Gas Turbine Service Market Update, Analysis, Forecast, 2022 – 2030 (1)

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Gas Turbine Service Market Update, Analysis,
Forecast, 2022 2030

• The Gas Turbine Service Market is thus projected
  to witness an upward trend, owing to the
  increasing pipeline of gas-fired power plants in
  developed economies. According to a Global Market
  Insights Inc. report, the gas turbine service
  industry from the overhaul segment will depict a
  growth rate of 7.6 through 2030.
• Gas turbine service providers are specialized in
  the repair, maintenance, and overhaul of turbines
  for applications that have risks of corrosion.
  Oil and gas producers, for example, are
  increasingly relying on gas turbine overhaul
  services to reduce downtime and increase
  productivity.
• In April 2022, the Biden administration also
  launched a 6 billion effort to upgrade nuclear
  power plants at risk of closing to ensure
  carbon-free power generation and combat climate
  change. This strong focus on upgrading nuclear
  power plants to generate clean electricity could
  potentially repower aging fleets of gas turbines
  and subsequently add impetus to the gas turbine
  service market across the U.S.

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• While overall natural gas-fired power generation
  is expected to increase by 1 in 2021, there was
  more than a 20 surge in the first 5 months of
  2021 in the EU as compared to a year earlier,
  based on data from the EIA. These factors,
  alongside the potential rise in acceptance of
  low-carbon fuels like hydrogen for power plants,
  could support the business growth of gas turbine
  parts and services providers.

• In August 2021, Siemens received an order from
  India-based Oil and Natural Gas Corporation
  Limited to overhaul 18 units of RT48S and RT56
  power turbines and bring them to zero-hour
  status. This overhaul was intended to allow the
  turbines to function for another 100,000 hours
  before the next overhaul, resulting in safe and
  reliable operations of turbine units.

• High operating temperatures of gas turbines, an
  efficient source of mechanical power, are
  creating the need for planned inspection,
  maintenance, and refurbishment processes.

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• Regional Analysis

• According to the U.S. EIA (Energy Information
  Administration), over 27.3-GW of new natural
  gas-fired power generation capacity is expected
  to enter operation in 2022-2025, a 6 hike from
  the capacity of 489.1-GW as of August 2021.
• In the U.S., the administration has demonstrated
  a strong commitment to achieving a net-zero
  footprint and curbing climate impacts. For
  example, President Joe Biden has pledged to cut
  greenhouse gas emissions by 50 to 52 by 2030.
  To that end, in November 2021, the PREPARE
  (Presidents Emergency Plan for Adaptation and
  Resilience) was launched to provide 3 billion
  annually by the fiscal year 2024 to mitigate
  climate impacts.

• Competitive Analysis

• Siemens, General Electric, Mitsubishi Heavy
  Industries, Ansaldo Energia, MAN Energy
  Solutions, Kawasaki Heavy Industries, UEC-Saturn,
  Baker Hughes Company, Caterpillar, Opra Turbines,
  VERICOR, MTU Aero Engines AG, Zorya-Mashproekt,
  EthosEnergy, PROENERGY, MJB International LLC,
  Sulzer, and Centrax Gas Turbines.

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