The global gas turbine MRO market in the power sector involves repairing and overhauling gas turbines that are used in power plants. Gas turbines are used in power plants to generate electricity through combustion of natural gas or other fuels. They offer advantages such as high efficiency, flexible operations, and lower emissions. Regular maintenance, repair, and overhauling is crucial to maximize the performance and lifespan of gas turbines used in power plants. The market consists of component manufacturers, MRO service providers, spare part suppliers, and engineering & consulting firms offering services such as overhaul, repair, spare parts, modernization, performance enhancement, digital services, and fleet management.
The global gas turbine MRO market in the power sector is estimated to be valued at US$ 6.5 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Flexibility Advantages – Gas turbines offer advantages such as rapid starting and stopping capabilities and ability to load follow as per demand requirement. This makes them suitable for supporting renewable energy integration by quickly responding to fluctuations in power supply from intermittent renewable sources. Their flexibility to ramp up and down quickly is driving increasing adoption in the power sector, thereby boosting demand for gas turbine MRO services to maximize uptime and performance.
Repair and Modernization Needs – Despite continuous technology advancements, a large number of aging gas turbines that are more than 15-20 years old are still operational worldwide. Their repair and component replacement needs are increasing to extend their working life. Also, modernization programs are being carried out to improve efficiency and emissions compliance of older gas turbines. This is fueling growth of the gas turbine MRO market.
Segment Analysis
The global gas turbine MRO market in the power sector is segmented into power generation, oil & gas and others. The power generation segment dominates the market and accounts for over 60% of the total share. This is because gas turbines are widely used in power plants for electricity generation. They provide reliability and efficiency in power production.
PEST Analysis
Political: Stable regulatory environment and government support for maintenance of existing gas turbines drive the market.
Economic: Growing demand for electricity along with aging gas turbine infrastructure boost spending on MRO services.
Social: Increasing focus on cleaner sources of energy production benefits the gas turbines market.
Technological: Adoption of digital technologies and advanced materials allows efficient repair and reduces downtime. Continuous investments are made for upgrading old turbines.
Key Takeaways
The Global Gas Turbine MRO Market In The Power Sector Size is expected to witness high growth over the forecast period. The market is estimated to grow at a CAGR of around 6.1% during this period.
Regional analysis: North America accounts for the largest share currently due to presence of large installed base and government initiatives for power infrastructure upgrade. Asia Pacific is expected to grow at the fastest pace led by countries like China and India. Investments in new power projects and modernizing aging fleet will drive the regional market.
Key players operating in the gas turbine MRO market in the power sector are General Electric, Siemens, Mitsubishi Hitachi Power Systems, Wood Group, and Solar Turbines. General Electric dominates the global market with wide service network and extensive experience. The market is consolidated in nature with top players accounting for majority share.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
