NEW YORK, Nov. 22, 2016 /PRNewswire/ -- "Gas turbine services market is projected to grow at a CAGR of 4.1% from 2016 to 2021"
The gas turbine services market is projected to reach USD 18.45 billion by 2021, growing at a CAGR of 4.1% from 2016 to 2021. Gas turbine services are done for both heavy-duty and aero-derivative type of gas turbines. Rise in gas turbine installation for combined cycle plants, along with the upgradation of current gas turbine fleet drives the market for gas turbines services for power generation segment. Increasing focus on renewable energy for power generation restricts the market growth for gas turbines services.
"Power generation segment is expected to dominate the gas turbine services industry during the forecast period"
On the basis of end-user segment, the market for power generation segment is expected to dominate the gas turbine services market. Majority of the demand comes from the North American region, especially from the U.S. where upgradation of aging fleet of gas turbines is required. Also, the demand for gas turbine services will be increasing in Far East region of Asia-Pacific with large number of gas turbine installation in 2015. Thus, power generation segment dominated the gas turbine services market and is expected to dominate during the forecast period. The gas turbine services market is dominated by the power generation industry. However, the turbine services for metal processing and chemicals is expected to project fastest CAGR during the forecast period. The growth is attributed to the increased installation of aero-derivative gas turbines in industries such as metal processing and chemicals.
"North America: The largest market for gas turbine services, whereas Middle East & Africa growing at the highest rate"
North America is currently the largest market for gas turbine services, closely followed by the Asia-Pacific. The gas turbine services market in North America is primarily driven by the demand of gas turbine services from the U.S. The current emission norms imposed by EPA on gas turbines and aging fleet upgrades are potential drivers for gas turbine services.
The U.S. is the potential market for gas turbine services contributing about two-third of North American gas turbine services market during the forecast period. The Middle East & Africa is expected to grow at a fastest CAGR owing to the rise in gas turbine installations for combined cycle power plants in countries such as Saudi Arabia, and UAE.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 35%, Tier 2- 45%, Tier 3- 20%
By Designation: C-Level- 35%, D-Level- 25%, Others- 40%
By Region: Middle East- 35%, North America- 30%, Asia-Pacific- 20%, Europe- 10%, Rest of the World- 5%
Note: The tier of the companies has been defined on the basis of their total revenue, as of 2015: Tier 1 = >USD 20 billion, Tier 2 = From USD 10 billion to USD 20 billion, and Tier 3 =
The leading players in the gas turbine services market include General Electric Company (U.S.), Siemens AG (Germany), EthosEnergy (U.K), Sulzer AG (Switzerland) and Ansaldo Energia, SpA (Italy).
The gas turbine services market has been segmented on the basis of type, service, end-user, service provider. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, and technological overview. It also covers various important aspects of the market. The global gas turbine services market is analyzed with respect to five regions, namely, North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
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1. The report identifies and addresses key markets for gas turbine services market, which is useful for service providers to review the growth in demand for the product.
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