Gas Turbine and Turbine Services Market to Register around 4% CAGR through 2028

The Global Gas Turbine and Turbine Services Market is expecting around 4% CAGR during 2023-28, says MarkNtel Advisors in their research report. Electricity is the basic necessity of every human being. With the rapidly growing population & rising per capita electricity consumption, the electricity demand is increasing astronomically worldwide, i.e., propelling the installation of gas turbines and driving the market. 

Moreover, the surge in shale gas production is also spurring the installation of gas turbines worldwide. The mounting inclination towards adopting natural gas turbines as an alternative to coal-powered generators is another crucial aspect augmenting the market growth. Furthermore, the energy sector is shifting from conventional systems toward clean power sources, thereby aiding gas turbines installations. Additionally, the surge in the number of combined cycle power plants is expected to create lucrative growth opportunities for the gas turbine services market over the forecast years.

Power Generation Dominates the Global Gas Turbine and Turbine Services Market

The rising inclination of governments worldwide to minimize the usage of coal-based power plants & reduce carbon emissions is one of the most prominent factors proliferating the demand for gas turbines for power generation. Furthermore, installing gas turbines is much safer and more cost-effective than nuclear-based power plants. These factors are propelling the need for the power generation application of gas turbines & turbine services.

On the other front, the rising consumption of oil & gas is expected to fuel the usage of gas turbines in the oil & gas sector. With higher output and power density, gas turbines offer a cost-effective solution for challenging offshore applications. Hence, they are being used widely in the oil & gas industry.

North America Acquired the Largest Market Share, Asia-Pacific to Register the Fastest Market Growth through 2028

The high number of shale gas reserves and the adoption of new technologies in extraction to reduce its operational costs across the region are the prime aspects driving the North America Gas Turbine and Turbine Services Market. In addition, the surging inclination toward using natural gas for power generation is also driving the regional market.

On the other front, Asia-Pacific is expected to register the fastest market growth during 2023-28, mainly due to the rapid urbanization & and the growing population, especially in China & India. It, in turn, is propelling the electricity demand both from the residential & commercial sectors.

Competitive Landscape

General Electric, Alstom, Siemens AG, Mitsubishi Hitachi Power Systems, Ltd., Kawasaki Heavy Industries, Ltd., Ansaldo Energia S.P.A., BHEL, Westinghouse, Sulzer AG, MH Power, Ethos Energy, MJB International, MTU Aero Engines AG, Turbine Services and Solutions LLC, Solar Turbines Incorporated, and Centrax Gas Turbines.

Key Questions Answered in the Study

1. What are the current & future trends in the Global Gas Turbine and Turbine Services Market?
2. How has the industry been evolving in terms of geography & service adoption?
3. How has the competition been shaping across the globe, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Gas Turbine and Turbine Services Market?
5. What are the customer orientation, purchase behavior, and expectations from gas turbine & turbine service providers across the globe?

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)