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Gas Turbine Services Market 2019 Global Industry Overview, Size, Share, Regional Analysis, Growth Opportunities, Key Developments and Latest Trends by Forecast To 2023
May 13, 2019 (AB Digital via COMTEX) —
The global gas turbine services market is expected to expand at 5.15% CAGR during the forecast period. Gas turbine services include maintenance, repair, overhaul, and supply of spare parts. The gas turbine requires periodic inspection, repair, and replacement of parts to achieve optimum efficiency and reliability. The gas turbine services include a set of activities, which can be applied to very minor work and to a major overhaul. It helps to reduce the outages and maintenance costs while maintaining maximum flexibility and reliability. It is used to monitor the operation and check the performance of gas turbines through annual maintenance and repair.
Gas turbine is a combustion engine that converts natural gas or other liquid fuels to mechanical energy. This energy drives a generator that produces electrical energy. Providing various services for gas turbine is derived as gas turbine services market. North America is estimated to be a prominent region for market growth in gas turbine services market due to increase in shale gas production and declining natural gas prices. Similarly, the growing number of initiatives for reducing carbon emissions and the increasing demand for energy are the major factors driving the market growth for Asia-Pacific and Europe during the forecast period.
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Gas Turbine Services Market Leading Players Analyzed are:
MAN SE (Germany), EthosEnergy (US), Proenergy Services (US), Caterpillar (US), MJB International Limited LLC (UAE), Ansaldo Energia (Italy), Sulzer Ltd (Switzerland), Mitsubishi Heavy Industries, Ltd (Japan), BHI Energy (UK), General Electric (US), Siemens (Germany), Kawasaki Heavy Industries Ltd (Japan), and MTU Aero Engines (Germany).
The global gas turbine services market has been segmented based on type, service, end-use, and region.
On the basis of type, the market is segmented into heavy duty, industrial, and aeroderivative.
On the basis of service, the market is segmented into maintenance & repair, overhaul, and spare parts supply.
On the basis of end-use, the market is classified into power generation, oil & gas, and others.
The global gas turbine services market by region is segmented into North America, Asia-Pacific, Europe, the Middle East & Africa, and South America.
North America is expected to hold the largest share in the global gas turbine services market during the forecast period with 27.12% share. The US was the largest market in 2017, valued at USD 3,807.5 million. The growth in gas turbine services in North America can be attributed to Canada, and Mexico, where the increasing use of gas turbine for marine propulsion is increasing at a higher pace. The increasing production of shale gas, growing seaborne trading, and increasing power generation from gas turbines are some of the major factors contributing to the growth of the global gas turbine service market.
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