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. High operating temperatures of gas turbines, an efficient source of mechanical power, are creating the need for planned inspection, maintenance, and refurbishment processes.
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. Other key factors stimulating the growth of the gas turbine service market include the high displacement of conventional coal-fired plants and the rising emphasis on clean power generation.
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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.
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 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.
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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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 (President’s Emergency Plan for Adaptation and Resilience) was launched to provide $3 billion annually by the fiscal year 2024 to mitigate climate impacts.
Some of these key players include Siemens, General Electric, Mitsubishi Heavy Industries, Ansaldo Energia, MAN Energy Solutions, Kawasaki Heavy Industries
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