LONDON, Feb. 28, 2017 /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.
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"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).
Research Coverage:
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.
Why buy this report?
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.
2. The report helps solution providers to understand the pulse of
the market and provides insights on drivers, restraints, and
challenges.
3. The report will help key players to better understand the
competition's strategies and will help in making strategic
decisions.
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