The Global Gas Turbine and Turbine Services Market is expecting around 4% CAGR during 2021-26, 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, further states the research report, “Global Gas Turbine and Turbine Services Market Analysis, 2021.”
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 2026
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 2021-26, 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, reveals MarkNtel Advisors in their research report, “Global Gas Turbine and Turbine Services Market Analysis, 2021.”
According to MarkNtel Advisors, the leading players in the Global Gas Turbine and Turbine Services Market are GE, Siemens, Westinghouse, Alstom, & MH Power.
Key Questions Answered in the Study