Gas Turbine Services Market Highlights

The global gas turbine services market is expected to grow at 5.15% CAGR during the forecast period. Gas turbine services include maintenance, repair, overhaul, and supply of spare parts. The growing need for reduced emissions and sustainable development has increased the use of gas turbines to produce electricity from natural gas.

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. It is used to monitor the operation and check the performance of gas turbines through annual maintenance and repair.

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According to EIA, at the end of December 2017, there were 1,820 natural gas-powered electric power plants in the US. Power plant owners usually commit to long term service contracts with service providers. For instance, in January 2018, General Electric signed a 25-year agreement with a consortium formed between Macquarie Group Limited (Australia) and Techint Group (Mexico), to provide complete maintenance and service for the gas turbines and other equipment in their plant.

Top Manufacturers:

The key players of the global gas turbine services market are MAN SE (Germany), EthosEnergy (US), Proenergy Services (US), Caterpillar (US), MJB International Limited LLC (UAE), Ansaldo Energia (Italy), Sulzer Ltd (Switzerland), Mitsubishi Heavy Industries, Ltd (Japan), BHI Energy (UK), General Electric (US), Siemens (Germany), Kawasaki Heavy Industries Ltd (Japan), and MTU Aero Engines (Germany).

Segment Analysis:

The global gas turbine services market has been segmented based on type, service, end-use, and region.

On the basis of type, the market is segmented into heavy duty, industrial, and aeroderivative.

On the basis of service, the market is segmented into maintenance & repair, overhaul, and spare parts supply.

On the basis of end-use, the market is classified into power generation, oil & gas, and others. The power generation industry is expected to dominate the gas turbine services market due to the increasing use of gas turbine in power plants and increase in natural gas driven gas turbines for power generation, which is anticipated to drive the market for gas turbine services, globally.

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Regional Analysis

The global gas turbine services market by region is segmented into North America, Asia-Pacific, Europe, the Middle East & Africa, and South America. North America is expected to hold the largest share in the global gas turbine services market during the forecast period with 27.12% share. The US was the largest market in 2017, valued at USD 3,807.5 million. The growth in gas turbine services in North America can be attributed to Canada, and Mexico, where the increasing use of gas turbine for marine propulsion is increasing at a higher pace. The increasing production of shale gas, growing seaborne trading, and increasing power generation from gas turbines are some of the major factors contributing to the growth of the global gas turbine service market

Scope of the Report

This report offers an in-depth analysis of the global gas turbine services market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, the Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the gas turbine services market by its type, services, end-use, and by region.

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