Gas turbines are combustion engines that converts natural gas and other liquid fuels to mechanical energy which is used by the generator to produce electrical energy. This electrical energy is then moved to power lines to industries and homes. Gas turbine generally includes maintenance, repair and overhaul for both onshore and offshore locations. These services help in improving power plant capacity. The global gas turbine services market is estimated to expand at 4.50% CAGR during the forecast period.

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The growing demand for gas turbine services market is attributed to the growing production of shale gas and stringent emission norms for gas turbine. Also, major oil & gas companies especially in North America require efficient services for their existing and ageing gas turbine fleet which would drive the growth of gas turbine services market. One of the major restraints for the global gas turbine services market is the rising cost of spare parts, labor costs, & transportation costs.

Key Players

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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Industry Segmentation

Based on end-user, the market is segmented as power generation, oil & gas, and other industrials. Power generation segment is estimated to dominate the market during the forecast period due to the increase in demand for gas turbines for combined cycle power plants. These turbines would require frequent inspection and maintenance of parts such as rotors, blades, and liners among others. This would drive the market for power generation segment during the forecast period. 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.

Regional Outlook

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.

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