The global Gas Turbine MRO Market Growth Accelerated by Maintenance Services
The gas turbine is a type of internal combustion engine which uses air as the working fluid. Gas turbines are widely used to power aircraft, ships, locomotives, and generators. The application of gas turbines in the power sector requires proper maintenance, repair, and overhaul services to ensure optimal performance. Regular maintenance can extend the life of gas turbines and improve overall efficiency.
The global Gas Turbine MRO Market in the Power Sector is estimated to be valued at US$ 4 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Maintenance services play a vital role in driving the growth of the gas turbine MRO market in the power sector. Regular monitoring and inspection helped detect early signs of wear and tear, allowing timely repair or replacement of components. This reduces unexpected downtime and improves plant availability. Power plant owners are increasingly outsourcing MRO activities to specialized service providers to leverage their expertise and optimize maintenance costs. Major players offer long-term service agreements and digital solutions for remote diagnostics and performance monitoring. The rising share of renewable energy is also accelerating the need for greater flexibility in conventional gas-fired power plants. This has further increased the demand for maintenance services to enable faster ramp-up and shutdown of gas turbines.
Segment Analysis
The global gas turbine MRO market in the power sector is dominated by the heavy-duty segment. Heavy-duty turbines account for over 60% of the market share as they are extensively used in utility-scale power generation. Being more commercially viable for large-scale electricity generation, heavy-duty turbines require frequent maintenance, repair, and overhaul, thereby experiencing greater demand for MRO services compared to other segments.
Key Takeaways
The Global Gas Turbine MRO Market Size in the power sector is expected to witness high growth. Ongoing infrastructure development projects and capacity expansion of power grids across developing nations will drive the demand for gas-fired power plants and boost the MRO requirements of installed gas turbines. The global Gas Turbine MRO Market in the Power Sector is estimated to be valued at US$ 4 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030.
Regional analysis
Asia Pacific accounts for the largest share in the global gas turbine MRO market and is expected to maintain its dominance over the forecast period. Presence of developing economies with rising energy needs such as China and India support the growth of gas-based power generation capacity addition in the region. Additionally, countries such as Japan and South Korea have a significant installed base of aging gas turbine units necessitating regular maintenance.
Key players
Key players operating in the gas turbine MRO market in the power sector are General Electric, Siemens, Mitsubishi Heavy Industries, MAN Energy Solutions, and Wood Group. General Electric dominates the market with over 20% share owing to its vast installed base and long-term service contracts with utilities. Siemens and Mitsubishi Heavy Industries are other major OEMs with considerable aftermarket service capabilities for gas turbines used in power plants.
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