July 24, 2024
Gas Turbine MRO Market

Rising Global Energy Demand Driving The Growth Of Gas Turbine MRO Market In The Power Sector

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:

The gas turbine MRO market in the power sector involves maintenance, repair and overhaul services for gas turbine components and systems used in power generation. Gas turbines find widespread application in power plants as they are highly efficient in converting natural gas or other liquid fuels into mechanical energy and further into electricity. Their compact size and mobility also make them suitable for decentralised power generation. Regular maintenance and timely repairs help ensure maximum uptime and dependability of gas turbine power plants. It involves inspection, replacement and servicing of parts like compressor blades, combustion chambers, turbine blades, shafts, bearings and other ancillary systems.

Market key trends:

One of the key trends in the gas turbine MRO market is the growing focus on predictive maintenance. Power plant operators are increasingly leveraging machine condition monitoring tools, sensors and IoT solutions to monitor operational parameters in real-time and predict component deterioration in advance. This helps schedule maintenance activities when most convenient and avoid unexpected breakdowns. Other notable trends include integration of augmented reality and virtual reality for training and inspections. Adoption of 3D printing is also gaining traction for rapid on-site repairs using spare parts with complex geometries. Spending on turbine upgrades to improve fuel flexibility and reduce emissions is another area witnessing strong growth. This is driven by the global push for clean energy transition and more stringent environmental regulations.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established customer base of existing players make the market less attractive for new entrants.

Bargaining power of buyers: Large power generation companies possess significant bargaining power over suppliers due to the concentration of buyers in the market.

Bargaining power of suppliers: The presence of a large number of component suppliers and service providers limits their individual bargaining power.

Threat of new substitutes: Alternate means of power generation such as renewable sources pose potential threat to gas turbines over the long run.

Competitive rivalry: The market is competitive with major players competing over service contracts from global power generation companies.

Key Takeaways

The Global Gas Turbine MRO Market Size in the Power Sector is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing investments in upgrading aging gas turbine-based power generation infrastructure.

Regional analysis: North America accounts for the largest share in the market currently owing to substantial fleet of gas turbines installed in the region. Asia Pacific is expected to witness the fastest growth on account of rising power demand and planned upgradation of thermal power plants in major economies like China and India.

Key players: Key players operating in the gas turbine MRO market in the power sector 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. GE has the largest service network for gas turbines globally while Mitsubishi Heavy Industries also has a significant presence.

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