by The Gas Turbine MRO Market In The Power Sector Market is estimated to be valued at US$ 13.07 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gas turbines power generators that produce electricity. They work by burning fuels such as natural gas, synthetic gas or oil to power a jet engine. This causes a shaft connected to the engine to spin and power an electrical generator. Gas turbines are primarily used in power plants to generate electricity as well as for mechanical drives in industries like oil & gas and marine. In the power sector, gas turbines are preferred for their fast start capabilities and ability to adjust power output quickly in accordance to demand changes.
Market Dynamics:
The growing share of renewable energy sources in the overall power generation mix is augmenting the demand for gas turbines with rapid ramping capabilities. Gas turbines can balance the intermittent nature of solar and wind power by quickly adjusting their output. They act as an enabler for large scale integration of renewable energy. Additionally, the rising need for continuous power supply and growing investments in upgrading aging power infrastructure is also fueling the demand for gas turbine MRO services to optimize performance and increase efficiency of existing gas turbine power assets. However, stringent emissions norms worldwide for fossil fuel based power plants is a major challenge for the gas turbine MRO market. OEMs are focusing on developing hydrogen ready gas turbines and hybrid systems to transition to cleaner fuel alternatives and lower greenhouse gas footprint.
Segment Analysis
For the Gas Turbine MRO market in the power sector, the aeroderivative gas turbines segment currently dominates with over 40% market share. This is because aeroderivative gas turbines have high output power-to-weight ratios and are significantly cheaper to maintain compared to heavy-duty gas turbines. Their flexible operational capabilities also make them suitable for meeting peak power demands.
PEST Analysis
Political: Supportive government policies around the world promoting renewable energy generation are expected to boost investments in gas-fired power plants, driving the need for gas turbine component repair and maintenance.
Economic: With rising energy demands globally and competitive power prices, industries and utilities rely heavily on gas turbines for flexible, low-cost power generation. This ensures steady spending on MRO activities to maximize plant uptime.
Social: Growing environmental consciousness is increasing the adoption of natural gas as a transition fuel for reducing carbon emissions. This favors the utilization of existing gas turbine-based power infrastructure.
Technological: The incorporation of advanced materials, coatings, and digital solutions in turbine design aids component life extension. Condition monitoring technologies also help schedule planned overhauls for minimizing disruption.
Key Takeaways
The Global Gas Turbine MRO Market Size In The Power Sector is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing investments in renewable energy-integrated modern gas-fired power plants worldwide.
North America currently dominates the market with over 30% share owing to large installed base of aging gas turbine units in the region. Going forward, Asia Pacific is likely to become the fastest growing regional market, driven by ongoing capacity additions of gas-fired power plants to meet the energy demands of developing economies.
Key players operating in the gas turbine MRO market in the power sector are General Electric Company, Mitsubishi Heavy Industries Ltd, RWG (Repair & Overhauls) Limited, Metalock Engineering Group, Goltens Worldwide Management Corporation, Siemens Energy AG, Sulzer Ltd, Doosan Heavy Industries and Construction, Solar Turbines Incorporated, and Ethos Energy LLC. Among them, General Electric with its global service network remains the undisputed leader in the segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
