Report: Gas Turbine Service Market Blows past $41B by 2025
The global gas turbine service market could reach $41.6 billion (U.S.) annually by 2025, according to a new report by Grand View Research. The global orders for industrial gas turbines totaled 581 in 2016, 12 more than ordered two years earlier, according to Diesel & Gas Turbine Worldwide. 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 as of 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. GE Power, MHPS Americas, Siemens and MAN are scheduled as exhibitors for the POWER-GEN International conference scheduled December 4-6 in Orlando.
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