Gas Turbine MRO Market is Estimated to Witness High Growth Owing to Growing Demand for Power Generation | General Electric Company, Mitsubishi Heavy Industries Ltd

The Gas Turbine MRO Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Gas turbine MRO involves inspection, repair, and overhaul activities of gas turbine components and systems to ensure optimal performance. Gas turbines are commonly used in power generation, oil & gas, and other industrial applications.

Market Dynamics:

The demand for gas turbine MRO is expected to increase significantly during the forecast period owing to two key drivers. Firstly, the growing demand for electricity across the globe is necessitating increased investments in power generation capacity additions. As gas turbines are widely used in power plants, their maintenance, repair and overhaul activities are also expected to rise accordingly. Secondly, the existing fleet of gas turbines is aging and requires frequent MRO services to extend their life. As per estimates, over 50% of the currently installed gas turbine capacity will require MRO by 2030. This is expected to drive sizable opportunities for MRO service providers over the coming years.

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Top Companies Covered In This Report:

★ 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
★ Ethos Energy LLC

Detailed Segmentation:

By Service Type:

★ Maintenance
★ Repair
★ Overhaul

By Provider Type:

★ OEM
★ Independent Service Providers
★ In-house

Key Region/Countries are Classified as Follows:

◘ North America (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)

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● Increasing demand for natural gas power generation is driving the gas turbine MRO market:

The growing demand for natural gas power generation across regions is a major driver for the gas turbine MRO market. Natural gas is increasingly being used as a transitional fuel in moving towards renewable sources of energy due to its lower carbon emissions as compared to coal and oil. Many countries are adding natural gas power plants to their generating capacity to reduce dependency on coal and provide stable base load power. This is increasing the operational requirements of gas turbines which is fueling the demand for their maintenance, repair and overhaul services. As more gas turbines are commissioned, their aging is also driving long-term MRO needs to ensure their reliability and efficiency over their lifespan. Utilities are placing greater emphasis on predictive maintenance through advanced monitoring technologies to plan maintenance schedules and avoid unplanned downtime of gas turbines.

● Stringent emissions regulations on aging gas turbine fleet is propelling the MRO market:

Tightening environmental regulations on emissions from gas turbines are another key driver for their MRO services. Older gas turbine models that were commissioned over a decade ago have relatively higher NOx and other pollutants. Regulatory pressures to reduce the carbon footprint of the power sector are prompting operators to upgrade the combustion and control systems of aging gas turbine models through specialized MRO services. This helps improve the emissions performance of old gas turbines to comply with new compliance standards. MRO players offering technological upgrades and component replacements are benefiting from the need to modernize the performance and efficiency of older gas turbine assets. Specialized services for emissions compliance extension of gas turbines expected to reach their end of design life are gaining demand.

● Shortage of skilled workforce is a challenge restraining market growth:

A major challenge restraining growth of the gas turbine MRO market is the shortage of skilled workforce with expertise in maintenance and repair of these complex industrial systems. Gas turbines require specially trained engineers and technicians with qualifications pertaining to their design, manufacturing and operational aspects. However, many countries worldwide do not have adequate skill development programs to produce labor matching the needs of gas turbine operators and MRO service providers. This shortage of certified technicians and engineers impacts the turnaround time for maintenance schedules. It also increases labor costs as available skilled workers command a wage premium. MRO companies find it difficult to scale up their service capabilities due to lack of workforce availability. Addressing the skills gap through focused training initiatives can help alleviate this restrain on the market's expansion potential over the coming years.

● Opportunities from digitalization and remote monitoring services:

The rising adoption of advanced digital technologies presents significant opportunities for gas turbine MRO market players. Emerging concepts like the industrial internet of things (IIoT), analytics, artificial intelligence and digital twin applications are opening up new avenue for remoteasset performance monitoring and predictive maintenance. Gas turbine operators can benefit greatly from digital solutions that leverage sensors and analytics to continuously monitor components, predict failures and schedule maintenance in a condition-based manner. This avoids unwanted break downs and helps achieve performance goals with high plant availability. MRO providers too are exploring opportunities around digital monitoring and maintenance platforms to expand their service portfolio beyond routine overhauls. Partnering with technology companies will help MRO players capitalize on industry transition towards reliability-centered, knowledge-based and digitally-enabled service models.

● Transition towards distributed generation triggers market trends:

A key trend influencing the gas turbine MRO market is the shift towards distributed generation systems. With increasing integration of renewable energy, many countries are moving from conventional centralized power grids to distributed models having smaller power plants located in closer proximity to load centers. This distributed energy infrastructure (DEI) relies more on decentralized natural gas power in the form of microgrids, on-site power and combined heat and power applications using smaller gas turbines of 1-10 MW capacity. Maintenance and component life management of these dispersed gas turbine assets poses unique challenges. It necessitates new service approaches factoring in the physical accessibility of distributed units. MRO players are adjusting their business strategies and service networks to address the emerging requirements of maintaining a more distributed gas turbine installed base.

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Key Questions Answered in This Report on Gas Turbine MRO Market

• How much revenue will the global Gas Turbine MRO Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall global market?

• What are the indicators expected to drive the global Gas Turbine MRO Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Market to expand their geographical presence?

• What are the major advancements witnessed in the global Gas Turbine MRO Market?

• This report answers these questions and more about the global Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Table Of Content

Chapter No. 1 Introduction

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. USP & Key Offerings

1.2. Key Benefits for Stakeholders

1.3. Target Audience

1.4. Report Scope

Chapter No. 2 Executive Summary

2.1. Key Findings

2.1.1. Top Investment Pockets

2.1.1.1. Market Attractiveness Analysis, By Type

2.1.1.2. Market Attractiveness Analysis, By End Use

2.1.1.3. Market Attractiveness Analysis, By Region

2.2. Market Snapshot

2.3. Global Gas Turbine MRO Market, 2018 - 2022 (US$ Million)

2.4. Insights from Primary Respondents

Chapter No. 3 COVID-19 Impact Analysis

3.1. Impact Assessment of COVID-19 Pandemic, By Region

3.1.1. North America

3.1.2. Europe

3.1.3. Asia Pacific

3.1.4. Latin America

3.1.5. The Middle-East and Africa

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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.