According to the new market research report “Gas Turbine Services Market by Type (Heavy Duty, and Aero-Derivative), Service (Maintenance, Repair, and Overhaul), End-User (Power Generation, Oil & Gas), Service Provider (OEM, and NON-OEM), and Region – Global Forecast to 2021”, published by MarketsandMarkets™, The gas turbine services market is projected to grow at a CAGR of 4.1% from 2016 to 2021 to reach a market of USD 18.45 Billion by 2021. The growth is attributed to the up gradation of aging fleet of gas turbines, stringent emission norms for gas turbines and increase in demand of gas turbines owing to the shale gas production boom.
Browse and in-depth TOC on “Gas Turbine Services Market”
65 – Tables
47 – Figures
157 – Pages
Don’t miss out on business opportunities in Gas Turbine Services Market. Download our PDF Brochure and gain crucial industry insights that will help your business grow:
Maintenance segment is expected to hold the largest share of gas turbine services market, by service, during the forecast period
Maintenance service led the overall gas turbine services market in 2015, and is expected to dominate during the forecast period. Almost half of the gas turbine services market is expected to be dominated by the maintenance service owing to rise in demand inspection and monitoring services for newly installed gas turbines. In addition, advent of gas turbine monitoring services such as intelligent condition monitoring and big data analytics for preventive and predictive maintenance will drive the market for maintenance services. However, the overhaul services is expected to grow at a fastest rate during the forecast period.
Power generation to dominate the gas turbine services market, by end-user during the forecast period
Power generation is expected to hold almost half of the gas turbine market during the forecast period. The market is driven by the rise in demand for gas turbines for combined cycle power plants. The total gas turbine installation capacity for power generation exceeded about more than 50 GW in 2015. These turbines will require frequent inspection and maintenance of parts such as rotors, blades, and liners among others. This will drive the market for power generation segment during the forecast period. Middle East & Africa are the potential markets for power generation gas turbine services during the forecast period.
Make an Inquiry @ https://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=222659497
North America: The leading market for gas turbine services
North America is expected to dominate the gas turbine services market owing to the large number of existing and aging gas turbines fleet in the U.S. and Canada. Large number of long term service agreements for gas turbine services are also seen this region. In addition, demand for gas turbine services for mechanical drive application for process industry will also drive the market for gas turbines services in North America.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the gas turbine services market General Electric Company (U.S.), Siemens AG (Germany), EthosEnergy (U.K), Sulzer AG (Switzerland) and Ansaldo Energia, SpA (Italy). Leading players are trying to penetrate the markets in developing economies and are adopting various strategies such as acquiring service contracts & agreements and mergers & acquisitions to increase their market share.