The Gas Turbine and Turbine Services Market is set to grow at around 4% CAGR during 2023-28, predicts MarkNtel Advisors in their recent research study. It includes a thorough analysis of the most recent trends, developments, drivers, restraints, challenges, and opportunities in the market as well as a projection of how the market will grow across various segments and regions over the coming years.
This study also provides a detailed analysis of the industry, including market size, revenue distribution, and expansion prospects, taking into account all relevant market segments and statistical information. According to various discussed segment types, the study breaks into the market size, characteristics, and growth. The status of market development and market trends are also studied in the report. Additionally, it divides the market into categories for detailed analysis that reveals the market characteristics and future possibilities.
The Market Report Highlights:
➤Evaluation of the market
➤Enhanced Insights
➤Competitive Environment
➤Impact analysis for COVID
➤Historical data, projections, and estimates
➤Business Profiles
➤Regional and Dynamics
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Gas Turbine and Turbine Services Market Growth Drivers and Upcoming Challenges –
- Escalating Energy Requirements Worldwide
Electricity demand is skyrocketing due to rapid urbanization and industrialization, as well as increased infrastructure development and smart home construction activities around the world. To meet these demands, both the public and private sectors are building new power plants or expanding the capacity of existing ones, which is leading to an increase in the use of gas turbines in these power plants because they are less harmful. These trends indicate that the Gas Turbine and Turbine Services Market will be profitable between 2023 and 2028.
- Fluctuating Prices of Natural Gas
The arrival of Covid-19 in 2020 has had a negative impact on natural gas demand. Natural gas supply disruptions and geopolitical tensions are causing uncertainty in gas availability, which has increased gas price volatility. Gas prices in the United States have dropped dramatically as a result of shale gas extraction. However, prices in the rest of the world are relatively high. These factors are likely to limit the Gas Turbine and Turbine Services Market’s growth in the coming years.
Gas Turbine and Turbine Services Market Segment Analysis:
The segmentation analysis section of the report focuses on the Gas Turbine and Turbine Services Market performance across various segments & geographies, which can help stakeholders plan their investments in order to increase their visibility, product portfolio, and clientele, which will ultimately lead to significant revenue generation in the forecast years.
Market Distributed into, By Revenues
Market Distributed into, By Volume
Market Distributed into, By Type
Market Distributed into, Gas Turbine Sales
-Heavy Duty Turbine
–Aeroderivative Turbine
–Industrial Turbine
-Gas Turbine Services
–Overhaul
–Maintenance and Repair
Market Distributed into, By Service Provider
-OEM
-Non-OEM
Market Distributed into, By Application
-Power Generation
-Oil & Gas
-Other Industrial Application
Market Distributed into, By Capacity
-Below 15 MW
-Above 15 MW
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Regional Landscape –
In term of Geographical front, the Gas Turbine and Turbine Services Market expands across the following region: –
-North America
-Europe
-Asia Pacific
-Middle East & Africa
-South America
The effect of COVID-19 on market demand is considered when determining market size and growth trends for all regions and countries based on the following information:
- ➤Global & Regional Impact Assessment of COVID-19 Pandemic
- ➤Market Revenue Forecast by 2023-2028
- ➤Key Strategies employed by Companies to Tackle COVID-19
- ➤Long Term & Short-Term Dynamics
Competitor Analysis:
This section contains comprehensive data on a number of key market competitors, as well as information on recent changes, market contributions, and effective marketing methods. The report also provides a dashboard summary of the historical and current performance of the top corporations. The research report employs a number of approaches and analyses to offer comprehensive and reliable market data. The market study offers market growth prospects, drivers, opportunities, industry-specific risks and challenges, market share, and market growth rates.
In a fluent manner, the study also discusses key financial deals, import-export commerce, and the state of the world markets. Industry-specific SWOT analysis, Industry Concentration Ratio, and the most recent market share changes are all presented statistically in the form of tables, figures, graphs, and charts for simple comprehension.
The companies profiled in the Gas Turbine and Turbine Services Market report are: –
-GE
-Siemens
-Westinghouse
-Alstom
-MH Power
Market Development by Leading Companies –
- In October 2019, GE Power improved the operational efficiency & performance of ADNOC Refining’s Ruwais General Utilities Plant by implementing its MXL2 upgrade solution on two GE 13E2 gas turbines. It resulted in increasing the total output of turbines by up to 23 megawatts using the same amount of fuel. It has also helped improve the availability of each turbine by an additional 6 days per annum by prolonging the duration of gas turbine maintenance intervals, thereby lowering operational costs.
- The same year, in September, Siemens attained a turnkey contract from specialty chemical group Evonik Industries to construct a combined cycle power plant at the Marl Chemical Park in North Rhine-Westphalia, Germany. This power plant will include two units with 90MW capacity each, generate electricity, and process steam for the chemical park.
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