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Heavy Duty Gas Turbine Service Market Size

Report ID: GMI8929
Published Date: Apr 2024
Report Format: PDF

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Heavy Duty Gas Turbine Service Market Size

Heavy Duty Gas Turbine Service Market was valued at USD 16.8 billion in 2023and is anticipated to grow at a CAGR of 8.5% from 2024 to 2032. The stringent government regulations on clean power generation along with growing infrastructure development will significantly influence the industry landscape.

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Gas turbine service encompasses regular inspections, repairs, and part replacements to achieve optimal availability and reliability. Additionally, it involves maintaining, overhauling, and repairing structural components to ensure longevity and efficiency. Furthermore, the implementation of advanced technologies in renovation, along with ample access to natural gas, will have a favorable impact on the business environment.

Heavy Duty Gas Turbine Service Market Report Attributes
Report Attribute	Details
Base Year:	2023
Heavy Duty Gas Turbine Service Market Size in 2023:	USD 16.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.5%
2032 Value Projection:	USD 34.7 Billion
Historical Data for:	2019 to 2023
No. of Pages:	325
Tables, Charts & Figures:	680
Segments covered:	Service, Application, Service Provider & Region
Growth Drivers:	Upgradation of aging fleets of gas turbines Effective measures to improve the performance of power plants Stringent government norms to limit carbon emissions
Pitfalls & Challenges:	Growing penetration of other emerging technologies

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of Heavy duty gas turbine service was reached USD 16.8 billion in 2023 and is expected to register 8.5% CAGR from 2024-2032 owing to stringent government regulations on clean power generation along with growing infrastructure development worldwide.

heavy duty gas turbine service industry from the repair segment is expected to record over USD 14 billion by 2032, due to heightened focus on enhancing operating efficiency and reducing heat rate requirements.

Asia Pacific heavy duty gas turbine service industry is expected to surpass USD 11 billion by 2032 due to strengthening regulatory measures along with swift technological advancements to meet the needs of a broad consumer base in the region.

MAN Energy Solutions, Mitsubishi Heavy Industries, MJB International LLC, MTU Aero Engines AG, Opra Turbines, PROENERGY, Siemens, Sulzer, UEC-Saturn, VERICOR, Wood Group, and Zorya-Mashproekt, are some of the major heavy duty gas turbine service companies worldwide.