Market Overview
The global Gas
Turbine Services Market can quite possibly attain a CAGR of 5.15%
during the forecast period (2016-2023), ventures Market Research Future (MRFR).
Growth Drivers and Main Barriers
High availability of natural gas with relatively lower
prices, especially in China, Thailand, and North America, has boosted the
demand for gas turbines. Given the rising need for carbon emission reduction, advancement
in technologies like integrated coal gasification combined cycle (IGCC) and turbine
combined cycle (GTCC) has transpired into a significant trend in the gas
turbine market. New GTCC power plants are 60% more efficient that standard
technologies and are able to bring down carbon dioxide as well as atmospheric
pollutants emissions.
Surging focus on using cleaner sources for generating
electricity along with a prohibition on using coal reserves has taken the gas
turbines service market to greater heights in recent years. One instance of
this includes the latest orders by the present U.S. government that aims to
modify the energy policies implemented by the previous government.
Furthermore, technological advancements in data
collection methods are prompting players to come up with a constitutive model
for materials. Test rig control helps gather and analyze massive volumes of
data, which enables players to develop the best maintenance plan and models for
gas turbines. These factors are also working in favor of the market and are
expected to benefit the market in the near future as well.
Gas Turbine Services Market Segmentation
The worldwide gas turbine services market has been
examined with regard to segments like type, service, and end-use.
In terms of the type, the market has been segregated
into heavy duty, industrial, and aeroderivative.
Service-wise, the market caters to maintenance &
repair, overhaul, and spare parts supply.
The end-users mentioned in the report are oil &
gas, power generation, and others. The power generation industry seems to have
the most potential to dominate the gas turbine services market, given the increasing
use of gas turbine in power plants. Also, the surge in natural gas backed gas
turbines for power generation stimulates market growth across the globe.
Regional Insight
Asia Pacific (APAC), North America, the Middle East &
Africa, South America and Europe are the primary regions as per which MRFR has
studied the gas turbine services market.
Data
experts at MRFR anticipate that during the forecast period, North America could
attain the top position in the global gas turbine services market with the
highest share of 27.12%. The United States (US) was the most profitable market
for gas turbine services in 2017 and was valued at USD 3,807.5 million. The gas
turbine services market in the region notes robust demand, thanks to the substantial
contribution of Mexico and Canada. These countries observe high use of gas
turbine for marine propulsion as well as high production of shale gas. Rising seaborne
trading along with increasing power generation from gas turbines seem to be
some of the important factors that support the said market growth.
A large number of long-term service agreements for gas
turbine services has been observed in Europe. Industrialization and urbanization
in various countries have raised the region’s potential as well as opportunities.
Surge in the installation of gas turbines for combined cycle plants and upgradation
of existing gas turbine fleet is boosting market demand in the power generation
segment.
APAC can record high demand in the coming years,
thanks to rapid urbanization and the high focus on the development of clean
energy sources. Industrial growth and expanding population also benefit the
regional market to a great extent. Besides, industry participants in the region
are players are now paying attention to emerging countries, which show a lot of
promise, given the high electricity demand. India and China are responsible for
the strong demand for the power generation market, which is prompting global gas
turbine service providers to create a base in the region.
The MEA market for gas turbine services can demonstrate
impressive growth in the near future, on account of the high demand for power
generation and the subsequently increasing exploitation of natural gas reserves.
Top Vendors
The top vendors in the worldwide gas turbine services
market include MTU Aero Engines (Germany), Proenergy Services (US), Caterpillar
(US), Sulzer Ltd (Switzerland), MAN SE (Germany), EthosEnergy (US), General
Electric (US), BHI Energy (UK), Ansaldo Energia (Italy), Siemens (Germany),
Kawasaki Heavy Industries Ltd (Japan), MJB International Limited LLC (UAE), Mitsubishi
Heavy Industries, Ltd (Japan), to mention a few.
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