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The gas turbine services market is projected to reach $18.45 billion by 2021, growing at a CAGR of 4.1% from 2016 to 2021. Gas turbine services are done for both heavy-duty and aeroderivative type of gas turbines. Rise in gas turbine installation for combined cycle plants, along with the upgradation of current gas turbine fleet drives the market for gas turbines services for power generation segment. Increasing focus on renewable energy for power generation restricts the market growth for gas turbines services.
Above are findings of "Gas Turbine Services Market by Type, Service, End-User, Service Provider, and Region - Global Forecast to 2021" report by Research and Markets.
Power generation segment is expected to dominate the gas turbine services industry during the forecast period.
On the basis of end-user segment, the market for power generation segment is expected to dominate the gas turbine services market. Majority of the demand comes from the North American region, especially from the U.S. where upgradation of aging fleet of gas turbines is required.