July 20, 2024
Gas Turbine Mro Market In The Power Sector

Projected Rise In Energy Demand To Boost The Growth Of Gas Turbine Mro Market In The Power Sector Market

The global Gas Turbine Mro Market In The Power Sector is estimated to be valued at US$ 13.07 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Gas turbines are often used to generate electric power in utility scale power plants and large industrial facilities. They are also used in combined cycle power plants with steam turbines to achieve higher efficiency of electricity generation. Key components of a gas turbine include the compressor, combustion chamber and turbine. Regular maintenance, repair and overhaul (MRO) services are required to keep the gas turbines in good working condition to ensure optimal performance and efficiency over their lifespan. The gas turbine MRO market caters to both preventive and corrective maintenance requirements of the installed gas turbine base in the power sector.

Market key trends:

One of the key trends in the gas turbine MRO market is the shift towards long term service agreements between OEMs and end users. Major gas turbine OEMs like General Electric, Siemens Energy, etc. offer long term service contracts covering both planned and unplanned maintenance of gas turbines. This ensures continued availability and performance of gas turbines over 10-20 years. Another trend is growing adoption of digital solutions and IoT technologies by MRO service providers to enable condition monitoring and predictive maintenance of gas turbines. Services like remote diagnostics help reduce downtime and maintenance costs. Growing energy demand worldwide is also driving investments in new gas turbine based power plants, benefitting the aftermarket MRO services over the long run.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established brands lower barriers to entry in the gas turbine MRO market. However, major market players focus highly on long-term contracts with end-users to retain customers.

Bargaining power of buyers: Power producers have high bargaining power due to the significant costs associated with turbine downtime. They leverage competitive bidding among service providers to negotiate lower prices.

Bargaining power of suppliers: Major OEMs and component manufacturers dominate the supply landscape. However, strict adherence to quality and safety compliances limits the threat from suppliers.

Threat of new substitutes: Few alternative technologies exist that offer improved performance at lower costs. Turbine upgrades help reduce operating expenses and emissions, restricting potential for substitutes.

Competitive rivalry: The market features major global players and local vendors. Intense competition on factors like innovation, customization, and pricing keeps rivalry high.

Key Takeaways

The global Gas Turbine Mro Market Share in the power sector is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing focus on minimizing downtime and reducing maintenance costs. The market size for 2023 is US$ 13.07 Bn.

Regional analysis:

North America dominates the market currently owing to rising investments to upgrade aging infrastructure in the US and Canada. Asia Pacific is expected to exhibit the fastest growth led by China, India and other Southeast Asian countries on account of growing power demand.

Key players:

Key players operating in the gas turbine Mro market are 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, and Ethos Energy LLC. General Electric and Mitsubishi Heavy Industries account for the major market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it