Gas Turbine Service Market Top Companies
The major companies profiled in gas turbine service market report include Siemens AG, General Electric, Mitsubishi Heavy Industries, Ansaldo Energia, MAN Energy Solutions, Kawasaki Heavy Industries, Baker Hughes Company, Caterpillar, Opra Turbines, MTU Aero Engines AG, EthosEnergy, PROENERGY, MJB International LLC, Sulzer, and Centrax Gas Turbines.
According to a new report published by Allied Market Research, titled, the gas turbine service market size was valued at $19.6 billion in 2021, and gas turbine services industry is estimated to reach $32.1 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
By service type, spare parts supply and maintenance & repair segment in total contributed market share of 88.4% in 2021.
By sales channel, aftermarket segment is expected to possess a CAGR of 5.5% from 2022 to 2031.
Get Report Sample PDF @ https://www.alliedmarketresearch.com/request-sample/17508
By end use, power generation segment has largest market share in 2021.
North America would exhibit CAGR of 4.7% during 2022-2031.
As per global gas turbine service market analysis, by turbine type, the heavy duty segment accounted more than ½ market share in 2021.
By turbine capacity, more than 200 MW possess market share of 42.5% in 2021.
Impact of COVID-19 on Global Gas Turbine Service Market:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies and caused lockdown in many countries, which has limited the growth of the market. The shutdown of industrial manufacturers led to decline in the production of gas turbine, and hence led to decline in the demand for the gas turbine service market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak had a negative impact on the development of the market.
Due to rapidly development of industrialisation, modernization has led to the development of demand for power from heavy manufacturing industries, and light manufacturing industries which in-turn has fuelled the demand for gas turbine.
The presence of the demand for the gas turbine and on-going Upgradation of various thermal power plants in the developing countries is driving the demand for gas turbine service market.
The demand for gas turbines is rising in the power generation industry with new emission control regulations. The industrial sector, including chemicals, metals, and manufacturing industries, is a major contributor to the escalating demand for industrial gas turbines.
The electric power, manufacturing, and marine transportation industries, among others, in developing countries are highly dependent on fossil fuels.
Rise in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the growth of gas turbine industry.
Browse Complete Report @ https://www.alliedmarketresearch.com/gas-turbine-service-market-A17120
A gas turbine is a combustion engine at the heart of a power plant that can convert natural gas or other liquid fuels to mechanical energy. This energy then drives a generator that produces the electrical energy that moves along power lines to homes and businesses.
About Us:
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.
Contact us:
David Correa
United States
+1-800-792-5285, +1-503-446-1141
Web: https://www.alliedmarketresearch.com
Follow us on | Facebook | Twitter | LinkedIn
