The 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 MRO refers to maintenance, repair and overhaul services for gas turbines and their components which are widely used in power generation applications. Gas turbines offer advantages such as high efficiency, low emissions and ability to utilize different types of fuel which has resulted in their growing adoption in power plants worldwide. MRO services help optimize performance, reduce downtime and lower operating costs of gas turbines over their lifespan.

Market Dynamics:
The growing global demand for power will drive the establishment of new power plants worldwide, thereby propelling the demand for gas turbines and their associated MRO services during the forecast period. According to the International Energy Agency, global power generation capacity is expected to increase by over 60% between 2018 and 2040. Further, with the increasing focus on reducing emissions from power sector, there is a rising shift towards natural gas based power generation which will boost the sales of gas turbines. However, the availability of alternate technologies for power generation such as solar and wind poses a challenge for the growth of gas turbine MRO market. Stringent air quality regulations in regions such as Europe and North America are pushing gas turbine manufacturers to improve emission profiles of their products, thereby creating opportunities for MRO service providers.

SWOT Analysis

Strength: Gas Turbine MRO market in the power sector provides periodic maintenance, repair and overhaul services to gas turbines which helps in increasing their operational life by three to five years. Maintaining gas turbines ensures uninterrupted power supply and high plant availability. Many gas turbine OEMs such as GE and Siemens provide annual maintenance contracts to customers.

Weakness: Regular maintenance, repair and overhaul of gas turbines requires specialized skills which are lacking in some regions. MRO activities also temporarily reduce the power generation capacity since gas turbines need to be taken offline. High initial investment and long gestation periods affect the growth of new players in the market.

Opportunity: Increasing share of renewables in the power generation mix is driving the need for peaker plants with flexible gas turbines. Rapid industrialization and infrastructure development in Asia Pacific and Latin America boosts demand for power and gas-based generation. Advances in digital technologies and condition monitoring solutions present opportunities for predictive maintenance of gas turbines.

Threats: Volatility in natural gas prices impacts the operational costs of gas-based power plants. Stringent emission norms foster shift towards cleaner fuels and energy storage solutions, threatening gas turbines. Depletion of skilled workforce and delays in parts availability due to supply chain disruptions affect the MRO market.

Key Takeaways

The global Gas Turbine Mro Market Share  In The Power Sector is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing electrification in emerging economies and aging gas turbine fleet requiring frequent maintenance services.

Regional analysis

Asia Pacific dominates the market with over 35% share primarily due to high investments in power generation capacity additions in China and India. Countries like Japan, South Korea and Taiwan also contribute to market growth in the region aided by large installed base of gas turbines. North America and Europe are other major markets boosted by repowering of old power plants and stringent emission norms driving efficient operations through MRO.

Key players

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. The market is highly consolidated with top 5 players accounting for over 50% share.

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