PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1282917
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1282917
Gas Turbine Services Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019-2029, Segmented By Type ; By Capacity ; By Service ; By Service Provider ; By End Use ; By Region
Global Gas Turbine Services Market Size Booming to Touch USD 82.5 Billion by 2029
The global gas turbine services market is gaining traction because of the growing demand for electricity through clean energy sources and growth in the number of multiyear gas turbine services contracts.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global gas turbine services market size at USD 56.83 billion in 2022. During the forecast period between 2023 and 2029, the global gas turbine services market size is projected to grow at an impressive CAGR of 8.4% reaching a value of USD 82.5 billion by 2029. Rapid technological advancements in the field and a shift in emphasis in favor of technologies for distributed power production are two major development factors for the global gas turbine services market. Due to increased government support for power-generating technologies that minimize carbon dioxide (CO2) emissions globally, it is estimated that this market would expand quickly over the period in analysis.
Global Gas Turbine Services Market - Overview:
A gas turbine is a combustion engine in the center of a power plant that transforms mechanical energy from natural gas or other liquid fuels. This power then propels a generator, which creates the electrical energy that travels via power lines to residences and commercial buildings. Services for gas turbines include upkeep, examination, maintenance, repair, overhaul, and replacement. producing and overhauling rotors. prolonged life of the rotor. production and refurbishing of parts.
Global Gas Turbine Services Market - By Service
Based on service, the global gas turbine services market is segmented into maintenance & repair, overhaul, and spare parts supply. The spare parts supply segment accounts for the largest market share. Spare parts are those that can be purchased separately to replace worn-out or damaged components of a piece of machinery. Typically, they are components that are made to fit together quickly. The services market growth is driven by the expansion in knowledge of the advantages of using natural gas for power generation in both developed and emerging nations.
Impact of COVID-19 on the Global Gas Turbine Services Market
The unprecedented COVID-19 pandemic significantly disrupted the growth of the global gas turbine services market. According to the International Finance Corporation, a decline in demand, financial strain, and disruptions to the power supply chain were only a few of the effects of COVID-19 on the industry. The demand, as well as supply for gas turbine services, consequently declined due to a decline in the capital expenditure on the energy sector as well as a shortage of labor. However, the market is projected to gain pace in the post-pandemic period owing to expansion in industrial and energy sectors.
Competitive Landscape:
Major players operating in the global gas turbine services market include: General Electric, Siemens Energy, Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Solar Turbines Inc., Ansaldo Energia, Bharat Heavy Electricals Ltd., OPRA Turbines, MAN Energy Solutions, Centrax Gas Turbines, MAN Energy Solutions, MTU Aero Engines Ag, Hitachi Ltd., and EthosEnergy.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Gas Turbine Services Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Gas Turbine Services Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. Global Gas Turbine Services Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Growing Demand for Electric Power Through Clean Energy Sources
- 3.2.1.2. Growth In Number of Multiyear Gas Turbine Services Contract
- 3.2.2. Restraints
- 3.2.2.1. Presence of Conventional Renewable Energy Sources for Power Generation
- 3.2.3. Opportunities
- 3.2.3.1. Advancement in Technology
- 3.2.4. Challenges
- 3.2.4.1. Limited Natural Gas Reserves
- 3.2.1. Growth Drivers
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. Global Gas Turbine Services Market Overview
- 4.1. Market Size & Forecast, 2019-2029
- 4.1.1. By Value (USD Billion)
- 4.2. Market Share & Forecast
- 4.2.1. By Type
- 4.2.1.1. Heavy Duty
- 4.2.1.2. Industrial
- 4.2.1.3. Aeroderivatives
- 4.2.2. By Capacity
- 4.2.2.1. <100 MW
- 4.2.2.2. 100 to 200 MW
- 4.2.2.3. >200 MW
- 4.2.3. By Service
- 4.2.3.1. Maintenance & Repair
- 4.2.3.2. Overhaul
- 4.2.3.3. Spare Parts Supply
- 4.2.4. By Service Provider
- 4.2.4.1. OEM
- 4.2.4.2. Non-OEM
- 4.2.5. By End-use
- 4.2.5.1. Power Generation
- 4.2.5.2. Oil & Gas
- 4.2.5.3. Other Industrial
- 4.2.6. By Region
- 4.2.6.1. North America
- 4.2.6.2. Europe
- 4.2.6.3. Asia Pacific (APAC)
- 4.2.6.4. Latin America (LATAM)
- 4.2.6.5. Middle East and Africa (MEA)
- 4.2.1. By Type
5. North America Gas Turbine Services Market
- 5.1. Market Size & Forecast, 2019-2029
- 5.1.1. By Value (USD Billion)
- 5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.2. By Capacity
- 5.2.3. By Service
- 5.2.4. By Service Provider
- 5.2.5. By End-use
- 5.2.6. By Country
- 5.2.6.1. United States
- 5.2.6.1.1. By Type
- 5.2.6.1.2. By Capacity
- 5.2.6.1.3. By Service
- 5.2.6.1.4. By Service Provider
- 5.2.6.1.5. By End-use
- 5.2.6.2. Canada
- 5.2.6.2.1. By Type
- 5.2.6.2.2. By Capacity
- 5.2.6.2.3. By Service
- 5.2.6.2.4. By Service Provider
- 5.2.6.2.5. By End-use
6. Europe Gas Turbine Services Market
- 6.1. Market Size & Forecast, 2019-2029
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Capacity
- 6.2.3. By Service
- 6.2.4. By Service Provider
- 6.2.5. By End-use
- 6.2.6. By Country
- 6.2.6.1. Germany
- 6.2.6.1.1. By Type
- 6.2.6.1.2. By Capacity
- 6.2.6.1.3. By Service
- 6.2.6.1.4. By Service Provider
- 6.2.6.1.5. By End-use
- 6.2.6.2. United Kingdom
- 6.2.6.2.1. By Type
- 6.2.6.2.2. By Capacity
- 6.2.6.2.3. By Service
- 6.2.6.2.4. By Service Provider
- 6.2.6.2.5. By End-use
- 6.2.6.3. Italy
- 6.2.6.3.1. By Type
- 6.2.6.3.2. By Capacity
- 6.2.6.3.3. By Service
- 6.2.6.3.4. By Service Provider
- 6.2.6.3.5. By End-use
- 6.2.6.4. France
- 6.2.6.4.1. By Type
- 6.2.6.4.2. By Capacity
- 6.2.6.4.3. By Service
- 6.2.6.4.4. By Service Provider
- 6.2.6.4.5. By End-use
- 6.2.6.5. Spain
- 6.2.6.5.1. By Type
- 6.2.6.5.2. By Capacity
- 6.2.6.5.3. By Service
- 6.2.6.5.4. By Service Provider
- 6.2.6.5.5. By End-use
- 6.2.6.6. Belgium
- 6.2.6.6.1. By Type
- 6.2.6.6.2. By Capacity
- 6.2.6.6.3. By Service
- 6.2.6.6.4. By Service Provider
- 6.2.6.6.5. By End-use
- 6.2.6.7. Russia
- 6.2.6.7.1. By Type
- 6.2.6.7.2. By Capacity
- 6.2.6.7.3. By Service
- 6.2.6.7.4. By Service Provider
- 6.2.6.7.5. By End-use
- 6.2.6.8. The Netherlands
- 6.2.6.8.1. By Type
- 6.2.6.8.2. By Capacity
- 6.2.6.8.3. By Service
- 6.2.6.8.4. By Service Provider
- 6.2.6.8.5. By End-use
- 6.2.6.9. Rest of Europe
- 6.2.6.9.1. By Type
- 6.2.6.9.2. By Capacity
- 6.2.6.9.3. By Service
- 6.2.6.9.4. By Service Provider
- 6.2.6.9.5. By End-use
7. Asia Pacific Gas Turbine Services Market
- 7.1. Market Size & Forecast, 2019-2029
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Capacity
- 7.2.3. By Service
- 7.2.4. By Service Provider
- 7.2.5. By End-use
- 7.2.6. By Country
- 7.2.6.1. China
- 7.2.6.1.1. By Type
- 7.2.6.1.2. By Capacity
- 7.2.6.1.3. By Service
- 7.2.6.1.4. By Service Provider
- 7.2.6.1.5. By End-use
- 7.2.6.2. India
- 7.2.6.2.1. By Type
- 7.2.6.2.2. By Capacity
- 7.2.6.2.3. By Service
- 7.2.6.2.4. By Service Provider
- 7.2.6.2.5. By End-use
- 7.2.6.3. Japan
- 7.2.6.3.1. By Type
- 7.2.6.3.2. By Capacity
- 7.2.6.3.3. By Service
- 7.2.6.3.4. By Service Provider
- 7.2.6.3.5. By End-use
- 7.2.6.4. South Korea
- 7.2.6.4.1. By Type
- 7.2.6.4.2. By Capacity
- 7.2.6.4.3. By Service
- 7.2.6.4.4. By Service Provider
- 7.2.6.4.5. By End-use
- 7.2.6.5. Australia & New Zealand
- 7.2.6.5.1. By Type
- 7.2.6.5.2. By Capacity
- 7.2.6.5.3. By Service
- 7.2.6.5.4. By Service Provider
- 7.2.6.5.5. By End-use
- 7.2.6.6. Indonesia
- 7.2.6.6.1. By Type
- 7.2.6.6.2. By Capacity
- 7.2.6.6.3. By Service
- 7.2.6.6.4. By Service Provider
- 7.2.6.6.5. By End-use
- 7.2.6.7. Malaysia
- 7.2.6.7.1. By Type
- 7.2.6.7.2. By Capacity
- 7.2.6.7.3. By Service
- 7.2.6.7.4. By Service Provider
- 7.2.6.7.5. By End-use
- 7.2.6.8. Singapore
- 7.2.6.8.1. By Type
- 7.2.6.8.2. By Capacity
- 7.2.6.8.3. By Service
- 7.2.6.8.4. By Service Provider
- 7.2.6.8.5. By End-use
- 7.2.6.9. Vietnam
- 7.2.6.9.1. By Type
- 7.2.6.9.2. By Capacity
- 7.2.6.9.3. By Service
- 7.2.6.9.4. By Service Provider
- 7.2.6.9.5. By End-use
- 7.2.6.10. Rest of APAC
- 7.2.6.10.1. By Type
- 7.2.6.10.2. By Capacity
- 7.2.6.10.3. By Service
- 7.2.6.10.4. By Service Provider
- 7.2.6.10.5. By End-use
8. Latin America Gas Turbine Services Market
- 8.1. Market Size & Forecast, 2019-2029
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Capacity
- 8.2.3. By Service
- 8.2.4. By Service Provider
- 8.2.5. By End-use
- 8.2.6. By Country
- 8.2.6.1. Brazil
- 8.2.6.1.1. By Type
- 8.2.6.1.2. By Capacity
- 8.2.6.1.3. By Service
- 8.2.6.1.4. By Service Provider
- 8.2.6.1.5. By End-use
- 8.2.6.2. Mexico
- 8.2.6.2.1. By Type
- 8.2.6.2.2. By Capacity
- 8.2.6.2.3. By Service
- 8.2.6.2.4. By Service Provider
- 8.2.6.2.5. By End-use
- 8.2.6.3. Argentina
- 8.2.6.3.1. By Type
- 8.2.6.3.2. By Capacity
- 8.2.6.3.3. By Service
- 8.2.6.3.4. By Service Provider
- 8.2.6.3.5. By End-use
- 8.2.6.4. Peru
- 8.2.6.4.1. By Type
- 8.2.6.4.2. By Capacity
- 8.2.6.4.3. By Service
- 8.2.6.4.4. By Service Provider
- 8.2.6.4.5. By End-use
- 8.2.6.5. Rest of LATAM
- 8.2.6.5.1. By Type
- 8.2.6.5.2. By Capacity
- 8.2.6.5.3. By Service
- 8.2.6.5.4. By Service Provider
- 8.2.6.5.5. By End-use
9. Middle East & Africa Gas Turbine Services Market
- 9.1. Market Size & Forecast, 2019-2029
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Capacity
- 9.2.3. By Service
- 9.2.4. By Service Provider
- 9.2.5. By End-use
- 9.2.6. By Country
- 9.2.6.1. Saudi Arabia
- 9.2.6.1.1. By Type
- 9.2.6.1.2. By Capacity
- 9.2.6.1.3. By Service
- 9.2.6.1.4. By Service Provider
- 9.2.6.1.5. By End-use
- 9.2.6.2. UAE
- 9.2.6.2.1. By Type
- 9.2.6.2.2. By Capacity
- 9.2.6.2.3. By Service
- 9.2.6.2.4. By Service Provider
- 9.2.6.2.5. By End-use
- 9.2.6.3. Qatar
- 9.2.6.3.1. By Type
- 9.2.6.3.2. By Capacity
- 9.2.6.3.3. By Service
- 9.2.6.3.4. By Service Provider
- 9.2.6.3.5. By End-use
- 9.2.6.4. Kuwait
- 9.2.6.4.1. By Type
- 9.2.6.4.2. By Capacity
- 9.2.6.4.3. By Service
- 9.2.6.4.4. By Service Provider
- 9.2.6.4.5. By End-use
- 9.2.6.5. South Africa
- 9.2.6.5.1. By Type
- 9.2.6.5.2. By Capacity
- 9.2.6.5.3. By Service
- 9.2.6.5.4. By Service Provider
- 9.2.6.5.5. By End-use
- 9.2.6.6. Nigeria
- 9.2.6.6.1. By Type
- 9.2.6.6.2. By Capacity
- 9.2.6.6.3. By Service
- 9.2.6.6.4. By Service Provider
- 9.2.6.6.5. By End-use
- 9.2.6.7. Algeria
- 9.2.6.7.1. By Type
- 9.2.6.7.2. By Capacity
- 9.2.6.7.3. By Service
- 9.2.6.7.4. By Service Provider
- 9.2.6.7.5. By End-use
- 9.2.6.8. Rest of MEA
- 9.2.6.8.1. By Type
- 9.2.6.8.2. By Capacity
- 9.2.6.8.3. By Service
- 9.2.6.8.4. By Service Provider
- 9.2.6.8.5. By End-use
10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Global Gas Turbine Services Company Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Covid-19 on Global Gas Turbine Services Market
12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 12.1. General Electric
- 12.2. Siemens Energy
- 12.3. Mitsubishi Power Ltd.
- 12.4. Kawasaki Heavy Industries, Ltd.
- 12.5. Solar Turbines Inc.
- 12.6. Ansaldo Energia
- 12.7. Bharat Heavy Electricals Ltd.
- 12.8. OPRA Turbines
- 12.9. MAN, Energy Solutions
- 12.10. Centrax Gas Turbines
- 12.11. MAN, Energy Solutions
- 12.12. MTU Aero Engines Ag
- 12.13. Hitachi Ltd.
- 12.14. EthosEnergy
- 12.15. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumptions & Limitations
