The global gas turbine services market is projected to grow at a high rate during the forecast period, mainly due to the stringent emission norms for gas turbine and shale gas production boom. According to EIA, the accelerating pace of technological advancement in the oil & gas industry would result in growing per well recoveries and increase in the production of shale gas. As per EIA, the share of natural gas would increase from 34% in 2018 to 39% by 2050 due to growth in drilling activities. Thus, the increase in natural gas production would put downward pressure on natural gas prices which would lead to increased share of electricity generated through natural gas. This would boost the market growth of gas turbine services globally.
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Global gas turbine services market has been segmented based on type, service, service provider, end-user, and region.
Based on service, the market is classified into maintenance, repair, and overhaul. Maintenance segment is expected to dominate the gas turbine service market during the forecast period owing to rise in demand inspection and monitoring services for newly installed gas turbines.
The global gas turbine services market is further segmented based on end-user, including power generation, oil & gas, and other industrial.
Considering the service, the market is segmented as maintenance, repair, and overhaul. Wireless sensors in the oil & gas industry are installed in all the upstream, midstream, and downstream processes. Wireless sensors have a wide variety of applications in the oil & gas industry varying with different requirements and characteristics.
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Region wise, North America held the largest market share of the global gas turbine services market in 2017. Large number of ageing gas turbines fleet especially in the US and Canada would drive the market for gas turbine services. 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 would have a positive impact on gas turbines services market in North America.
The key players of the global gas turbine services market are General Electric (US), Siemens (Germany), Sulzer (Switzerland), Ansaldo Energia (Italy), Kawasaki Heavy Industries (Japan), MAN Diesel & turbo (Germany), Mitsubishi Hitachi Power Systems (Japan), MTU Aero Engines (Germany), Proenergy Services (US), MJB International (UAE), Shanghai Electric Group (China), and others.
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