Europe Gas Turbine MRO Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Gas Turbine MRO Market Analysis
The European Gas Turbine MRO Market in the power sector is expected to register a CAGR of over 2% during the forecast period.
COVID-19 moderately impacted the market in 2020. Presently, the market has now reached pre-pandemic levels.
- Over the long term, aging installations of gas turbines, the need to maintain operational efficiency, and stringent emissions norms from power plants are expected to be major drivers for the market.
- However, increasing shifts toward renewable energies, such as solar and wind, for power generation have somewhat hampered the market's growth.
- The increasing demand for electrical energy to sustain global development requires consistent heavy investments in power supply generation. With investment and upcoming power projects, the market is expected to witness growth opportunities during the forthcoming years.
- The United Kingdom is expected to dominate the market. An increase in the number of gas-based power generation plants, and aging gas-based power plants, are expected to drive the market in the forecast period.
Europe Gas Turbine MRO Market Trends
This section covers the major market trends shaping the Europe Gas Turbine MRO Market according to our research experts:
Maintenance Sector to Grow Significantly
- The increase in natural gas production has shifted the global focus on developing gas-fired power plants. The greenhouse gases emitted from gas-fired power plants are comparatively lower than that emitted from coal-fired power plants. Moreover, the demand for peak power is increasing globally, which can be most effectively met by gas-based power generation.
- The increase in the number of gas-based power generation plants leads to growth in the gas turbine MRO market; while a gas turbine might need an engine repair or replacement in 4-5 years, the maintenance starts soon after installation.
- The most recent wave of additions, gas-based power plants, peaked in 2002, with most added between 1998 and 2008. Thus, the equipment installed in approximately all the gas-fired power plants across the globe is expected to require significant MRO services during the forecast period.
- Furthermore, the electricity demand is expected to increase in the future, fueled by the electrification of automobiles. Several countries have adopted targets of phasing out the sale of passenger cars running on fossils. Among the first to set targets are Costa Rica and Norway, with 2021 and 2025 defined as targets, respectively.
- Hence, factors like the increased number of gas turbines, rise in electric vehicles infrastructure, and increased concerns over greenhouse gas emissions from coal-based power plants are expected to increase demand for maintenance in the power sector, which, in turn, is expected to drive the gas turbine maintenance market during the forecast period.
United Kingdom Likely to Dominate the Market
- The United Kingdom is expected to dominate the market in the forecast period due to an increase in energy demand, and natural gas usage in the region.
- There has been a major increase in the use of gas for power generation in the region, aiming at reducing greenhouse gas emissions. In 2021 the electricity sector's grid supply for the United Kingdom came from 37% fossil-fueled power (almost all from natural gas), 43% percent from renewable and hydropower, and 20% from nuclear, coal, and others. As of 2021, total power generation from natural gas in the United Kingdom was over 124.2 TWh.
- With the rising pollution concerns across the world due to industrialization, the shift towards clean energy generation from gas turbines has gained considerable momentum.
- The Energy and Climate Intelligence Unit calculates that GBP 3.4 billion worth of capacity market subsidies has been promised to power station operators. Many of them are gas-fired operators. This development is likely to result in more capacity expansion and create a demand for gas turbine MRO services in the future.
- Hence with existing power projects and upcoming investment in the power sector, the United Kingdom market is expected to increase demand for MRO activities for continous supply of power throughout the forecast period.T
Europe Gas Turbine MRO Industry Overview
The European Gas Turbine MRO Market in the power sector is moderately consolidated, with major players holding a large market share. Some of the major companies (not in particular order) are General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, and John Wood Group PLC.
Europe Gas Turbine MRO Market Leaders
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General Electric Company
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Flour Corporation
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Mitsubishi Heavy Industries Ltd
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John Wood Group PLC
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Siemens AG
*Disclaimer: Major Players sorted in no particular order
Europe Gas Turbine MRO Market News
- February 2022: Ansaldo Energia signed a 20-year agreement for gas turbine maintenance in the 1518.5 MW gas power plant owned by Cairo Electricity Production Company. The Power plant is equipped with four AE 94-2 gas turbines built at the Ansaldo Energia site in Genoa.
- January 2022: Wartsila won an EPC contract from A2A Gencogas to build a 110 MW flexible power plant in Cassano d'Adda, Italy. The scope of the contract includes the complete engineering, procurement, and construction services for setting up a gas-fired plant with 6 Wartsila 50SG gas-fueled internal combustion engines in collaboration with Cefla. The equipment delivery is scheduled to take place in autumn 2022, and the plant is expected to be completed by 2023.
Europe Gas Turbine MRO Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.4.1 Drivers
4.4.2 Restraints
4.5 Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes Products and Services
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Service Type
5.1.1 Maintenance
5.1.2 Repair
5.1.3 Overhaul
5.2 Provider Type
5.2.1 OEMs
5.2.2 Independent Service Providers
5.2.3 In-house
5.3 Geography
5.3.1 United Kingdom
5.3.2 Germany
5.3.3 Spain
5.3.4 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 General Electric Company
6.3.2 Mitsubishi Heavy Industries Ltd
6.3.3 Bechtel Corporation
6.3.4 Flour Corporation
6.3.5 John Wood Group PLC
6.3.6 Siemens AG
6.3.7 Sulzer AG
6.3.8 Babcock & Wilcox Enterprises Inc.
6.3.9 Weg SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Gas Turbine MRO Industry Segmentation
In the power industry, a gas turbine is used to transform the kinetic energy of gas into mechanical energy, which is then converted into electrical power. The turbine's components are made with highly specialized parts and manufacturing techniques and must be carefully maintained to maintain efficiency and dependability. The turbine requires ongoing maintenance because it contains numerous rotating parts. Turbine blades are vulnerable to micro pitting, abrasive wear, foreign object debris damage, surface corrosion, and fretting corrosion because they are constantly exposed to steam or gas. Gas turbine Maintenance, Repair, and Overhauls (MRO) are necessary for the efficient operation of the turbines and the power plants at frequent intervals.
The Europe Gas Turbine MRO Market in the power sector is segmented by service type, provider type, and geography. By service type, the market is segmented into maintenance, repair, and overhaul. By provider type, the market is segmented by OEMs, independent service providers, and in-house. The report also covers the market size and forecasts for the gas turbine MRO market in the power sector across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
| Service Type | |
| Maintenance | |
| Repair | |
| Overhaul |
| Provider Type | |
| OEMs | |
| Independent Service Providers | |
| In-house |
| Geography | |
| United Kingdom | |
| Germany | |
| Spain | |
| Rest of Europe |
Europe Gas Turbine MRO Market Research FAQs
What is the current Europe Gas Turbine MRO Market in the Power Industry size?
The Europe Gas Turbine MRO Market in the Power Industry is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Europe Gas Turbine MRO Market in the Power Industry?
General Electric Company , Flour Corporation , Mitsubishi Heavy Industries Ltd , John Wood Group PLC and Siemens AG are the major companies operating in the Europe Gas Turbine MRO Market in the Power Industry.
What years does this Europe Gas Turbine MRO Market in the Power Industry cover?
The report covers the Europe Gas Turbine MRO Market in the Power Industry historical market size for years: 2021, 2022 and 2023. The report also forecasts the Europe Gas Turbine MRO Market in the Power Industry size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Gas Turbine MRO in the Power Sector Industry Report
Statistics for the 2024 Europe Gas Turbine MRO in the Power Sector market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Gas Turbine MRO in the Power Sector analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
