Gas Turbine Services Market overview
Gas Turbine Services Market share is expected to increase at a high USD 31.57 Billion, CAGR of 4.42% to reach a high market value during the forecast period.
A gas turbine produces energy that can be used to generate electricity by burning various petroleum-based fuels and natural gas. These services are formally and officially known as gas turbine services. There is tremendous growth in the global market mainly because natural gas prices are at an all-time low. This has encouraged many companies to step up their production of shale gas.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | 4.42% CAGR |
Revenue forecast in 2022-2030 | USD 31.57 billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2021 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
Market opportunities
One of the reasons why there is more demand for gas turbines is that there is much more demand for engines that can produce more electrical and mechanical energy without harming the environment. The technologies that can do this are much more advanced, especially in developed nations. Therefore, companies are investing heavily in generating more electrical energy and in improving those machines that are capable of doing so.
Market segmentation
By type
This segment can be grouped into the following sub-segments:
- Industrial
- Aero-derivative
- Heavy-duty
By service
This segment can be grouped into the following sub-segments:
- Overhaul
- Spare parts supply
- Maintenance
- Repair
By end-user
This segment can be grouped into the following sub-segments:
- Oil and gas
- Power generation
- Others
The power generation sub-segment currently has the largest market share. It’s mainly because more power generation plants use gas turbines.
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Regional analysis
The global gas turbine services market can be grouped into the following regions:
- North America
- The European Union
- South America
- Asia-Pacific
- The Middle East and Africa
The North American market has the largest market share. It’s mainly because the United States of America is home to many of the largest gas turbine services manufacturers and companies. These are large and competitive players. Hence, they play a huge role in the competitive nature of the market.
Mexico and Canada also have a strong presence in the global gas turbine services market respectively. Gas turbine services are primarily used for sea trade, marine propulsion, and shale gas in these two nations. The two nations have also been using gas turbine services for power generation more often.
The Asia-Pacific region currently holds the world’s second-largest market share in the global gas turbine services market. It’s mainly because the economic heavyweights in the region - India and China - have been growing at phenomenal speed. All of this generates much more need for and demand for energy. Hence, there is a growing need for and usage of gas turbine services in these nations.
That said, some smaller Asian economies that are still significant have been using gas turbine services more often. These nations have also had strong economic growth in recent years that requires more electrical energy. They’ve been using gas turbine services much more often as a result. Some of these nations include Japan and South Korea.
The European Union has the world’s third-largest market share. The reason for this is that its service sector is becoming much more innovative than it was in the past. All of this needs much more power and energy to sustain. Hence, this region has been using gas turbine services much more intensively and often.
The Middle East and Africa and the South American regions have also been showing respectable growth in the gas turbine services market.
Industry news
A Swiss company was recently acquired by Caterpillar. The resulting company will be selling more gas turbine services around the world.
