Gas turbine services market to reach $32.1b by 2031

Modernisation of power plants and increasing industrialization drive service demand.

The gas turbine services market is projected to reach $32.1b by 2031, reflecting a compound annual growth rate of 5.1% from 2022 to 2031.

“The growing need for energy-efficient and low-emission power generation is driving the demand for gas turbines across industries. With new emission control regulations in place, power producers are increasingly adopting advanced gas turbines for cleaner energy generation,” according to a new report by Allied Market Research.

Asia-Pacific is emerging as a lucrative region due to rapid urbanisation, rising power demand, and increasing investments in energy infrastructure across China, India, and Japan.

The company noted that the global gas turbine service market is on a strong growth trajectory, driven by increasing industrialisation, modernisation of power plants, and the rising demand for reliable and efficient power generation.

“As governments push for cleaner energy alternatives and industries focus on performance optimisation, gas turbine maintenance and service solutions will continue to play a crucial role in ensuring sustainable and uninterrupted energy supply worldwide,” it added.