Gas
Turbine Services 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 Forecast, 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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