The gas turbine services market is expected to reach $18.45 billion by 2021, with a compound annual growth of 4.1% between 2016 to 2021, research group MarketsandMarkets said.
In a recent report on the global gas turbine market, the consultancy said this was partly on the back of more stringent emission regulations being enforced worldwide, as well as upgrades being conducted on the ageing existing gas-fired generation capacity.
The maintenance segment is expected to hold the largest share of gas turbine services market, by service, during the forecast period, it also said, adding that the segment “led the overall gas turbine services market in 2015.”
The market in 2015 is estimated to be worth $15.11 bil.
“Almost half of the gas turbine services market is expected to be dominated by the maintenance service owing to rise in demand inspection and monitoring services for newly installed gas turbines” the company said.
In addition, the “advent of gas turbine monitoring services such as intelligent condition monitoring and big data analytics for preventive and predictive maintenance will drive the market for maintenance services” it said, adding that “however, the overhaul services is expected to grow at a fastest rate during the forecast period.”
Meanwhile, power generation is expected to hold almost half of the gas turbine market during the forecast period, with the market being driven by the rise in demand for gas turbines for combined cycle power plants.
The total gas turbine installation capacity for power generation exceeded about more than 50 GW in 2015, it noted. “These turbines will require frequent inspection and maintenance of parts such as rotors, blades, and liners among others” and “this will drive the market for power generation segment during the forecast period” particularly in the Middle East & Africa markets.
Overall, North America is expected to dominate the gas turbine services market “owing to the large number of existing and ageing gas turbines fleet in the U.S. and Canada.”
In addition, demand for gas turbine services for mechanical drive application for process industry will also drive the market for gas turbines services in North America, it said.