June 13, 2024

The Global Gas Turbine MRO Market In The Power Sector Is Estimated To Propelled By Increasing Demand For Power Generation Using Natural Gas

Gas turbines are highly efficient and reliable equipment used in power generation using natural gas. Gas turbine maintenance, repair and overhaul (MRO) keeps the equipment in working condition ensuring uninterrupted power supply. Gas turbine MRO involves activities such as regular inspection, repairing, replacement of spare parts and overhaul to increase the lifespan of gas turbines.

The global Gas Turbine MRO Market In The Power Sector is estimated to be valued at US$ 15.06 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand for power generation using natural gas is expected to drive the growth of gas turbine MRO market in the power sector. Natural gas is abundant and produces less emissions making it an environment-friendly fuel for power generation. Many countries are investing in natural gas-fired power projects to meet the growing need for electricity and transition away from coal. This is increasing the installed base of gas turbines for power generation. As gas turbines require periodic maintenance and parts replacement to ensure optimal performance, the growing natural gas-based power capacity is likely to propel the need for gas turbine MRO services. The timely MRO activities help reduce equipment downtime and increase asset availability and reliability.

SWOT Analysis

Strength: The gas turbine MRO market in the power sector is witnessing steady demands from developed regions like North America and Europe. Presence of major OEMs and service providers in these regions is ensuring regular repair and maintenance needs.

Weakness: High initial investment required for establishing an efficient MRO facility is a challenge, especially for small players. Fragmented nature of the aftermarket also makes it difficult to achieve economies of scale.

Opportunity: Emerging markets in Asia Pacific and Middle East are expanding their power generation capacities based on gas turbines. This will substantially increase the future requirements for MRO services in these regions.

Threats: Stringent environmental regulations regarding emissions from gas turbines may reduce their utilization over time. Renewable energy is also emerging as a low-cost substitute to conventional power sources.

Key Takeaways

The Global Gas Turbine MRO Market Scope In The Power Sector is estimated to be valued at US$ 15.06 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.

Regional analysis comprises – Asia Pacific region dominates the global gas turbine MRO market in the power sector with over 35% market share in 2024. China, India, and Southeast Asian countries are installing new gas-fired power plants at rapid pace which is creating regular needs for repair and maintenance services. North America and Europe also have sizeable installed base of gas turbines, whereas Middle East countries are actively expanding their power generation capacities.

Key players related content comprises – Key players operating in the gas turbine MRO market in the power sector are 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. Major OEMs like General Electric and Siemens Energy also offer comprehensive aftermarket services for improving operational efficiency and lifetime of gas turbines.

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