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. Adapting
to the recent novel COVID-19 pandemic, the impact of the COVID-19
on Gas Turbine Services Market is included in the present report.
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.
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.
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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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