A recent report by MarkNtel Advisors reveals that the Gas Turbine and Turbine Services Market is expected to grow at a compounded annual growth rate (CAGR) of approximately 4% during 2023-28. The report provides a detailed understanding of the industry, including key drivers, challenges, opportunities, and latest trends. It also examines the competitive landscape & recent advancements made by leading companies operating in the industry, along with their range of product/service offerings, growth strategies, and presence in different regions/countries.

Our experts have used both primary & secondary research methods to gather accurate and comprehensive information about the Gas Turbine and Turbine Services Market. The study also covers potential growth barriers to the market and highlights untapped opportunities while providing recommendations for stakeholders to prepare for unexpected situations that may arise in the future. The report considers historical data from 2023-28 as the starting point and provides forecasts for the years 2023 to 2028. All market values presented are in USD Million/Billion.

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Goals of the Gas Turbine and Turbine Services Market Research Study

  • To provide valuable insights into aspects like drivers, challenges, opportunities, threats that impact the growth of the Gas Turbine and Turbine Services Market
  • To have a complete understanding of the value chain through Porter's five forces model
  • To identify positioning of major participants in the Gas Turbine and Turbine Services Market, along with their competitive advancements like collaborations, mergers & acquisitions, new product releases, and investments in research & development.
  • To provide thorough information to stakeholders on growth opportunities in fast-growing segments

Market Dynamics

Key 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 Global Gas Turbine and Turbine Services Market during 2023-28.

Recent Developments

  • 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.

A Detailed Analysis of Major Segments Driving the Gas Turbine and Turbine Services Market Growth

In this section, the report explores the Gas Turbine and Turbine Services Market's dynamic landscape, dissected into multiple segments and sub-segments, along with pivotal factors propelling industry growth, to help stakeholders optimize their positioning, target audience, and revenue tactics.

Based on Type

- Gas Turbine Sales

-- Heavy Duty Turbine

-- Aeroderivative Turbine

-- Industrial Turbine

- Gas Turbine Services

-- Overhaul

-- Maintenance and Repair

Based on Service Provider

- OEM

- Non-OEM

Based on Application

- Power Generation

- Oil & Gas

- Other Industrial Application

Based on Capacity

- 30 MW and Below

- 31 MW to 100 MW

- 101 MW to 200 MW

- Above 200 MW

Geographically, the Gas Turbine and Turbine Services Market expands across:

- North America

- Europe

- Asia Pacific

- Middle East & Africa

- South America

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Note: The Gas Turbine and Turbine Services Market research report can be tailored as per individual client needs, providing comprehensive & valuable insights at various levels. This personalized approach enables clients to understand the industry's true potential, effectively tackle growth challenges, devise effective strategies, and make well-informed decisions to maintain a competitive edge in the industry.

Gas Turbine and Turbine Services Market Research Report: Key Questions Addressed

  • What is the estimated size, share, & CAGR of the Gas Turbine and Turbine Services Marketduring 2023-28?
  • Which segments & sub-segments are considered most prevalent in the Gas Turbine and Turbine Services Marketresearch study?
  • What are the major regions/countries would offer remunerative prospects to the key players in the Gas Turbine and Turbine Services Market?
  • What are the geographical trends and recent developments in the Gas Turbine and Turbine Services Market?
  • Which products/services would witness rapidly growing demand in the Gas Turbine and Turbine Services Market through 2028?

A Detailed Assessment of Major Companies in the Gas Turbine and Turbine Services Market and their Key Growth Strategies

The competitive landscape section of the report unveils the top players in the Gas Turbine and Turbine Services Industry, their financials, resources, product offerings, market share, strategic initiatives, R&D investments, strengths, & weaknesses. All the findings & hypothesis on the market ecosystem have been carefully validated through a detailed Porter's five forces analysis.

Companies like,

- 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

often involve in collaborations for joint venture programs & resource sharing to achieve their objectives efficiently.

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About MarkNtel Advisors

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals. Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.

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