The global gas turbine MRO market is segmented based on aero engine and Industrial gas Turbine (IGT) based on end-user segment IGT segment is bound to lead the end-user market from 2020 to 2027.
Furthermore, the Aeroengine segment is bifurcated into the civil and military end-user industry and the IGT segment is divided into frame and aeroderivative segments. Factors such as upgrading aging gas turbines and government authorities focusing upon clean energy generation drive the market's growth.
Market Dynamics
Drivers
- Upgradation of ageing gas turbines
- Government authorities focusing upon clean energy generation
Restraints
- Inclination of power production towards renewable energy generation
Market Segmentation
Aero-engine and power production applications involve turbines with high power yield and high proficiency. An Aero-engine is an essential power element of an aircraft thrust system. Most Aero-engines are either piston engines or gas turbines, even though in the recent past, many small UAVs have used electric motors. The civil and military applications form a significant part of gas turbine applications, including Aero-engines in use. With the advent of modern technology, various Unmanned Air Vehicles (UAVs) used in the civil and military application are to date dependent on the propulsion system.
Global gas turbine MRO market for the Aeroengine segment was valued US$ 32,469.86 million in 2019, with a CAGR of 3.2% during the forecast period 2020 to 2027.
At this juncture, the use of advanced gas turbine thrust systems allows faster-flying speediness and increased efficiency. These gas turbines are used explicitly in larger military medium-altitude long-endurance (MALE) and high-altitude long-endurance (HALE) UAVs. This construction of UAV commonly employs present turbine engines lifted from small light aircraft to accomplish command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR).
Owing to the on-going functioning requirements enlargement, there is a need for smaller UAVs with augmented assignment outline competencies in terms of quickness and strength. These low power employed gas turbines are cost-effective but with a short life-cycle. Replacement of the component if destroyed is required in these gas turbines. The growing use of gas turbines in civil and military applications drives gas turbines' MRO market growth during the forecast period.
Geographical Analysis
Asia-Pacific Gas Turbine MRO Market Value (US$ Million), 2018-2027
The Asia-Pacific Gas Turbine MRO market is estimated to grow at a CAGR of 5.3% during the forecast period (2020-2027).
As per the International Energy Agency (IEA), emerging economies in Asia accounted for two-thirds of the global energy growth in 2017. This growth is attributed to the sturdy surge in requirement for energy and the speedy capability developments in the power sector; the power plant service activities in the region continue to augment during the forecast period.
Asia-Pacific is observing a significant evolution from nuclear and coal-based power generation to gas-fired power generation, to align with Paris Climate Change Agreement criteria, which is anticipated to bring about a remarkable market opportunity for the growth of the gas turbine maintenance, repair and overhaul services market in Asia-Pacific. Moreover, factors, such as aging power set-up, are likely to augment the power demand further
The gas turbine MRO services advancements in the power sector in Asia-Pacific are regarded as one of the fastest-growing sectors globally during the forecast period.
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