Gas Turbine Services Global Market Report 2024

The global gas turbine services market has grown rapidly in recent years. It will grow from $26.82 billion in 2023 to $29.52 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historical period can be attributed to factors such as the aging gas turbine fleet, a surge in energy demand, the escalation of industrialization, a heightened focus on efficiency, and the implementation of stringent environmental regulations.

The global gas turbine services market is expected to see strong growth in the next few years. It will grow to $42.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The anticipated growth in the forecast period can be attributed to factors such as infrastructure development, the implementation of preventive maintenance strategies, the increasing growth in air travel, the rise of predictive maintenance practices, and a continued emphasis on cost efficiency. Major trends expected in the forecast period include a focus on regulatory compliance, the provision of comprehensive service offerings, the integration of hybrid power solutions, the adoption of fleetwide monitoring solutions, and a notable increase in demand for aftermarket spare parts.

The gas turbine services market is set for significant growth, driven by the increasing consumption of natural gas in electricity generation. With natural gas serving as a primary resource for energy creation in natural gas power plants, gas turbines play a pivotal role in this process. The electric power sector, accounting for 37% of total US natural gas consumption in 2021, highlights the integral role of gas turbines. As the demand for electricity continues to rise, particularly fueled by the electric power sector's reliance on natural gas, the gas turbine services market is poised for expansion.

The gas turbine services market is witnessing growth propelled by rising urbanization. Urban centers experiencing population concentration due to migration and natural growth face escalating energy demands. Gas turbines, crucial for efficient power generation, become indispensable for urban power plants. Gas turbine services, encompassing maintenance, repairs, and upgrades, are essential to ensure the continuous and optimal performance of these turbines. With over 50% of the global population residing in urban areas in 2022 and an expected 1.5 times increase by 2045, the demand for gas turbine services is intricately linked to the energy needs of expanding urban landscapes.

The gas turbine services market is undergoing transformation with a prominent focus on technological advancements. Major companies are at the forefront of developing innovative solutions that enhance the flexibility and applicability of gas turbine services. Mitsubishi Power's introduction of three types of gas turbine combustors, specifically designed for co-firing hydrogen blended with natural gas and burning hydrogen, exemplifies the industry's commitment to advancing technology. These combustors feature unique technologies, such as the Dry Low NOx (DLN) multi-nozzle combustor, which prevents flashbacks and enables quick mixing for efficient combustion.

Major players in the gas turbine services market are sustaining their positions through the introduction of cutting-edge products, including digital twin offerings. A digital twin offering involves a comprehensive set of services, technologies, and solutions facilitating the creation, management, and utilization of digital twins. Power Systems Mfg. LLC's launch of Data Insights, a customer-facing digital twin offering, exemplifies this trend. Data Insights, powered by ND technology, enables the easy navigation of vast quantities of plant data and analysis. This facilitates quick identification of gas turbines needing attention, allowing for efficient diagnostics and performance optimization.

In May 2021, Precision Aviation Group Inc., a U.S.-based Maintenance, Repair, and Overhaul (MRO) and supply chain solutions provider, successfully acquired Keystone Turbine Services, LLC, for an undisclosed sum. This strategic acquisition significantly expands Precision Aviation Group's global repair facility network to a total of 12 locations. Moreover, it enhances the company's Maintenance, Repair, and Overhaul (MRO) capabilities, particularly in the domain of Rolls-Royce M250 Engine services. Keystone Turbine Services, LLC, headquartered in the United States, specializes in providing gas turbine engines, modules, and accessories.

Major companies operating in the gas turbine services market report are Siemens AG, General Electric Company, Mitsubishi Heavy Industries Ltd., Ansaldo Energia SpA, MAN Energy Solutions SE, Kawasaki Heavy Industries Ltd., Caterpillar Inc., MTU Aero Engines AG, EthosEnergy Group Limited, ProEnergy Services LLC, MJB International LLC, Sulzer Ltd., Rolls-Royce PLC, Solar Turbines Incorporated, Centrax Gas Turbines Limited, OPRA Turbines BV, Welland Power Limited, Turbine Technology Services Corporation, Mechanical Dynamics & Analysis LLC, APR Energy Limited, PW Power Systems LLC, Stellar Energy Americas Inc., Alba Power Limited, National Electric Coil, Turbine Services Limited, Stork BV, TurbinePRO, Mechanical Field Support BV, Caterpillar Inc.

North America was the largest region in the gas turbine services market share in 2023. The regions covered in the gas turbine services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gas turbine services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of gas turbine services cater to heavy-duty, industrial, and aeroderivative applications. Heavy-duty gas turbines are combustion engines capable of burning a wide range of fuels, including natural gas and heavy liquid residuals. Gas turbine services for heavy-duty applications include maintenance and repair, overhaul, and the supply of spare parts. Service providers in the gas turbine industry include both Original Equipment Manufacturers (OEM) and non-OEM entities. These services are utilized by various sectors, including power generation, oil and gas, and others, contributing to the efficient operation and longevity of gas turbine equipment.

This report provides gas turbine services market statistics, including gas turbine services industry global market size, regional shares, competitors with a gas turbine services market share, detailed gas turbine services market segments, market trends and opportunities, and any further data you may need to thrive in the gas turbine services industry. This gas turbine services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The gas turbine services market includes revenues earned by entities by providing overhaul and spare parts supply services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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