Gas turbines
are combustion engines that converts natural gas and other liquid fuels to
mechanical energy which is used by the generator to produce electrical energy.
This electrical energy is then moved to power lines to industries and homes.
Gas turbine generally includes maintenance, repair and overhaul for both
onshore and offshore locations. These services help in improving power plant
capacity. The global gas turbine
services market is estimated to expand
at 4.50% CAGR during the forecast period.
The growing demand for gas
turbine services market is attributed to the growing production of shale gas
and stringent emission norms for gas turbine. Also, major oil & gas
companies especially in North America require efficient services for their
existing and ageing gas turbine fleet which would drive the growth of gas
turbine services market. One of the major restraints for the global gas turbine
services market is the rising cost of spare parts, labor costs, & transportation
costs.
Key
Players
The key
players of the global gas turbine services market are General Electric (US),
Siemens (Germany), Sulzer (Switzerland), Ansaldo Energia (Italy), Kawasaki
Heavy Industries (Japan), MAN Diesel & turbo (Germany), Mitsubishi Hitachi
Power Systems (Japan), MTU Aero Engines (Germany), Proenergy Services (US), MJB
International (UAE), Shanghai Electric Group (China), and others.
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Industry
Segmentation
Based on end-user,
the market is segmented as power generation, oil & gas, and other
industrials. Power generation segment is estimated to dominate the market
during the forecast period due to the increase in demand for gas turbines for
combined cycle power plants. These turbines would require frequent inspection
and maintenance of parts such as rotors, blades, and liners among others. This would
drive the market for power generation segment during the forecast period. Considering
the service, the market is segmented as maintenance, repair, and overhaul. Wireless
sensors in the oil & gas industry are installed in all the upstream,
midstream, and downstream processes. Wireless sensors have a wide variety of
applications in the oil & gas industry varying with different requirements
and characteristics.
Regional
Outlook
Region wise, North
America held the largest market share of the global gas turbine services market
in 2017. Large number of ageing gas turbines fleet especially in the US and
Canada would drive the market for gas turbine services. Large number of long-term
service agreements for gas turbine services are also seen this region. In
addition, demand for gas turbine services for mechanical drive application for
process industry would have a positive impact on gas turbines services market
in North America.
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