Global Gas Turbine Services Market Size & Outlook
Global gas turbine services market, 2018-2030 (US$M)
Related Markets
Global gas turbine services market highlights
- The global gas turbine services market generated a revenue of USD 37,461.9 million in 2023 and is expected to reach USD 71,959.9 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 9.8% by 2030.
- In terms of segment, heavy duty accounted for a revenue of USD 19,189.5 million in 2023.
- Heavy Duty is the most lucrative turbine type segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2023.
- Country-wise, France is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 37,461.9 million |
| Market revenue in 2030 | USD 71,959.9 million |
| Growth rate | 9.8% (CAGR from 2023 to 2030) |
| Largest segment | Heavy duty |
| Fastest growing segment | Heavy Duty |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Heavy Duty, Industrial, Aeroderivative |
Other key industry trends
- In terms of revenue, the North America accounted for 20.0% of the global gas turbine services market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, France is the fastest growing regional market and is projected to reach USD 393.3 million by 2030.
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Gas Turbine Services Market Scope
Gas Turbine Services Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global gas turbine services market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to gas turbine services market will help companies and investors design strategic landscapes.
Heavy duty was the largest segment with a revenue share of 51.22% in 2023. Horizon Databook has segmented the Global gas turbine services market based on heavy duty, industrial, aeroderivative covering the revenue growth of each sub-segment from 2018 to 2030.
According to the United Nations, in 2020 the global population is 7.8 billion, of which approximately 1 billion people are deprived of electricity. The world population is projected to reach 8.6 billion by 2030, thereby driving the energy requirement even further. The global electricity demand is anticipated to witness an increase of nearly two-thirds the current demand over the forecast period.
Growing focus on projects related to distributed power utility is anticipated to bolster the market growth over the next eight years. The projected growth in gas turbine business is also likely to create more growth potential for the service sector in this industry.
Coal is the major source for generating electricity worldwide; however, considering the degradation of coal reserves and its adverse environmental impact, there has been a rise in the use of natural gas and other renewable sources of energy for the production of electricity.
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Target buyers of Global gas turbine services market databook
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Our clientele includes a mix of gas turbine services market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of global-level data and insights on the Global gas turbine services market , including forecasts for subscribers. This global databook contains high-level insights into Global gas turbine services market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global gas turbine services market size, by regions, 2018-2030 (US$M)
Top 10 countries: Gas turbine services market size, 2023 (US$M)
Global gas turbine services market share, by turbine type, 2023 & 2030 (%, US$M)
Gas turbine services market: Opportunity assessment by country
Global gas turbine services market, by region, 2023 (US$M)
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