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The global gas turbine services market size reached a value of over USD 30.89 billion in 2023. The market is further estimated to grow at a CAGR of 4.40% in the forecast period of 2024-2032.
Based on type, the market for aero-derivative gas turbine services is observing a heathy growth. The rising installation of aero-derivative gas turbines, owing to their multiple advantages such as lightweight, higher fuel efficiency, and lower emissions, is bolstering the gas turbine services market growth. Moreover, the growing need to meet industry-specific requirements in aero-derivative gas turbine applications is enhancing the demand for reliable gas turbine services with enhanced performance levels.
The market players are making efforts to offer improved services, including overhaul and repair and scheduled and unscheduled maintenance services, among others, to meet the aero-derivative gas turbine customer expectations, which is likely to favour the market over the forecast period.
The increased availability of natural gas in the Asia Pacific region, particularly in countries like China, is leading to an increase in the installation capacity of gas turbines, thereby contributing to the market development. The increasing population, the rapid urbanisation, and the introduction of government initiatives towards decarbonising the economies in the region are anticipated to positively influence the market for gas turbine services.
Gas turbines, also known as combustion turbines, convert natural gas or other liquid fuels to mechanical energy. This energy drives a generator that produces the electrical energy, which is then transferred along power lines to homes and other businesses. Gas turbine services provide onshore and offshore maintenance, overhaul, and repair services for the turbines.
The gas turbine services market by type is divided into:
Based on service, the market is segmented into:
On the basis of end user, the market is classified into:
Based on service provider, the market is bifurcated into:
The regional markets for gas turbine services can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The rising demand for electricity from several sectors is surging the need to set up gas turbines that are efficient, durable, and cost-effective. This is also increasing the demand for gas turbine service solutions to boost the flexibility and reliability of gas turbines while reducing the cost of production and environmental footprint. This is favouring the gas turbine services market growth.
In addition, the increasing shortage of fossils like coal and the growing environmental concerns are bolstering the installation of gas turbines, hence driving the demand for gas turbine maintenance and repair services.
The rising inclination towards OEM for gas turbine services as a result of multiple advantages like high-quality products, warranties, and better services is fuelling the market development. Various governments are setting up gas turbines owing to the growing awareness regarding their benefits such as low gestation period and less land and water requirement, which is providing impetus to the market growth. Advancements in gas turbine technologies and the strong presence of market players are expected to augment the market over the forecast period.
The report gives a detailed analysis of the following key players in the global gas turbine services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Service |
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| Breakup by End User |
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| Breakup by Service Provider |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of above USD 30.89 billion.
The market is assessed to grow at a CAGR of 4.40% between 2024 and 2032.
The key market trends guiding the growth of the market include the rising demand for gas turbine services to ensure the flexible, reliable, and cost-effective operations of gas turbines, favourable government initiatives to set up gas turbines, and advancements in gas turbine technologies.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Some of the common gas turbine issues include low or high cycle fatigue, flutter, dynamic behaviour of blades, thermo-mechanical fatigue, and forced response, among others.
The major market drivers include the increasing installation of aero-derivative gas turbines, the rising demand for electricity, and the growing availability of natural gas.
The significant types of gas turbine services include aero-derivative and heavy-duty.
Gas turbines should be maintained at optimal equivalent operating hours (EOH) of hot gas path component and combustor inspection, among others.
The various services in the market include repair, maintenance, and overhaul.
The major end users of gas turbine services include power generation and oil and gas, among others.
The different service providers of gas turbine services, include OEM and aftermarket.
The major players in the market are General Electric Company, Siemens AG, EthosEnergy Group, Sulzer Ltd., and Ansaldo Energia S.p.A., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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