by The gas turbine is the key equipment used in power generation that produces electricity using natural gas or other liquid fuels as energy source. Gas turbines are useful in power plants as they are compact and fuel efficient. They require regular maintenance, repair and overhaul (MRO) to ensure operational efficiency and safety. The major parts inspected and maintained during MRO activities include compressor, combustion equipment, turbine and fuel and air systems. The global gas turbine MRO market caters to the aftermarket requirements of operation and maintenance of gas turbine equipment in power plants. The market sees demand for both replacement parts and repair services from utilities and independent power producers.
The global gas turbine MRO Market in the power sector is estimated to be valued at US$ 5.2 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased investment in power generation infrastructure will drive the gas turbine MRO market. Growing population and industrialization in developing regions has increased the demand for electricity. This has compelled utilities to add new power generation capacity as well as modernize aging assets. The construction of new gas-fired power plants will subsequently boost the demand for maintenance services. Moreover, aging fleet of gas turbines also requires frequent repairs and component replacement to meet emission norms and improve efficiency. This is expected to propel the MRO activities and support market growth over the forecast period.
Segment Analysis
The global Gas Turbine MRO Market in the Power Sector is segmented on the basis of service type and end-user. Based on service type, the market is segmented as maintenance, repair, and overhaul. The maintenance segment is dominating the market, as it ensures the continuous and effective functioning of gas turbines used in the power sector. Regular maintenance services help in avoiding unexpected breakdowns and reducing maintenance costs in the long run.
PEST Analysis
Political: Favorable government policies towards reducing carbon emissions are promoting investments in clean energy technologies such as gas turbines for power generation. However, stringent emission norms in some countries act as a restraint.
Economic: Rising energy demand along with the cost benefits of gas turbines is driving the growth of this market. However, budget constraints of utilities may hamper the services spending.
Social: Growing awareness about environmental protection is increasing the adoption of gas turbines as they offer cleaner power compared to fossil fuels. However, nimbyism may emerge as a challenge in some regions.
Technological: Advancements in digitalization and AI are helping predict equipment failures and optimize maintenance. Use of advanced materials also improves operational efficiency. However, high R&D costs pose challenges.
Key Takeaways
The Global Gas Turbine MRO Market Size In The Power Sector was valued at USD 3.5 billion in 2022 and is projected to reach USD 5 billion by 2030, registering a CAGR of 6.1% during the forecast period.
Regional analysis
North America dominated the market, led by the US and Canada. Strong presence of gas turbine fleet and major OEMs drives the demand. Asia Pacific is expected to witness the fastest growth fueled by rising energy needs, growing focus on cleaner energy, and expansion of domestic gas turbine fleet, especially in China and India.
Key players
Key players operating in the Gas Turbine MRO Market In The Power Sector are General Electric, Siemens, Mitsubishi Heavy Industries, Sulzer AG, MAN Energy Solutions, Ansaldo Energia, Wood Group, Kawasaki Heavy Industries, and Solar Turbines.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
