April 15, 2024
Gas Turbine Mro Market In The Power Sector

Gas Turbine MRO (In The Power Sector) Is The Largest Segment 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:

Gas turbine maintenance, repair and overhauls (MRO) are essential to ensure continued and efficient operation of gas turbine power plants. MRO services help maximize equipment uptime by restoring machines to original working conditions.

Market key trends:

One of the key trends in the gas turbine MRO market in the power sector is the adoption of digital solutions for predictive maintenance and remote monitoring of gas turbine power plants. Digital solutions such as sensors, IoT, and data analytics are helping operators remotely monitor turbine performance and predict component failures. This is allowing MRO services to shift from conventional time-based to condition-based maintenance approaches. The use of digital solutions is expected to drive significant cost savings through reduced downtime and optimized maintenance planning in the forecast period.

SWOT Analysis

Strength: Gas turbine MRO in power sector enables longer lifecycle of gas turbines, reducing downtime and improving operational efficiency. Regular MRO services also help ensure turbine performance meets strict emissions standards.
Weakness: Higher MRO costs can reduce profit margins for power plant owners. Downtime for MRO works can also impact power supply. Access to spare parts and skilled labor can be an issue in some locations.
Opportunity: Rising power demand in developing nations drives the need for efficient gas-fired power plants. This increases opportunities for MRO service providers. Adoption of predictive maintenance solutions using IoT and analytics also opens up new revenue streams.
Threats: Strict emission norms push adoption of renewable energy. This can reduce reliance on gas turbines for power over the long run. Economic slowdowns may force asset owners to defer non-critical MRO activities to cut costs.

Key Takeaways

The global Gas Turbine Mro Market Share  In The Power Sector  In The Power Sector is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing investments in maintenance of aging gas turbine-based power plants across regions.

Regional analysis: North America dominated the market in 2023 with over 30% share due to large installed base of gas turbines. Asia Pacific is expected to witness fastest growth through 2030 led by China and India investing heavily in gas-fired power capacity additions and maintenance outsourcing to independent service providers.

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. Original equipment manufacturers (OEMs) hold majority share currently but third party independent service providers are growing rapidly to tap the expanding MRO outsourcing trends.

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