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Gas Turbine MRO Market in the Power Sector 2018: Focus on New Installations, Value, Retrofit, Techniques & Services Industry 2023

05-16-2018 01:45 PM CET | Energy & Environment

Press release from: Orbis Research

Gas Turbine MRO Market in the Power Sector

Gas Turbine MRO Market in the Power Sector

To maintain operational efficiency and meet stringent emission norms from the power plants, the trend of applying continuous maintenance, repair, and overhaul (MRO) services is rising. The global gas turbine MRO market in the power sector is expected to witness a moderate growth during 2018-2023 (the forecast period), in the midst of aging power infrastructure, and growing conversion of coal and nuclear-based power plant to gas-based power plant.

On the contrary, the growing renewable mix in the global electricity generation is expected to act as a restraint for the MRO market. North America is expected to account for the largest market share during the forecast period. Moreover, Asia-Pacific is emerging as the fastest growing market.

Request for sample PDF of Gas Turbine MRO Market in the Power Sector at: http://orbisresearch.com/contacts/request-sample/2081168

Aging Power Facilities Fueling the Demand

The existing fleet of the electric power generation capacity has a wide age range. Most of the coal and nuclear-based power plants were built during 1970 and 1990, with peak addition in 1980. The gas-fired power plants have been known to be a bridge between coal and oil age and the renewable-based future. In the most recent wave of additions, the gas-fired power plants witnessed a peak in 2002, with the majority of them added between 1998 and 2008. Thus, the equipment installed in approximately all the gas-fired power plants, across the globe, are expected to require significant MRO services during the forecast period. Moreover, in the next ten years, USD 256.77 billion of investment is anticipated for the commissioning of 17,680 gas turbines (excluding micro turbines). Additionally, because of the advantages offered by gas-fired power plants, such as low carbon emission and high efficiency, many of the coal power plants are being replaced or retrofitted by gas-fired plants, which, in turn, is expected to increase the demand for gas turbine MRO services during the forecast period.

Read more details of the report at: http://orbisresearch.com/reports/index/global-gas-turbine-mro-market-in-the-power-sector-analysis-of-growth-trends-and-forecasts-2018-2023

Asia-Pacific to Register the Highest Market Growth

According to the International Energy Agency (IEA), developing countries in Asia accounted for two-thirds of the global energy growth in 2017. Buoyed by the robust increase in demand for energy and the rapid capacity expansions in the power sector, the power plant service activities in Asia-Pacific continues to soar high. Asia-Pacific is witnessing a significant transition from nuclear and coal-based power generation to gas-fired power generation, which is expected to present a tremendous market opportunity for the growth of the gas turbine MRO services market in Asia-Pacific. However, North America is expected to hold the largest market share during the forecast period, with Europe emerging as another significant market for MRO services in the power industry.

Natural Gas Set to Fuel the Future of Power Generation in the United States

The US market is experiencing an upsurge in the establishment of small-scale turbines, with an increased focus on flexibility and efficiency. By 2038, the natural gas-fired generation facilities are expected to fuel 348,000 MW of gas-fired capacity to the US grid. The natural gas-fired combined cycle gas turbine (CCGT) power plants are expected to account for over 50% of the power generated in the United States. According to EIA, power plants fueled with natural gas are likely to account for 70% of all new generation capacity after 2020. With the increasing adoption rate of gas-based power generation in the United States, the demand for MRO services in the power sector is expected to increase during the forecast period, significantly.

Key Developments in the Market

October 2017: GE Power secured around USD 141 million contract to service turbines at Riyadh Power Plant 12.
August 2017: Siemens expanded O&M deal for two newly added units at the Khormala gas power plant in Kurdistan, Iraq.
July 2017: MTU Maintenance renewed the exclusive LM6000 gas turbines maintenance, repair, and overhaul contract with Sahacogen.
March 2017: Power Services Group added orbital energy services and turbine generator OMR to the company’s portfolio.
Major Players: GENERAL ELECTRIC Co., BECHTEL CORPORATION, FLOUR CORPORATION, AMEC FOSTER WHEELER PLC, MITSUBISHI HEAVY INDUSTRIES, Ltd, SIEMENS AG, SULZER CORPORATION, WOOD GROUP GTS, TGM TURBINAS (NOW WEG SA), BABCOCK & WILCOX ENTERPRISES Inc.

Reasons to Purchase this Report

To identify the market drivers, restraints, and opportunities that are possessed by the global gas turbine MRO market in the power sector, with in-depth analysis
To analyze the various perspectives of the global market dynamics, with the help of Porter’s five forces analysis
To identify the most dominating type of service with studied market estimate for the global gas turbine MRO market in the power sector
To identify the largest, fastest growing, and significant region during the forecast period, with in-depth analysis
To identify the latest developments, market shares, and strategies that are employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report

This report can be customized to meet your requirements.

Companies Mentioned:

General Electric Co.,
Bechtel Corporation,
Flour Corporation,
Amec Foster Wheeler PLC,
Mitsubishi Heavy Industries, Ltd.,
Siemens AG,
Sulzer Corporation,
Wood Group GTS,
TGM Turbinas (now WEG SA),
Babcock & Wilcox Enterprises Inc

Enquire more details of the report at: http://orbisresearch.com/contact/purchase/2081168

Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements. We have vast database of reports from the leading publishers and authors across the globe. We specialize in delivering customized reports as per the requirements of our clients. We have complete information about our publishers and hence are sure about the accuracy of the industries and verticals of their specialization. This helps our clients to map their needs and we produce the perfect required market research study for our clients.

Hector Costello

Senior Manager – Client Engagements

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Suite 600, Dallas,

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Phone No.: +1 (214) 884-6817; +9164101019

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