Gas Turbine MRO Market Size, Share, Industry, Forecast and outlook (2023-2030)

Gas Turbine MRO Market is segmented By Service Type (Maintenance, Repair, Overhaul), By End-User Type (Power Generation, Oil, and Gas, Marine, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030 

Gas Turbine MRO Market Overview

180 pages report analyses the Global Gas Turbine MRO Market size, shares, recent trends, competitive intelligence, and future market outlook. Gas Turbine usage in converting natural gas into electrical energy is on the rise. Demand from Oil, and Gas, Power Generation, Marine in Asia Pacific is spiking. Competitive rivalry intensifies with General Electric Co. , Fluor Corporation, Mitsubishi Heavy Industries, Ltd and others operating in the market.

Gas turbine is a combustion turbine that can convert natural gas and other liquid fuels to mechanical energy or electrical energy. The gas turbine heats a mixture of air and fuel at high temperatures, making the turbine blades to spin. The spinning turbine drives a generator that turns the mechanical energy into electricity.

The gas turbine is used in industries for power generation and mechanical drive applications, the turbines are also used in oil and gas for compressors to inject gas into the wells to force oil up via another bore, or to compress the gas for transportation. And also used in marine for power generation and as an auxiliary power source in aircrafts.

The continuous working of gas turbine requires maintenance, repair and overhaul services to work efficiently with improved performance. Global gas turbine MRO market is expected to grow at a CAGR of XX% to reach market value of USD XXXX million by 2030.

Gas Turbine MRO Market Scope and Summary

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Gas Turbine MRO Market Dynamics and Trends

Market Drivers:

Growing number of gas turbine installations, as gas turbines have less operating cost as compare to other low-carbon emission alternatives like nuclear and renewable energy, this has driven the market for global gas turbine MRO market.

Preventive maintenance and predictive-maintenance help in reducing the cost of maintenance for gas turbine, this is the major reason that boosting global gas turbine MRO market globally.

Market Restraints:

Gas turbines manufacturers are creating highly durable turbines that require less number/ frequency of service which would be a major restraint for global MRO market.

The high maintenance cost for gas turbines are the major restraint for global gas turbine MRO market.

Gas Turbine MRO Market Segmentation

By service type

Gas turbine systems have two life cycle periods they are within the first six months of operation, and after 10 years of operations. During quarterly inspection of gas turbine, the maintenance technician collects turbine system performance data on variables such as vibration, pressures, temperatures, and outputs. The original equipment manufacturer (OEM) then analyzes the data and issues a serviceability report.

The maintenance needed for compressor is that done once in every 32,000 hours (about 4 years), as part of a total shop overhaul and rebuilding of the entire turbine.

Gas Turbine MRO Market Geographical Analysis

The US market is experiencing growth for the establishment of small-scale turbines, with an increased focus on efficiency. By 2038, the natural gas-fired generation facilities are expected to grow by 348,000 MW of gas-fired capacity to the US grid.

Asia Pacific region has shown considerable growth in gas turbine MRO market in recent years. According to the International Energy Agency (IEA), the developing regions in Asia accounted for two-thirds of the global energy growth in 2017.

Gas Turbine MRO Market Companies and Competitive landscape

The Gas turbine MRO market is highly competitive with present of largest players globally. The increase in competitiveness for gas turbine MRO market has driven the market growth.

In October 2017, GE Power has received a contract of USD 141 million from Saudi Electricity Company (SEC) to provide maintenance, parts, and repairs services for eight GE 7F.05 gas turbines installed at Riyadh Power Plant 12 (PP12).

In August 2017, Siemens has expanded an existing service agreement with KAR Group in Iraq to provide comprehensive operations and maintenance (O&M) for two newly added SSC5-2000E power plant units at the Khormala plant in the Kurdistan region.

In July 2017, MTU Maintenance, the world’s largest independent provider of maintenance services for LM series industrial gas turbines, has extended its contract with Sahacogen (Chonburi) Public Company Limited for the maintenance, repair and overhaul of its three LM6000PC gas turbines. The agreement is valued at over USD 35 million Till 2023.