Future Forward: Key Trends and Projections for the Gas Turbine and Turbine Services Market 2028

Global Gas Turbine and Turbine Services Market Overview:

According to MarkNtel Advisors study the Global Gas Turbine and Turbine Services Market is projected to grow at a CAGR of around 4% during the forecast period, i.e., 2023-28. Most of the market would be driven by the uplifting demand for highly efficient gas turbines, reduction in the prices of natural gas, and surging shale gas production. Gas turbine services provide reduced operational costs improved safety life of the equipment. However, the need for specialized trained human power to stimulate the turbines makes it an expensive process. Moreover, increasing environmental concerns due to rising carbon emissions via coal-based power generation are propelling the adoption of natural gas-based turbines, globally.

Key Findings of the Study: Gas Turbine and Turbine Services market

Global Gas Turbine and Turbine Services Market Driver:

Escalating Energy Requirements Worldwide - With rapid urbanization industrialization, coupled with increasing infrastructural developments smart home construction activities worldwide, the electricity demand is increasing enormously. To cater to these requirements, both public private sectors are either installing new power plants or expanding the capacity of their existing ones, i.e., leading to increasing installation of gas turbines in these power plants as they are less harmful. These trends project lucrative prospects for the Gas Turbine and Turbine Services Market during 2023-28.

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Scope of the Gas Turbine and Turbine Services Market Report Segmentation

-By Revenues

-By Volume

-By Type

Gas Turbine Sales
Gas Turbine Services

-By Service Provider

OEM
Non-OEM

-By Application

Power Generation
Oil Gas
Other Industrial Application

-By Capacity

30 MW and Below
31 MW to 100 MW
101 MW to 200 MW
Above 200 MW

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Geographical analysis:

-By Region

North America
Europe
Asia Pacific
Middle East Africa
South America

Of all regions globally, North America dominates the Gas Turbine and Turbine Services Market. It owes to the extensive availability of gas-driven turbine plants and a surge in shale gas exploration activities across the region. In 2020, the US Energy Information Administration (EIA) said, Natural gas generates about 40% of US electricity. Coal was the third-largest energy source for US electricity generation, accounting for around 19%. As a result, the increasing use of natural gas in North America, especially across the US is fueling the regional market growth.

Current Landscape of Gas Turbine and Turbine Services Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Gas Turbine and Turbine Services market. The research report profiles major players, including

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General Electric
Siemens AG
Mitsubishi Hitachi Power Systems, Ltd.
Kawasaki Heavy Industries, Ltd.
Ansaldo Energia S.P.A.
BHEL
Westinghouse
Sulzer AG
MH Power
EthosEnergy
MJB International
MTU Aero Engines AG
Turbine Services and Solutions LLC
Solar Turbines Inc.
Centrax Gas Turbines
Others

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