Global Gas Turbine Services Market Projected to register a CAGR of 9.8% During 2020 - 2027
The global gas turbine services market size was valued at USD 26.0 billion in 2019 and is projected to register a CAGR of 9.8% over the forecast period. The rise in environmental concerns owing to the high amount of carbon emissions from coal-based power generation has resulted in the adoption of low carbon emission power generation technologies such as natural gas-powered turbines. This eventually results in the rise in demand for services of these gas turbines globally. Although natural gas-powered turbines are expected to gain popularity globally, particularly in the North American and European regions, emerging economies in the Asia Pacific such as India and China still rely on coal-based power generation owing to its lower costs. This factor is expected to hinder new gas turbine sales and maintenance contracts in the region in the future. Moreover, limited natural gas reserves are expected to restrict the growth of the market in the coming years. Gather m...