Global Gas Turbine Services Market Overview
Gas
turbine services include maintenance, repair, overhaul, and supply of spare
parts. The gas turbine requires periodic inspection, repair, and replacement of
parts to achieve optimum efficiency and reliability. The gas turbine services
include a set of activities, which can be applied to very minor work and to a
major overhaul. It
helps to reduce the outages and maintenance costs while maintaining maximum
flexibility and reliability.
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).
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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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.
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.
Latest Developments
September 2019
Rolls-Royce Power Systems is
about to send its newest MT30 gas turbine in a ship which is under Japan’s
version of the navy. Japan stands as a principal user of Rolls-Royce gas
turbines, which makes delivering the 50th MT30 a highly important milestone for
the company.
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