Gas Turbine Services Market Size is Growing Globally by 2024

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Gas Turbine Services Market
Gas Turbine Services Market

Global Gas Turbine Services Market: Overview

Gas turbines are also known as combustion engines. The internal combustion engine converts the liquid fuels or natural gas into mechanical energy which is then used to produce electricity via the generator. The gas turbines have upstream rotating compressor combined with a downstream turbine and a combustor. The gas turbines are mainly used to power trains, ships, aircraft, automobiles, tanks, and electric generators. The growing utilization of the gas turbines due to the high output propels the global gas turbine services market growth.

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Global Gas Turbine Services Market: Growth Factors

The major factors expected to drive the global gas turbine services is the increasing installation of the combined cycle power plants. The rise in the gas turbine installation increases due to the high shale gas production which in turn boosts the global market. The stringent government regulatory norms regarding the emission, high labor cost, highly expensive gas turbine spare parts, and difficulty in transportation processes hinder the global gas turbine service market.

Global Gas Turbine Services Market: Segmentation

The gas turbine services market segment is bifurcated based on the service, type, service provider, and end-user industry. The type segment is divided for heavy-duty and aero-derivative. The service segment is classified into repair, overhaul, and maintenance. The service provider segment is categorized into OEM and non-OEM. The end user segment is grouped into oil and gas, power generation, and other industries. The maintenance and power generation segment is expected to dominate the global gas turbine services market.

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Global Gas Turbine Services Market: Regional Analysis

North America dominates the global gas turbine services market because of the increasing fleet in the existing and aging gas turbines and also the stringent government regulatory emission norms in the regions such as the U.S. and Canada. The Middle East and Africa, especially the Middle East region, is expected to show rapid growth in the market due to the growing gas turbine installation for the combined cycle power plants. Europe proves to be a region of high potential for the market due to the increasing industrialization and urbanization in the Central and Eastern European region. The rising need for power in the developing region such as Latin America, owing to the overutilization of the natural gas reserves in the region, is expected to fuel the market in the region.

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Global Gas Turbine Services Market: Competitive Players

The major players in the global gas turbine services market include Ansaldo Energia S.A, Rolls-Royce plc., Sulzer AG, Siemens AG, Centrax Ltd., Hitachi Ltd., Mitsubishi Motors Corporation, EthosEnergy, and General Electric Company. The other players in the global market are HPI LLC, Echo energy, HPI LLC, Kawasaki Heavy Industries Ltd., MJB International, Mechanical Dynamics & Analysis, Proenergy Services LLC, Mitsubishi Hitachi Power Systems, MTU Aero Engines Ag, Solar Turbines, and Incorporated Turbine Services And Solutions LLC.

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