Global Gas Turbine and Turbine Services Market Analysis, 2021

The growth of the market is attributed to rising up-gradation of gas turbine fleet, an inclination toward gas-based power generation is revamping the electricity generation infrastructure.
 
DELTA, British Columbia - Jan. 29, 2021 - PRLog -- The growing popularity of natural gas-powered turbines, robust urbanization and industrialization across the globe coupled with boost in government initiatives to reduce carbon emissions and mounting power generation from gas turbines are some of the major factors projected to fuel the growth of Global Gas Turbine and Turbine Services market over the forecast period. Besides these, escalating production of shale gas, snowballing installations of gas turbine in combined cycle power plants and mounting fleet in aging gas turbines are some of the factor propelling the growth of the market in the forthcoming timeline.

According to MarkNtel Advisors' research report "Global Gas Turbine and Turbine Services Market Analysis, 2021", the Global Gas Turbine and Turbine Services market is anticipated to grow at a CAGR of around 4% during 2021-26. Based on Type, Gas Turbine Service acquired the significant market share in 2020. The demand for maintenance and repair service type is increasing due to growing awareness regarding periodic maintenance among the end-users. However, the Gas turbine sales segment is also propelling at a robust rate due to increasing installation of heavy-duty turbine in chemical plants, refineries, and power utilities.

"Global Gas Turbine and Turbine Services Market Analysis, 2021" provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Gas Turbine and Turbine Services providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

North America Acquired the Highest Market Share

North America acquired the highest market share in the Gas Turbine and Turbine Services market in 2020 on account of significant surge in the energy demand from manufacturing plants and other industrial establishments and increasing developments in the power generation sector in countries such as the US and Canada. The U.S. grabbed the largest chunk in the North America market. The growth is accredited to declining costs related to power generation, burgeoning technological advancements in the gas turbine and robust growth in the power generation are some of the factor influencing the demand for Gas Turbine and Turbine Services in the forthcoming period as stated in MarkNtel Advisors' research report "Global Gas Turbine and Turbine Services Market Analysis, 2021".

Get the sample copy of the report: https://www.marknteladvisors.com/query/request-sample/global-gas-turbine-and-turbine-services-market.html

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Industry:Energy
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