Gas Turbine Services Market Report 2025

The gas turbine services market size has grown strongly in recent years. It will grow from $29.25 billion in 2024 to $32.09 billion in 2025 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to aging gas turbine fleet, increased energy demand, rise in industrialization, focus on efficiency, stringent environmental regulations.

The gas turbine services market size is expected to see rapid growth in the next few years. It will grow to $47.06 billion in 2029 at a compound annual growth rate (CAGR) of 10%. The growth in the forecast period can be attributed to infrastructure development, preventive maintenance strategies, growth in air travel, rise of predictive maintenance, cost efficiency emphasis. Major trends in the forecast period include regulatory compliance, comprehensive service offerings, hybrid power solutions, fleetwide monitoring solutions, aftermarket spare parts demand.

The anticipated rise in natural gas consumption for electricity generation is expected to drive growth in the gas turbine services market. Electricity generation involves producing energy using various technologies, with natural gas being a primary fuel in natural gas power plants. Gas turbines are essential in all-natural gas facilities, where natural gas and air are injected into the turbine, combusted, and expanded to generate power by rotating a generator and a magnet. For example, in April 2024, the U.S. Energy Information Administration (EIA), a US-based agency, reported that in 2023, the electric power sector saw the most significant increase in natural gas consumption among U.S. economic sectors, rising by 7% (2.2 Bcf/d) from 33.2 Bcf/d in 2022 to a record high of 35.4 Bcf/d. Consequently, the growing consumption of natural gas for electricity generation is likely to propel the growth of the gas turbine services market.

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 June 2023, Siemens Energy AG, a Germany-based company, acquired Siemens Gamesa Renewable Energy, S.A. for $4.4 billion. This acquisition allows Siemens Energy to enhance its portfolio by integrating Siemens Gamesa's expertise in gas turbine services. Siemens Gamesa Renewable Energy, S.A. is also a Germany-based company specializing in gas turbine services.

Major companies operating in the gas turbine services market 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, 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.

North America was the largest region in the gas turbine services market share in 2024. 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.

A gas turbine is a combustion engine that converts the chemical energy of fuel into mechanical or kinetic energy. Gas turbine services play a vital role in the maintenance and repair of turbine equipment and its components. These services find applications in power generation, oil and gas production, heavy industrial processes, and aircraft propulsion.

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.

The gas turbine services market research report is one of a series of new reports that 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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