The global Gas Turbine MRO Market In The Power Sector 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 turbine maintenance, repair, and overhaul (MRO) services help in extending the useful life of gas turbines. Regular maintenance activities ensure efficient operations while minimizing downtime and equipment failures.
Market Key Trends
The trend of maintenance, repair and overhaul services has grown significantly in the gas turbine MRO market in the power sector. With rising operational age of gas turbines globally, the demand for MRO services has increased sharply. Original equipment manufacturers have beencapitalizing on this opportunity by providing long-term servicing contracts and contracts that cover part or full life cycle of gas turbines. Additionally, trend of using digital technologies like predictive maintenance, condition monitoring and performance monitoring has helped MRO players optimize maintenance works and reduce downtime.
SWOT Analysis
Strengths: Existing large customer base, technical expertise, global service network
Weaknesses: High initial investment and long gestation periods for MRO projects, dependency on performance of power sector
Opportunities: Growth in renewable energy integration requiring gas turbines for balancing power, demand from emerging markets
Threats: Stringent environment regulations limiting gas power, preference for cleaner sources like solar and wind among utilities
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 modernization of aging gas turbine-based power plants.
Regional analysis: North America dominated the market in 2023 with over 30% share owing to large fleet of gas turbines and spend on upgradation. Asia Pacific is expected to witness fastest growth due to rising energy demand and new gas turbine based power projects in China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
