Gas Turbine MRO Market: Current Analysis and Forecast (2021-2027)

Gas Turbine MRO Market: Current Analysis and Forecast (2021-2027)

Global gas turbine MRO market is expected to grow at a CAGR of around 3% during the forecast period (2021-2027). Factors such as aging fleet of gas turbine, need to maintain operational efficiency and stringent emissions norms fro1m power plants are expected to be major drivers driving the market. Moreover, gas turbine MRO market expected to grow at significant rate in the forecasted period. Factors such as increased access to electricity, increased concerns over greenhouse gas emissions from coal-based power plants, are expected to help drive the gas turbine market in power sector, which, in turn, is expected to drive the gas turbine maintenance market in power sector.

The coronavirus pandemic declared as public health emergency worldwide by World Health Organization (WHO). Government across nations implemented lockdown and ban on travelling, shutdown of manufacturing industries, and commercial activities. This had severely disrupted the supply chain. The energy consumption was severely disrupted across the countries due to the closure of industrial and commercial sector.

COVID-19 had an impact on the power sector, particularly by leading to a reduction of demand, financial stress, and disruptions to the power supply chain which in turn had adversely impacted the gas turbine MRO market as well.

CG Power and Industrial Solutions Ltd, General Electric Co., Fluor Corporation, Siemens AG, Mitsubishi Heavy Industries, Ltd, Bechtel Corporation, Wood Group GTS, Amec Foster Wheeler PLC, Sulzer Corporation, Babcock & Wilcox Enterprises Inc., WEG SA. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst End-Use, electric power utility segment holds the prominent share”

Based on end-use, the gas turbine MRO market is segmented into electrical power utility, oil and gas and others. The electric power utility segment catered significant demand in gas turbine MRO market and is expected to hold significant share during the forecast period owing to significant rise in power consumption across the world, which in turn has led to higher demand for gas turbines in the power generation industry. Therefore, demand for gas turbine MRO is expected to be considerably high during the forecast period.

“Amongst service type, maintenance segment holds the considerable share”

Based on service type, the gas turbine MRO market is segmented into maintenance, repair, and overhaul. The maintenance segment holds the considerable market share. As utility and oil & gas companies are more focused on maintenance, as it prevents breakdown of gas turbine and keeps operation running, which saves operational and repair cost.

“Amongst service provider, OEM segment holds the extensive share”

Based on service provider, the gas turbine MRO market is segmented into original equipment manufacturer, independent service provider and in-house. The OEM segment caters extensive share in the gas turbine MRO market. It is mainly due to expensive gas turbine parts and company majorly preferred to take services from original equipment manufacturer for effective operations.

“Asia Pacific represents one of the largest markets of Global Gas Turbine MRO Market”

For a better understanding of the market dynamics of the global Gas Turbine MRO market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, Middle East & Africa, and Rest of the World. Asia Pacific holds the extensive market share due to increase in energy demand, and natural gas usage in the region.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.