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Press Release Description

Burgeoning Demand for Electricity due to Robust Urbanization is Expected to Propel the Growth of the Global Gas Turbine and Turbine Services Market  

The Global Gas Turbine and Turbine Services market is projected to grow at a rapid pace on account of growing adoption of the gas turbines in power plants for power generation, rising government initiative to curb carbon emission is shifting the focus toward gas-based power generation, increasing investment toward sustainable infrastructure development. Besides this, burgeoning demand for electricity due to robust urbanization, escalating production of shale gas and sturdy technological advancement in the oil & gas industry are some of the market factors is expected to drive the growth of the market over the forecast period.

According to MarkNtel Advisorsresearch reportGlobal Gas Turbine and Turbine Services Market Analysis, 2021”, the Global Gas Turbine and Turbine Services market is anticipated to grow at a CAGR of around 4% during 2021-26. Based on Application, Oil and Gas acquired the significant market share. The booming population, rise in industrial activities due to robust industrialization, and increasing number of vehicle ownership are propelling the demand for oil production.

“Global Gas Turbine and Turbine Services Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Gas Turbine and Turbine Services providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Asia Pacific to Attain Highest CAGR

Asia-Pacific is anticipated to attain highest CAGR in the Global Gas Turbine and Turbine Services market in 2020 on account of increasing inclination toward clean energy for power generation, burgeoning government investment to build gas-based power plants and increasing advancement by the market player in power generation. India and China acquired the majority market share due to introduction of various scheme and projects such as India government planned scheme to revive 24,000-MW gas power plants along with this considerable surge in the installation of gas turbine in witnessed in china especially in medium and large-scale industries. Hence, this is anticipated to bolster the growth of the Gas Turbine and Turbine Services Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Gas Turbine and Turbine Services Market Analysis, 2021”.    

According to MarkNtel Advisors’, the key players with a considerable market share in the Global Gas Turbine and Turbine Services market are  GE, Siemens, Westinghouse, Alstom, Mitsubishi, BHEL, sssand MH Power etc.

Market Segmentation:

  1. By Type (Gas Turbine Sales [Heavy Duty Turbine, Aeroderivative Turbine, Industrial Turbine], Gas Turbine Services [Overhaul, Maintenance and Repair])
  2. By Service Provider (OEM, Non-OEM)
  3. By Application (Power Generation, Oil & Gas, Other Industrial Application)
  4. By Capacity (Below 15 MW, Above 15 MW)
  5. By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
  6. By Country (US, Canada, Mexico, Brazil, Argentina, The UK, Germany, France, UAE, Saudi Arabia, South Africa, Iran, Iraq, Oman, Kuwait, Egypt, Qatar, China, Japan, South Korea, India, Singapore, Malaysia, Vietnam, Indonesia),
  7. By Company (GE, Siemens, Westinghouse, Alstom and MH Power etc.)

Key questions answered in the study:

  1. What are the current and future trends of the Gas Turbine and Turbine Services industry?
  2. How the industry has been evolving in terms of end-user demand and application areas?
  3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
  4. What are the key growth drivers and challenges for the Gas Turbine and Turbine Services industry?
  5. What is the customer orientation, purchase behavior, and expectations from the Gas Turbine and Turbine Services firms across various regions?

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