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Global Gas Turbine and Turbine Services Market Analysis, 2021 research report depicts a deep dive market analysis of statistics of Global Gas Turbine and Turbine Services market which consists of regional and country-wise market size, forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end-users, applications, product type, technologies, competitive benchmarking, etc.
Market Opportunities
According to MarkNtel Advisors’ research report “Global 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 2021-26F. The growth of the market is attributed to rising up-gradation of gas turbine fleet, an inclination toward gas-based power generation is revamping the electricity generation infrastructure. Moreover, strict norms to reduce the greenhouse gas emission, burgeoning demand for gas turbines due to bolstering shale gas production are the factors strongly contributing towards the growth of the in the forthcoming period.
Market Segmentation
OEM Segment Acquired the Majority Market Share
Based on Service Provider, OEM acquired the majority market share in the Global Gas Turbine and Turbine Services market in 2020 owing to the factors such as the introduction of advance technology in the gas turbine by the OEMs, have a strong geographical presence by expanding their presence by acquiring small-scale companies along with surging investment in R&D and provide various offers to the buyer such as multiyear service agreements during new gas turbine installation. Thus, this is anticipated to drive the growth of the Gas Turbine and Turbine Services market globally in the near future as revealed by the MarkNtel Advisors’ research report “Global Gas Turbine and Turbine Services Market Analysis, 2021”.
Impact of COVID-19
The COVID-19 has a profound impact on the power sector as well on the oil & gas sector. The imposition of lockdown has significantly reduced electricity demand in the commercial and industrial sectors across the globe. Due to slower demand growth, it further impacted the production of oil thus, the oil prices witnessed a sharp decline, especially in Q1 and Q2. However, the post-COVID-19 situation is expected to surge the growth of the market due to resumption in the activities and declining prices of gas are now making gas-fired power generation relatively more attractive to the end-user.
Competitive Landscape
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Gas Turbine and Turbine Services market include GE, Siemens, Westinghouse, Alstom and MH Power etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics:
Frequently Asked Questions:
Q. What is the historical year, base year and forecast year considered in the research report on Global Gas Turbine and Turbine Services Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Gas Turbine and Turbine Services Market during 2021-26F?
A. The Global Gas Turbine and Turbine Services Market is forecast to grow at a CAGR of 4% during 2021-26F.
Q. Who are the key competitors or players operating in Global Gas Turbine and Turbine Services Market?
A. GE, Siemens, Westinghouse, Alstom and MH Power are few of the leading players in the Global Gas Turbine and Turbine Services Market.
Q. Which service provider segment would emerge as an opportunity area for players in Global Gas Turbine and Turbine Services Market?
A. Non-OEM is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in Global Gas Turbine and Turbine Services Market?
A. Asia-Pacific continue to grow at a highest CAGR, presenting immense opportunities for market players of Global Gas Turbine and Turbine Services Market.
