According to the research report titled ‘Global Gas Turbine and Turbine Services Market Analysis, 2021’, available with Market Study Report, global gas turbine and turbine services market is speculated to grow at an annual rate of 4% between 2021-2026.
 

High inclination towards using gas-based power generation units and modernization of aging systems has led to significant advancements in electricity generation infrastructure, which in turn is one of the key factors driving global gas turbine and turbine services market growth. Furthermore, stringent norms to lower greenhouse gas emissions and surging demand for gas turbines owing to growing shale gas production are also contributing towards industry expansion.
 

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Speaking of COVID-19 impact, the enforcement of lockdown has decreased the electricity demand in the industrial and commercial sectors worldwide which affected oil production and led to a drop in its price, thereby hampering the overall industry remuneration.
 

As per the service provider, the industry is divided into OEM and non-OEM. The report cites that the OEM segment held majority of the worldwide gas turbine and turbine services market share in the recent past, primarily due to introduction of modern technologies, surging investments in R&D activities, and high presence of key companies.
 

The worldwide scope of operations of this business space involves regions such as North America, Europe, Asia Pacific, South America and Middle East & Africa. The country level segmentation includes U.S, Canada, Mexico, Brazil, Argentina, U.K, Germany, UAE, France, Saudi Arabia, Qatar, Oman, Iran, Kuwait and Egypt among others.
 

Leading players shaping worldwide gas turbine and turbine services market trends are General Electric Company, Alstom S.A., Siemens AG, MH Power, and Westinghouse Electric Corporation among others.