Gas Turbine MRO Market 2021 Analysis by Recent Developments and Future Scope- General Electric Company, Mitsubishi Heavy Industries Ltd, Bechtel Corporation

The report presents an in-depth assessment of the Gas Turbine MRO Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Gas Turbine MRO from 2021 till 2025. The report covers the pre COVID-19 historic data, impact of COVID-19 and post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.

The gas turbine MRO market in the power sector is expected to grow at a CAGR of over 3% during the forecast period of 2020 - 2025.

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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Gas Turbine MRO Market: General Electric Company, Mitsubishi Heavy Industries Ltd, Bechtel Corporation, Flour Corporation, John Wood Group PLC, Siemens AG, Sulzer AG & Wilcox Enterprises Inc., Weg SA and others.

Market Overview:

The global industrial gas turbine market was estimated at over USD 9 billion in 2018. Factors such as aging fleet of gas turbine, need to maintain operational efficiency and stringent emissions norms from power plants are expected to be major drivers driving the market. The rising demand for cleaner energy from gas turbines over concerns of environmental impact of energy generation from coal fired plants, is expected to help grow the gas turbine MRO market in power sector. However, increasing shift towards renewable energy such as solar and wind for power generation have somewhat hampered the growth of the market.
- Maintenance sector is expected to dominate the market in forecast period, owing to various factors such as increase in power generation from gas based plants due to rising concerns over greenhouse gases emissions, maintaining efficiency of turbine and stringent emissions norms on power plants.

Regional Analysis For Gas Turbine MRO Market:

North America (The United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

Market Key Trends:

Maintenance Sector to Dominate the Market
- The increase in the production of natural gas has shifted the global focus on the development of gas-fired power plants. The greenhouse gases emitted from gas-fired power plants are comparatively lower than that emitted from coal-fired power plants. Moreover, the demand for peak power is increasing globally, which can be most effectively met by gas-based power generation.
- The increase in number of gas based power generation plants leads to growth in the gas turbine MRO market, while a gas turbine might need an engine repair or replacement in 4-5 years, the maintenance starts soon after installation.
- The most recent wave of additions, gas based power plants saw a peak in 2002, with 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.
- Furthermore, the electricity demand is expected to increase in the future fueled by the electrification of the automobile. Several countries have adopted targets of phasing out the sale of passenger cars running on fossils. Among the first to set targets are Costa Rica and Norway, with 2021 and 2025 defined as targets, respectively.

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What are the market factors that are explained in the report?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools: The Global Gas Turbine MRO Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

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