Gas Turbine Services Market Growth, Share, Demand and Analysis of Key Players to 2024

Gas turbines are combustion engines that can convert natural gas or other liquid fuels to mechanical energy which is then used by the generator to produce electrical energy. Most gas turbines operate on an open cycle in which air is drawn from the atmosphere. Gas turbines are composed of three primary sections which include a compressor, combustion mounted on the same shaft and turbine.
Compressor draws air into the engine, pressurizes it and feeds it to the combustion chamber at speeds of hundreds of miles per hour. The combustion mechanism then produces high temperature gas stream that enters and expands through the turbine section. The turbine features an array of alternate stationary and rotating blades. Gas turbine services market is rapidly expanding in sectors where efficiency and power output of a gas turbine play crucial roles.

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Maintenance service is expected to dominate the global gas turbine services market with the rising number of gas turbine installations increasing the demand for inspection, monitoring, and maintenance activities. Power generation sector acts as a key driver for the global gas turbine services market due to the growing need for gas turbines for cycle power plants. For aero derivative gas turbines, the major market driving factor to be considered is the demand for increased power to cost ratio.
The escalating need for shale gas also plays a role. Furthermore, advancement in technology and lower power generating cost are the factors which drive the growth of the gas turbine services market. An important trend positively impacting the gas turbine services market is the regulations enacted by the government with concerning resource depletion, increase in harmful emissions, and climate change mitigation.
The global gas turbine services market is divided on the basis of type of gas turbine into heavy duty gas turbine and aero derivatives. Currently, heavy duty type gas turbine is the leading segment owing to increase in the number of large gas fired plants. The industry can be further divided by rated capacity turbines are segmented into 1 to 40 MW, 40 to 120 MW, 120 to 300 MW, and above 300 MW. In terms of service, gas turbine services market is segmented into maintenance, repair and overhaul. Gas turbine services market is segmented on the basis of end user applications as original equipment manufacturer and non-original equipment manufacturer and in terms of applications, it is segmented as oil and gas, power generation and other industries.

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Globally, gas turbine services have witnessed a robust growth in 2015 and are anticipated to follow the same trend during the forecast period (2016-2024). Asia-Pacific is a key region for the gas turbine services market owing to the advancements in technology and urbanization in the region. However, North America is the leading market for gas turbine services 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 in this region. Urbanization and industrialization of central and eastern European countries have made Europe a region of immense potential and opportunities. The rising demand for power in the developing regions like Latin America and Middle East owing to the exploitation of the natural gas reserves in the region are expected to propel the market for gas turbine market.

Key players in the global gas turbine market include Rolls-Royce plc, GENERAL ELECTRIC, Centrax Ltd, Siemens AG, Ansaldo Energia s.p.a, Centrax Ltd, Hitachi Ltd, and Mitsubishi Motors Corporation.

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