by The global Gas Turbine MRO Market in the Power Sector involves services such as repairing, overhauling, and maintenance of gas turbines that are used in power plants for electricity generation. Gas turbines can operate on natural gas or other liquid fuels to produce continuous power outputs ranging from 0.5 to more than 300 megawatts. Their use is widespread as they have advantages such as high efficiency, low emissions, and ability to be located close to demand centers. Regular maintenance, repair, and overhaul activities keep these turbines functioning optimally and prolong their lifespan. With increasing need of power across developing regions of the world as their economies grow rapidly, more gas-fired power plants are being set up. This is expected to drive the demand for MRO services to maintain the operations of the installed gas turbine assets.
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 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Need of Power Generation: As mentioned in the heading, developing economies across Asia Pacific, Middle East, and Africa are witnessing high economic growth which is raising the demand for electricity significantly. Gas turbines provide a reliable and flexible solution to meeting this increasing power need. Their use in power plants is on the rise which will propel the need for gas turbine MRO services over the forecast period.
Rising Operational Hours of Turbines: With growing power demand, gas turbines are required to operate for longer hours without shutdowns as frequent as before. This leads to higher wear-and-tear and necessitates more frequent repair, overhaul, and maintenance activities. Their operational life is also being extended through effective MRO services. These factors are positively impacting the market growth.
Segment Analysis
Content: The global gas turbine MRO market in the power sector can be segmented based on service type into maintenance, repair, and overhaul. Among these, the maintenance segment dominates the market as regular maintenance activities help avoid unwanted downtime and catastrophic failures. Regular maintenance also helps extend the lifecycle of gas turbines.
PEST Analysis
Political: Governments across regions are supporting the adoption of efficient power generation technologies through incentives and regulations to reduce carbon emissions. This is positively impacting the demand for gas turbine MRO services.
Economic: Steady economic growth is driving the demand for power, thereby increasing utilization of existing gas turbine-based power plants and boosting the need for their maintenance and repairs.
Social: Rising environmental awareness is nudging organizations and nations to opt for cleaner energy sources. This is favoring the global gas turbine MRO market.
Technological: Advancements in digital technologies like AI, IoT, and augmented reality are helping gas turbine OEMs and service providers deliver predictive, remote, and condition-based maintenance for enhanced uptime.
Key Takeaways
The Global Gas Turbine MRO Market in the power sector is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis comprises the market is growing fastest in Asia Pacific due to rapid industrialization and infrastructure development in countries like China and India.
Key players operating in the gas turbine MRO market in the power sector include Nobel Biocare Services AG, DIO Corporation, Ivoclar Vivadent AG, GC Dental, Modern Dental Group Limited, COLTENE Group, SHOFU Dental GmbH, VITA Zahnfabrik, Holmes Dental Co., Lasak, Institut Straumann AG, Derby Dental, and Anthogyr SAS. Key players are focusing on collaborations and acquisitions to expand capabilities and geographic footprint.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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