Global Gas Turbine Services Market is expected to grow owing to increase in multi-year service contracts and growth in combined cycle power plant construction throughout the forecast period.
According to TechSci Research report, “Gas Turbine Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Gas Turbine Services Market is expected to register robust growth during the forecast period. The increase in environmental concerns due to the significant carbon emissions from coal-based power generation has led to the widespread adoption of low carbon emission power generation technologies, such as natural gas-powered turbines. This, in turn, has contributed to a global surge in demand for gas turbine services.
With the aging of numerous gas turbines worldwide, there is an increasing demand for retrofitting and upgrading services. Upgrades have the potential to enhance turbine efficiency, minimize emissions, and prolong the lifespan of existing assets. Service providers can seize this opportunity by offering innovative upgrade solutions that align with the latest technological advancements.
With the increasing prevalence of energy storage solutions, such as batteries, service providers have the opportunity to offer integration services that combine gas turbines with energy storage systems. This strategic integration holds the potential to significantly enhance grid stability and flexibility.
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Based on turbine type, Heavy Duty segment is expected to dominate the market during the forecast period. The heavy-duty gas turbine services market is undergoing a transformation through the adoption of digitalization and predictive maintenance technologies. Operators are increasingly leveraging data analytics, IoT sensors, and machine learning algorithms to monitor equipment health and anticipate potential issues. This proactive approach helps in reducing unplanned downtime and minimizing maintenance costs. Gas turbines play a vital role in the heavy-duty power generation sector by complementing renewable energy sources such as wind and solar.
They provide quick-start backup and peaking power to ensure grid stability. Service providers are actively developing solutions to seamlessly integrate gas turbines with renewable energy systems. The market for gas turbine services in heavy-duty applications is highly competitive, with both local and international service providers striving to capture market share. Market consolidation is also observed as larger companies acquire specialized firms to expand their capabilities and geographic reach. Gas turbine technology is continuously evolving, with a strong focus on enhancing efficiency, reducing emissions, and improving fuel flexibility. Service providers must stay abreast of these technological advancements to offer the latest upgrades and enhancements to heavy-duty users.
Based on end-use, Power Generation segment is projected to dominate the market throughout the forecast period. Gas turbines are commonly utilized to complement renewable energy sources such as wind and solar, providing vital backup and peaking power to ensure grid stability in the face of intermittent renewables. Service providers in the gas turbine industry are now offering integrated solutions to optimize the power generation mix by combining gas turbines with renewable energy systems. The gas turbine services market is highly competitive, boasting a multitude of service providers worldwide. Market consolidation has emerged as a prevailing trend, as larger companies acquire smaller service firms to expand their service portfolios and geographic reach. Simultaneously, smaller specialized service providers are capitalizing on niche markets and offering unique expertise. The advancement of gas turbine technology remains a focal point, with efforts directed towards improving efficiency, reducing emissions, and enhancing fuel flexibility. Service providers must remain up-to-date on these technological developments to offer the latest upgrades and enhancements to power plant operators. Given the global presence of gas turbine power plants, including remote or offshore locations, the gas turbine services market is becoming increasingly globalized. Service providers are strategically establishing their presence in various regions to efficiently serve clients across the globe.
Key market players in the Global Gas Turbine Services Market are:-
- Siemens AG
- Mitsubishi Power, Ltd.
- Kawasaki Heavy Industries, Ltd.
- Solar Turbines Inc.
- ATLA S.r.l.
- Bharat Heavy Electricals Ltd.
- EthosEnergy Group
- Ansaldo Energia S.p.A.
- General Electric Company
- Mubadala Investment Company
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“The Gas Turbine Services Market in Asia Pacific is poised to be the dominant force in the industry. Numerous countries in the Asia-Pacific region are making substantial investments in renewable energy, particularly wind and solar. As a means of supporting intermittent renewables, gas turbines are gaining prominence as backup and peaking power sources. Service providers are now offering innovative solutions to seamlessly integrate gas turbines with renewable energy systems, thereby ensuring grid stability and reliability.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Gas Turbine Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Turbine Type (Heavy Duty, Industrial and Aeroderivative), By Turbine Capacity (More than 200 MW, Less than 100 MW and 100 to 200 MW), By Service Type (Maintenance & Repair, Overhaul and Spare parts supply), By Sales Channel (OEM and Aftermarket), By End-use (Power Generation, Oil & Gas and Others), By Region, By Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of Global Gas Turbine Services Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Gas Turbine Services Market.
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