Gas Turbine MRO Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 15.16 Billion |
| Market Size (2029) | USD 17.84 Billion |
| CAGR (2024 - 2029) | 3.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Gas Turbine MRO Market Analysis
The Gas Turbine MRO Market In The Power is expected to grow from USD 15.16 billion in 2024 to USD 17.84 billion by 2029, at a CAGR of 3.30% during the forecast period (2024-2029).
- Over the long term, the major driving factors of the market are the aging gas turbine fleet in long-serving power plants and reliability requirements regarding turbomachinery.
- On the other hand, growth in the renewable energy sector is likely to restrain the applications of gas turbines, thus hindering the growth of gas turbine MRO services.
- Nevertheless, the increasing natural gas consumption in the power industry, the shift from coal to gas-based power generation, and the rise in the gas-fired power plant infrastructure are expected to create massive opportunities for gas turbine MRO players in the future.
- The Asia-Pacific region is expected to witness the fastest growth during the forecast period, as the natural gas-based power generation industry is highly concentrated there, with many aging power plants.
Gas Turbine MRO Market Trends
Maintenance Segment Expected to Witness Significant Market Growth
- To ensure that power equipment works in good condition, companies and power plant operators need to perform regular maintenance services, including periodic inspections, parts replacement, diagnosis, and renovations. This improves operational performance and ensures the long-term and stable operation of the facility.
- A large number of power utilities and independent power producers enter into long-term service agreements (LTSA) to meet their plant requirements across a range of services, which include all aspects of support, such as fleet management, inventory management, maintenance, repair, and overhaul, and the provision of day-to-day technical support of gas-turbines.
- Turbine manufacturers recommend users perform three quarterly inspections of the turbines, followed by an annual inspection for the first two years. Such agreements help reduce the overall costs, thereby enhancing the capacity of gas turbines through higher-performance parts. This is expected to increase the demand for maintenance services.
- Due to clean fuel properties, its demand is growing in almost every major country. However, only deploying gas turbines does not guarantee any flexibility in operations for the long term, and here, MRO services come into the picture. Thus, many countries have started using maintenance services, either at the beginning of the plant commencement or after crossing a certain period.
- According to the Statistical Review of World Energy Data, in 2023, total world electricity generation from natural gas accounted for 6746.3 Terawatt-hours, an annual growth rate of 1.2% compared to the previous year. With the government's aim to close coal-based power generation, electricity from natural gas is expected to increase, thereby driving the use of gas turbines and creating demand for MRO services for gas turbines.
- Moreover, in March 2023, EthosEnergy made a Long-Term Service Agreement (LTSA) for gas turbine maintenance, inspection, and repair services by Global Power Synergy Public Company Limited (GPSC). The LTSA covers eight GE Frame 6B gas turbine units at two cogeneration power plants in Rayong: Central Utility Plants 1 and 2 (GPSC CUP-1 and GPSC CUP-2).
- In July 2023, A joint venture contractor of Siemens Energy Global and Siemens Energy Vietnam Co., Ltd. secured the long-term maintenance contract for the Nhon Trach 2 Power Plant in Vietnam through open international bidding. The contract spans the next 100,000 equivalent operating hours (EOH) and encompasses comprehensive maintenance and repair services for all plant equipment, including gas turbines, over a 12-year period.
- Owing to such developments, the maintenance services are expected to have robust growth in the forthcoming years.
Asia Pacific Expected to be the Fastest Growing Market
- The Asia-Pacific region is among the largest natural gas consumers for power generation. Natural gas consumption has been rising since the last decade, primarily due to the growing demand for electricity and the growing efforts to reduce emissions from the power generation sector.
- China is primed to hold a significant share of the vast Asia Pacific gas turbine MRO service market. Its booming economy, burgeoning aviation industry, and rapid surge in gas-based power generation plants, both new and aging, are potent driving demand for MRO services. Electricity generation from gas in China witnessed a staggering 9.6% annual increase over just a decade, and this trend shows no signs of slowing.
- Similarly, India’s requirement for electricity has been growing tremendously over the past decade, primarily due to continuous economic growth and numerous government initiatives targeted at increasing access to electricity for the country's larger population. In India, as of 2023, 2.7% of the electricity generated is from natural gas, with a generating capacity of approximately 52.6 terawatt-hours. The gas-fired power stations are regularly maintained and overhauled to minimize the risks of sudden outages.
- Japan is among the largest importer of natural gas as of 2023. The country generated 30% of its electricity from natural gas. Japan operates numerous gas-fired power stations, regularly maintained to minimize the risks of outages in the country.
- For instance, in August 2023, in a collaborative effort involving GE Vernova, JERA, and EPC partner Toshiba Energy Systems & Solutions Corporation, a flange-to-flange replacement was executed to upgrade three units to the advanced 9HA.01 gas turbine technology at a 5.6 GW facility in Japan. This facility, consisting of four groups, is expected to be one of Japan's largest and most crucial power generation sites and serves as the country's largest LNG terminal, receiving over 11 million tons of LNG annually.
- In March 2023, Mitsubishi Power, a brand of Mitsubishi Heavy Industries, secured a seven-year full-turnkey Long Term Service Agreement (LTSA) for the Bibiyana-III Combined Cycle Power Plant in Bangladesh. Under this agreement, Mitsubishi Power is expected to provide maintenance and inspection services for the M701F gas turbine and associated power generation equipment to enhance reliability, performance, and efficiency.
- In March 2023, EthosEnergy secured a 12-year Long-Term Service Agreement (LTSA) for gas turbine maintenance, inspection, and repair services from Global Power Synergy Public Company Limited (GPSC) in the Asia-Pacific region. This LTSA covers eight GE Frame 6B gas turbine units at two cogeneration power plants in Rayong, Thailand.
- Due to such developments, the Asia-Pacific is expected to be the fastest-growing region during the forecast period.
Gas Turbine MRO Industry Overview
The gas turbine MRO market in power sector is semi-consolidated in nature. Some of the major players in the market (in no particular order) include General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd, Sulzer Ltd, Solar Turbines Incorporated, among others.
Gas Turbine MRO Market Leaders
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General Electric Company
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Siemens Energy AG
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Mitsubishi Heavy Industries Ltd.
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Sulzer Ltd
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Solar Turbines Incorporated
*Disclaimer: Major Players sorted in no particular order
Gas Turbine MRO Market News
- March 2024: an agreement was signed between OEM GE Marine and TEI to provide depot-level maintenance and overhaul services for the LM2500 Gas turbine engines used by the U.S. Navy at TEI facilities during this 14-month period under an agreement that runs through October 2026.
- February 2024: MTU Power extended its contract with Norway’s Equinor ASA, Europe’s largest operator of offshore oil and gas platforms and second-largest supplier of gas. The contract covers the maintenance, repair, and overhaul (MRO) of its LM-series industrial gas turbines (IGTs) until 2028.
Gas Turbine MRO Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast, in USD, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 The Aging Gas Turbine Fleet in the Long-Serving Power Plants
4.5.1.2 Reliability Requirements with Regard to Turbomachinery
4.5.2 Restraints
4.5.2.1 Growth in the Renewable Energy Sector
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 Service Type
5.1.1 Maintenane
5.1.2 Repair
5.1.3 Overhaul
5.2 Provider Type (Qualitative Analysis Only)
5.2.1 OEMs
5.2.2 Independent Service Providers
5.2.3 In-house
5.3 Geography
5.3.1 North America
5.3.1.1 United States of America
5.3.1.2 Canda
5.3.1.3 Rest of the North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Rest of the Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Rest of the Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of the South America
5.3.5 Middle-East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of the Middle-East and Africa
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 RWG (Repair & Overhauls) Limited
6.3.4 Metalock Engineering Group
6.3.5 Goltens Worldwide Management Corporation
6.3.6 Siemens Energy AG
6.3.7 Sulzer Ltd
6.3.8 Doosan Heavy Industries and Construction
6.3.9 Solar Turbines Incorporated
6.3.10 Ethos Energy LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The Shift From Coal to Gas-Based Power Generation
Gas Turbine MRO Industry Segmentation
Gas Turbine MRO (Maintenance, Repair, and Overhaul) refers to the comprehensive services provided to ensure the optimal performance and longevity of gas turbines. These services include routine maintenance, troubleshooting, repairs, and complete overhauls. The goal is to maintain efficiency, prevent unexpected failures, and extend the operational life of the turbines. MRO activities are critical in industries such as power generation, aviation, and oil and gas, where gas turbines play a pivotal role.
The gas turbine MRO market 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 regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
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| Repair | |
| Overhaul |
| Provider Type (Qualitative Analysis Only) | |
| OEMs | |
| Independent Service Providers | |
| In-house |
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Gas Turbine MRO Market Research FAQs
How big is the Gas Turbine MRO Market In The Power?
The Gas Turbine MRO Market In The Power size is expected to reach USD 15.16 billion in 2024 and grow at a CAGR of 3.30% to reach USD 17.84 billion by 2029.
What is the current Gas Turbine MRO Market In The Power size?
In 2024, the Gas Turbine MRO Market In The Power size is expected to reach USD 15.16 billion.
Who are the key players in Gas Turbine MRO Market In The Power?
General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd., Sulzer Ltd and Solar Turbines Incorporated are the major companies operating in the Gas Turbine MRO Market In The Power.
Which is the fastest growing region in Gas Turbine MRO Market In The Power?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Gas Turbine MRO Market In The Power?
In 2024, the North America accounts for the largest market share in Gas Turbine MRO Market In The Power.
What years does this Gas Turbine MRO Market In The Power cover, and what was the market size in 2023?
In 2023, the Gas Turbine MRO Market In The Power size was estimated at USD 14.66 billion. The report covers the Gas Turbine MRO Market In The Power historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Gas Turbine MRO Market In The Power size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Gas Turbine MRO Industry Report
Statistics for the 2024 Gas Turbine MRO market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gas Turbine MRO analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Gas Turbine MRO Market Report Snapshots
