Gas Turbine Services Market Outlook 2022, Global Opportunity & Growth Analysis

[157 Pages Report] The global gas turbine services market was valued at USD 14.53 Billion in 2015, and is expected to grow at a CAGR of 4.1% from 2016 to 2021. Major drivers for gas turbine services market include upgradation of aging fleet of gas turbines, rise in gas turbine demand due to increase in shale gas production, and stringent emission norms for gas turbines.

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This study estimates the global market for gas turbine services market, in terms of USD, till 2021. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, and technological overview. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the gas turbine services market.

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

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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.

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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The Fastest Growing “Smart Transformers Market” in the Next 5 Years

The smart transformers market is expected to grow at a CAGR of 10.54%, from 2017 to 2022, to reach a market size of USD 2.43 billion by 2022. The major drivers of the smart transformers market include aging infrastructure, increasing emphasis on alternative energy production across the globe, improving and evolving technologies, digitalization of power utilities, and huge investments in smart grids and energy systems.

Browse 66 Market Data Tables and 35 Figures spread through 141 Pages and in-depth TOC on "Smart Transformers Market by Component (Converters, Switches, Transformers, Hardware for Transformer Monitoring), Type (Power, Distribution, Specialty, and Instrument), Application (Smart Grid, Traction Locomotive, Electric Vehicle Charging), and Region - Global Forecast to 2022"

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The smart transformers market is dominated by a few major players that have a wide regional presence and are established brand names. The leading integrated solution providers in the smart transformers market include ABB, GE, Siemens, Schneider Electric, and Eaton.

The market in Asia Pacific is estimated to be the fastest growing market for smart transformers from 2017 to 2022. Factors, such as, rapid industrialization, infrastructural developments, aging power plants, increase in adoption of electric vehicles, and growing demand for electricity are driving the smart transformers market in the region. Furthermore, government initiatives to increase power generation capacity using renewable energy sources is expected to drive the demand for the smart transformers market.

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The market in the US is expected to be the fastest growing market in North America for smart transformers, during the forecast period. Due to the aging infrastructure, climate risks, growing demand for electricity, and increasing adoption of electric vehicles in the country, the US government is taking significant steps to modernize the transformers sector, thereby, driving the smart transformers market. 

The report segments the smart transformers market, by application, into traction locomotive, smart grid, electric vehicle charging, and others (others includes applications in shipping and aviation and packaged substations, data centers, and alternative power generation).  The smart grid segment is expected to grow at the highest CAGR during the forecast period.

The smart transformers market, by component, is segmented into converters, switches, transformers, hardware for transformer monitoring, and others (others include high voltage inductors, high voltage capacitors, and high voltage resistors). The converters segment is expected to grow at the highest CAGR during the forecast period. 

The smart transformers market, by type, is segmented into power transformers, distribution transformers, specialty transformers, and instrument transformers. The distribution transformers segment is expected to grow at the highest CAGR during the forecast period. 

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Companies, such as ABB, GE, Siemens, and Schneider could benefit from investing in emerging economies as there is an increase in expenditure on industrial activities in these markets. Along with this, the power infrastructure in developing countries are either old or have not been modernized, which is likely to provide opportunities for the smart transformer companies.  

ABB is a power and automation technology company that offers a wide range of products, services, and systems. The company has a strong regional footprint with its presence in more than 100 countries. With an installed base of more than 70,000 control systems connecting 70 million devices, ABB is one of the fastest growing companies in the digitally connected and enabled industrial equipment. It adopts inorganic growth strategies as its key business strategy to expand its business in untapped markets. The ABB power grid business segment provides smart transformers that caters to various end-use industries, such as utilities, industry, and transport and infrastructure globally.  In March 2017, ABB launched its first digital transformer, TXper. The transformer will provide the integrated sensing and monitoring technology in intelligence to maximize reliability, optimize operating and maintenance costs, and manage the asset more efficiently. This latest innovation uses cloud computing and connected devices to generate actionable data for a broad range of customers.

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GE is one of the leading technology and financial services company that manufactures products for generation, transmission and distribution, control, and utilization of electricity. It is a transforming industry with software-defined machines and solutions. Since its inception, the company has adopted inorganic growth strategies to broaden its business and improve the scope of activities.  It has its presence in approximately 180 countries, with 206 manufacturing plants located in 40 states in the US and Puerto Rico, and 295 manufacturing plants located in 39 other countries. The company provides smart transformers through its power business segment serving several end-use industries, such as, power generation, industrial, government, and other customers worldwide. In October 2014, GE received a contract from Georgia Power (US) to deliver a complete transformer monitoring solution for its electrical grid infrastructure.

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Solid Oxide Fuel Cell Market to Undertake Strapping Growth During 2025

The solid oxide fuel cell market is expected to grow at a CAGR of 13.88% from 2017 to 2025, to reach a market size of USD 1,140.6 million by 2025. Government subsidies and fuel cell programs, increasing demand for efficient power generation, and stringent emission norms in the US and Europe are the major factors driving the growth of solid oxide fuel cell market.

Browse 88 Market Data Tables and 28 Figures spread through 133 Pages and in-depth TOC on " Solid Oxide Fuel Cell Market by Type (Planar and Tubular), Application (Power Generation, Combined Heat & Power, and Military), End-Use (Data Centers, Commercial & Retail, and APU), Region (North America, Asia Pacific, and Europe) - Global Forecast to 2025"

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The solid oxide fuel cell market is dominated by a few global players that are established brand names with a wide regional presence. The key players in this market include Bloom Energy (US), Aisin Seiki (Japan), SOLIDpower (Italy), Sunfire (Germany), UnderSea Sensor Systems (US), and Atrex Energy (US).

Based on application, the Combined Heat and Power (CHP) segment is expected to be the fastest growing segment from 2017 to 2025. This segment is expected to witness growth mainly due to government initiatives and programs for installation of fuel cells. The Japanese ene-farm program for residential and commercial CHP installations is driving the market for this segment due to subsidies provided by the government for fuel cell-based CHP installations. The German government’s Callux program and European Union’s ene-field project are the driving factors for the growth of this segment in Europe.

Based on end-use, data centers is the fastest growing segment for the power generation application for the solid oxide fuel cell market. Data centers currently consume 2% of electricity in the US, and the stringent emission norms as along with the demand for cost-effective power generation, in addition to government incentives, is driving the market for this segment especially in the US.

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Based on region, Asia Pacific is expected to be the fastest growing region for the solid oxide fuel cell market from 2017 to 2025. The market in this region is mainly driven by the Japanese government’s policy of phasing out nuclear energy from its energy mix and replacing it with a natural gas-based power generation. The Japanese government’s initiatives, such as the ene-farm project for residential CHP installations as well as subsidies for fuel cell-based distributed power generation are further driving the solid oxide fuel cell market.

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