Gas turbine service market will exceed $41 billion by 2025: Report

The global gas turbine service market could reach $41.6 billion (U.S.) annually by 2025, according to a report by Grand View Research.

The growing market should push for expanded services for inspection, maintenance and repair of facilities.

Other key findings from the report include an anticipated 8.5 percent annual growth rate through 2025. The global gas turbine service market was valued at $23.9 billion last year.

The gas-fired turbine industry is highly consolidated and consists of five major players, the report noted. Those are GE Power, Siemens AG, Mitsubishi Hitachi Power Systems (MHPS), Kawasaki Heavy Industries and MAN Energy Solutions.