According to a new report published by Allied Market Research, titled, “Gas Turbine Service Market,” The gas turbine service market size was valued at $19.6 billion in 2021, and gas turbine services industry is estimated to reach $32.1 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
The demand for gas turbines is rising in the power generation sector due to stricter emission regulations. Industries like chemicals, metals, and manufacturing are key contributors to this growth. Natural gas production is also increasing significantly, with the IEA reporting a record 4,088 billion cubic meters in 2019. Gas turbines are favored for being cost-effective, efficient, reliable, and more environmentally friendly than other fuel-based engines. According to Eurostat, natural gas makes up 36% of the EU’s energy consumption. Its widespread use in heating, power generation, and marine applications is driving demand for gas turbines and, in turn, boosting the gas turbine service market.
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Key growth drivers of the Gas Turbine Service Market:
- Aging Infrastructure and Fleet Retrofitting: Many existing gas turbines have surpassed their original operational lifespans, driving demand for maintenance, upgrades, and overhauls to extend their service life and improve efficiency.
- Growing Demand for Electricity: Rapid urbanization and industrialization, especially in emerging economies, are increasing the demand for reliable electricity, pushing utilities to maintain and service their gas turbines regularly.
- Shift Toward Cleaner Energy Sources: Gas turbines are increasingly favored over coal-based plants due to their lower carbon emissions, fueling the need for efficient servicing to maintain performance.
- Rise in Renewable Energy Integration: As intermittent renewable sources like solar and wind are added to the grid, gas turbines are used for balancing loads, increasing the frequency and importance of maintenance services.
- Technological Advancements: Innovations such as predictive maintenance, digital twins, and AI-based monitoring systems are making turbine servicing more efficient, boosting market growth.
- OEM and Aftermarket Expansion: Original equipment manufacturers and third-party service providers are expanding their maintenance, repair, and overhaul (MRO) offerings to cater to increasing demand across regions.
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The gas turbine service market is experiencing steady growth, driven by the rising demand for reliable and efficient power generation across industrial and utility sectors. As aging gas turbines require maintenance, repair, and overhaul (MRO) services, the aftermarket segment continues to expand. Technological advancements, such as predictive maintenance and digital monitoring, are reshaping service strategies by minimizing downtime and improving operational efficiency. Moreover, the shift toward cleaner energy sources is encouraging the upgrade of existing turbines to improve fuel flexibility and lower emissions, further boosting the demand for gas turbine services. Growing power infrastructure in emerging economies and increasing investments in combined cycle power plants also support market expansion.
Heavy-duty gas turbines, which accounted for over 51% of the market share in 2022, continue to dominate due to their wide range of applications in chemical plants, refineries, and power utilities . The power generation sector remains the largest end-user, comprising more than 67% of the market share in 2022, driven by population growth and rapid urbanization increasing the demand for power . Additionally, advancements in turbine technology, such as operational flexibility, efficiency improvements, and emissions reduction, are enhancing the appeal of gas turbines, further propelling market growth
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The global gas turbine service market forecast is segmented on the basis of by turbine type, turbine capacity, service type, sales channel, end use and region. On the basis of turbine type, it is segmented into heavy duty, industrial, and aeroderivative. On the basis of turbine capacity, the market is segmented into less than 100 MW, 100-200 MW, and more than 200 MW. On the basis of service type, it is segmented into maintenance & repair, overhaul, spare parts supply. On the basis of sales channel, the market is bifurcated into OEM and aftermarket. In addition, on the basis of end use, the global gas turbine service market is segmented into power generation, oil & gas, and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest gas turbine service market share, followed by Asia-Pacific and Europe.
The major companies profiled in this report include Siemens AG, General Electric, Mitsubishi Heavy Industries, Ansaldo Energia, MAN Energy Solutions, Kawasaki Heavy Industries, Baker Hughes Company, Caterpillar, Opra Turbines, MTU Aero Engines AG, EthosEnergy, PROENERGY, MJB International LLC, Sulzer, and Centrax Gas Turbines. Due to rapidly development of industrialization, modernization has led to the development of demand for power from heavy manufacturing industries, and light manufacturing industries which in-turn has fueled the demand for gas turbine. The presence of the demand for the gas turbine and on-going Upgradation of various thermal power plants in the developing countries is driving the demand for gas turbine service market.
Key findings of the study
- North America would exhibit CAGR of 4.7% during 2022-2031.
- As per global gas turbine service market analysis, by turbine type, the heavy duty segment accounted more than ½ market share in 2021.
- By turbine capacity, more than 200 MW possess market share of 42.5% in 2021.
- By service type, spare parts supply and maintenance & repair segment in total contributed market share of 88.4% in 2021.
- By sales channel, aftermarket segment is expected to possess a CAGR of 5.5% from 2022 to 2031
- By end use, power generation segment has largest market share in 2021.
