion of transmission & distribution (T&D) networks across the globe. Renewables have become the preferred choice for expanding, upgrading, and modernizing power systems around the world. According to Bloomberg, in 2015, the market in China was the leading investor in renewable energy sources, with a total investment of USD 108 billion in clean energy, followed by the US with USD 51 billion. Increasing renewable energy investments have driven the demand for MV protection relays in renewable integration and managing peak load demands

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Asia Pacific is estimated to be the fastest growing market for MV protection relays during the forecast period. The region has been segmented, by country, into China, Japan, India, South Korea, Australia, and rest of Asia Pacific. The MV protection relay market in the region is primarily driven by the increasing T&D network expansions and industrialization projects in emerging countries such as India and China. As per IEEMA (Indian Electrical and Electronics Manufacturers Association), electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032. Therefore, there is a need for a huge investment of approximately USD 300 billion in the next 3–4 years. This will, therefore, create a demand for MV protection relays in the region.

The MV protection relay market, by type, is segmented into digital & numerical relay and electromechanical & static relay. The digital & numerical relay segment is estimated to be the fastest growing market during the forecast period. Digital & numerical relay is a microprocessor-based protective relay that operates on real-time data. It provides various benefits over electromechanical & static relays such as functional flexibility, reliability, self-checking, self-adaptability, and the ability to communicate with other digital equipment (peer-to-peer). Moreover, most of the companies now prefer digital & numerical relays over electromechanical & static relays because of additional benefits. For instance, in April 2018, ABB developed the REX640 protection relay for utility and industrial applications, which has the ability to manage multiple applications simultaneously.

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The report segments the MV protection relay market, by connected load, into feeder line, transformer, motor, and others. The others include generators, busbar, and capacitors. The feeder line segment is expected to grow at the highest CAGR during the forecast period. Growing T&D networks across the world would likely result in a consistent increase in the number of substations. This will create a demand for MV protection relays in the feeder line segment. Moreover, as per IBEF, the government of India planned 88.5 GW capacity addition under the 12th 5-Year Plan (2012–17) and around 100 GW under the 13th 5-Year Plan (2017–22). This would drive the repair and replacement market for MV protection relays in feeder line.

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