Gas Turbine Market Forecast

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The Gas Turbine Services Global Market Report 2023 by The Business Research Company, provides gas turbine services market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Gas Turbine Services Global Market Report 2023, the market size is expected to grow from $24.65 billion in 2022 to $27.24 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the gas turbine services market is expected to reach $39.01 billion in 2027 at a CAGR of 9.4%.

An increase in natural gas consumption in electricity generation is expected to propel the growth of the gas turbine services market going forward. Electricity generation refers to the creation of energy utilizing several technologies. Natural gas is used to create energy in natural gas power plants. A gas turbine is used in all-natural gas facilities. Natural gas and air are injected into the turbine; they burn and expand to generate power by rotating a generator and a magnet.

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The gas turbine services market is segmented:

1) By Type: Heavy Duty, Industrial, Aeroderivative

2) By Service: Maintenance and Repair, Overhaul, and Spare Parts Supply

3) By Service Provider: OEM, Non-OEM

4) By End-User: Power Generation, Oil and Gas, Other End-Users

Technological advancements are a key trend gaining popularity in the gas turbine services market. Major companies operating in the gas turbine services market are focused on developing new solutions that are flexible across other elements driving the expansion of gas turbine services. For instance, in June 2020, Baker Hughes, a US-based industrial service company, launched equipment for creating electricity and mechanical driving applications, the NovaLt Gas Turbines. The technology propels turbines that may achieve over 37% efficiency in simple-cycle mode and up to 85% efficiency in cogeneration configuration, making it the perfect choice in industrial and combined heat and power applications.

The gas turbine services market report table of contents includes: