MRFR has a newly added “Global Gas Turbine Services Market Report” that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, and forecast in the coming years.
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.
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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.
About Market Research Future:
At Market Research Future (MRFR), we
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Also Read:
https://issuu.com/marketresearchfuture18/docs/bioliquid_heat___power_generation_market_n
https://view.joomag.com/bioliquid-heat-power-generation-market/0262282001598424502
https://sites.google.com/view/bioliquidheatpowergenerationma/home
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