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Gas Turbine MRO Market In The Power Sector Market Size (2024 - 2029)

The Gas Turbine MRO market is anticipated to experience growth over the forecast period, driven by factors such as the aging gas turbine fleet and the increasing reliability requirements for turbomachinery. Despite challenges posed by the expanding renewable energy sector, opportunities are expected to arise from the rising natural gas consumption, the transition from coal to gas-based power generation, and the development of gas-fired power plant infrastructure. The Asia-Pacific region is projected to lead in growth due to its concentration of natural gas-based power generation and aging power plants.

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Market Size of Gas Turbine MRO Industry In The Power Sector

Gas Turbine MRO Market In The Power Sector (2024 - 2029)
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

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*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 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).

Service Type
Maintenane
Repair
Overhaul
Provider Type (Qualitative Analysis Only)
OEMs
Independent Service Providers
In-house
Geography
North America
United States of America
Canda
Rest of the North America
Europe
United Kingdom
Germany
France
Italy
Rest of the Europe
Asia-Pacific
India
China
Japan
Rest of the Asia-Pacific
South America
Brazil
Argentina
Rest of the South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Rest of the Middle-East and Africa
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Gas Turbine MRO Market In The Power Sector Size Summary

The gas turbine maintenance, repair, and overhaul (MRO) market in the power sector is poised for growth, driven by the aging fleet of gas turbines in long-serving power plants and the increasing reliability requirements for turbomachinery. The market has rebounded to pre-pandemic levels after a moderate impact from COVID-19. The shift from coal to gas-based power generation and the rise in gas-fired power plant infrastructure are expected to create significant opportunities for MRO service providers. However, the growth of the renewable energy sector poses a challenge by potentially limiting the applications of gas turbines. The Asia-Pacific region is anticipated to experience the fastest growth due to its concentration of natural gas-based power generation and aging power plants.

Regular maintenance services, including inspections, parts replacement, and renovations, are crucial for ensuring the operational performance and longevity of power equipment. Long-term service agreements (LTSA) are commonly established by power utilities and independent producers to manage fleet and inventory, and to provide technical support for gas turbines. These agreements help reduce costs and enhance turbine performance. The demand for gas turbine MRO services is further bolstered by the clean fuel properties of natural gas, which is gaining traction globally. Notable developments, such as Mitsubishi Power's long-term service agreement in Egypt and Siemens Energy's contract with Saudi Aramco, highlight the robust growth prospects for maintenance services. The Asia-Pacific region, with its increasing natural gas consumption and efforts to reduce emissions, is expected to lead the market growth during the forecast period.

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Gas Turbine MRO Market In The Power Sector Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 The Aging Gas Turbine Fleet in the Long-Serving Power Plants

        2. 1.5.1.2 Reliability Requirements with Regard to Turbomachinery

      2. 1.5.2 Restraints

        1. 1.5.2.1 Growth in the Renewable Energy Sector

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

    8. 1.8 Investment Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Service Type

      1. 2.1.1 Maintenane

      2. 2.1.2 Repair

      3. 2.1.3 Overhaul

    2. 2.2 Provider Type (Qualitative Analysis Only)

      1. 2.2.1 OEMs

      2. 2.2.2 Independent Service Providers

      3. 2.2.3 In-house

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States of America

        2. 2.3.1.2 Canda

        3. 2.3.1.3 Rest of the North America

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 Germany

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Rest of the Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 India

        2. 2.3.3.2 China

        3. 2.3.3.3 Japan

        4. 2.3.3.4 Rest of the Asia-Pacific

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of the South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 United Arab Emirates

        2. 2.3.5.2 Saudi Arabia

        3. 2.3.5.3 Rest of the Middle-East and Africa

Gas Turbine MRO Market In The Power Sector Market Size FAQs

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.

In 2024, the Gas Turbine MRO Market In The Power size is expected to reach USD 15.16 billion.

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