Gas Turbine Service Market revenue to cross USD 35 Bn by 2030: Global Market Insights Inc.

Selbyville, Delaware, May 11, 2022 (GLOBE NEWSWIRE) —

The gas turbine service market size is expected to record a valuation of USD 35 billion by 2030, according to the most recent study by Global Market Insights Inc.  

The market growth is attributed to the government efforts to mitigate environmental concerns caused by coal-fired plants along with robust expansion of sustainable power generation technologies. Increasing efforts for power capacity augmentation to meet the constantly rising power demand will foster the business potential. The integration of a sustainable energy mix into optimized energy resource management schemes will positively impact the industry landscape.

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Overhaul gas turbine service market is predicted to observe a 7.6% growth rate till 2030 due to the growing demand for electricity and surging deployment of utility-scale gas power plants. It includes washing, stripping, crack testing, building, inspection, and testing of gas turbines. It includes the refurbishment of all required components including compressors and all parts of the combustion section. In addition, the integration of a sustainable energy mix into optimized energy resource management schemes will boost the market expansion.

The power plant operators are focusing on the adoption of effective measures to increase the performance of power plants. The ever-increasing electricity demand stimulated by robust industrialization, increasing population & economic growth has led to the optimization of energy production. Paradigm shift toward timely maintenance to achieve maximum availability & reliability from the power plants will favor the business scenario.

Europe gas turbine service market is projected to witness significant growth owing to the favorable government plans for power capacity additions driven by the surging industrialization and population. Declining gas prices with favorable incentive schemes to promote the installation of sustainable power generating technologies will propel the demand for gas turbine services. Moreover, rising concerns pertaining to emissions favored by national emission targets across the region will positively influence the industry expansion.

Key players operating across the gas turbine service market are Siemens, General Electric, Mitsubishi Heavy Industries, Ansaldo Energia, MAN Energy Solutions, Kawasaki Heavy Industries, UEC-Saturn, Baker Hughes Company, Caterpillar, Opra Turbines, VERICOR, MTU Aero Engines AG, Zorya-Mashproekt, EthosEnergy, PROENERGY, MJB International LLC, Sulzer, and Centrax Gas Turbines.

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Some key findings of the gas turbine service market report include:

  • Favorable industry inclination to improve the performance of gas turbines to fulfil increasing electricity demand will accelerate the business expansion.
  • Declining gas prices and favorable government finding schemes will fuel the demand for gas turbine services across the process plants.
  • The deployment of improved reconditioning technologies to restore combustion engine parts in line with advanced solutions for reconditioning processes will complement the industry growth.

Table of Contents (ToC) of the report

Chapter 2   Executive Summary
2.1    Gas turbine service industry 3600 synopsis, 2018 – 2030
2.1.1    Business trends
2.1.2    Product trends
2.1.3    Service trends
2.1.4    Application trends
2.1.5    Service provider trends
2.1.6    Regional trends

Chapter 3   Gas Turbine Service Market Insights
3.1    Industry ecosystem analysis
3.2    Innovation & technology landscape
3.3    Regulatory landscape
3.4    COVID- 19 impact on the industry outlook
3.5    Industry impact forces
3.5.1    Growth drivers    Effective measures to improve the performance of power plants    Focus on clean energy generation    Upgradation of aging fleets of gas turbines    Stringent government norms to limit carbon emissions    Reducing dependency on conventional coal-fired power plants
3.5.2    Industry pitfalls & challenges    Growing penetration of other emerging technologies
3.6    Growth potential analysis
3.7    Porter’s Analysis
3.8    Competitive landscape, 2021
3.9    PESTEL Analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.