Total Market for Gas Turbine Services Could Reach $18.45B by 2021


By Editors of Power Engineering

Research group MarketsandMarkets have projected the total market for gas turbine services could reach $18.45 billion by 2021.

In a report, the group indicated the gas turbine market will have a compound annual growth rate of 4.1 percent over the next five years. The current size of the market is estimated to be $15.11 billion.

MarketsandMarkets estimated the growth will be largely due to emission regulations and upgrades on aging gas turbine drives.

Power generation will consist of nearly half of the total gas turbine market, due to the rise in demand for gas turbines for combined-cycle power plants. Gas turbine installation reached 50 GW in 2015.

North America will dominate the gas turbine market due to the large number of existing gas turbines, many of which need to be serviced or replaced.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...