Gas Turbine MRO Market

SKU: DMEP413 | Last Updated On: Aug 10 2022 | Available Formats

> Gas Turbine MRO Market Expected to reach a high CAGR 5.8% By 2029: DataM Intelligence

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, 2022-2029

Gas turbine MRO market size is projected to reach USD billion by 2029, with growth at a CAGR of 5.8% over the forecast period 2022-2029. Gas turbine is combustion engines that convert natural gas into electrical energy. The gas turbine heats the mixture of air and fuel to make the turbine blades spin, generating electricity. Jet engines, used to power aircraft, are a modified form of gas turbines. MRO stands for maintenance, repair and operations and is responsible for keeping gas turbines operational and running smoothly.

Regional Classification:

According to the DataM Intelligence market research report, the global Gas turbine MRO market is divided into North America, South America, Europe, Asia-Pacific, Middle East and Africa. The North American region is swiftly adopting gas-fired power plants to align with environmental protection and to abide by the industrial gas emission standards. An aging fleet of gas turbines, a growing demand for cleaner energy from gas turbines compared to coal-fired plants, and requirements to maintain operational proficiency and severe emissions regulatory standards are projected to drive the North American gas turbine MRO market over the forecast period.

Europe's growing inclination toward cleaner and nontoxic energy production and rising concerns against nuclear power use has resulted in the shutting down of nuclear power plants in most European nations. The prevalent shift in the European electricity structure was the noteworthy change from coal generation to gas generation. Factors such as the need to improve reliability, durability and profitability and the operational performance of the aged old gas turbine fleets in the region are driving the European gas turbine MRO market.

As per the International Energy Agency (IEA), emerging economies in Asia accounted for two-thirds of the global energy growth in 2021. 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. Due to growing advances in the region's power sector, the Asia-Pacific gas turbine MRO market will likely increase significantly in the coming years.

Market Growth Dynamics:

Upgradation of aging gas turbines is a major driver for the global market

Gas turbines are used mostly in power generation and the oil & gas industry to force oil up to the surface. Power generation and oil mining are uninterrupted processes; therefore, the gas turbine requires maintenance, repair and overhaul services, paving the way to improved performance and well-organized work. The gas turbine plants follow preventive and predictive maintenance techniques to ensure their plants' proper functioning in the future. The up-gradation of aging gas turbines has been crucial to ensuring the smooth functioning of the gas-turbine set-up.   

Increasing emphasis on renewable energy generation is expected to restrain the global gas turbine MRO market

Over the forecast period, increasing emphasis on renewable energy generation is expected to prevent the growth of the global market. Natural gas power plants mainly utilize gas turbines for energy production. However, due to growing concerns about global warming and climate change, there has been an increasing emphasis on renewable energy such as solar and wind. Renewable energy systems do not require gas turbines, reducing the demand for gas turbine MRO services.   

Increasing adoption of combined cycle power plants is expected to generate new opportunities for the global market

A combined-cycle power plant uses gas and a steam turbine to produce up to 50% more electricity from the same fuel than a traditional simple-cycle plant. The waste heat from the gas turbine is routed to the nearby steam turbine, which generates extra power. Combined cycle power plants are best suited to meet the growing energy demand; hence, their adoption presents new opportunities for the global gas turbine MRO market.

Shortages of skilled workforce are expected to present challenges for the global market

Carrying out gas turbine MRO activities requires a skilled workforce possessing advanced technical skills and education. There is an increasing shortage of qualified and experienced personnel required to carry out complex maintenance and repair activities on gas turbines. It presents a major challenge to the growth of the global market.

Gas turbine MRO Market Scope

Metrics

Details

Market CAGR

5.8%

Segments Covered

By Service Type, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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COVID-19 Impact Analysis

The COVID-19 pandemic substantially impacted the global gas turbine MRO market. Investments in new power generation and upgradation of existing facilities decreased sharply due to the pandemic. Furthermore, supply chain interruptions caused by the pandemic have caused logistical disruptions and created a shortage of many essential gas turbine components. Reduced global demand for gas turbine MRO has resulted from a drop in automotive production. Despite ongoing challenges, the pandemic is not expected to significantly impact the long-term growth of the global gas turbine MRO market.

Recent Developments in the Industry:

  1. In May 2022, Siemens AG signed a contract with PetroVietnam Power Corp to install and maintain two GE 9HA.02 gas turbines for the Nhon Trach 3 & 4 LNG power plant.
  2. In August 2022, Mitsubishi Power signed a contract to re-provision the aging gas turbines of the Lamma Power Station in Hong Kong.
  3. In July 2022, Safran, a French gas turbine manufacturer, announced its intention to set up an international MRO facility in India.

Market Segmentation:

The scope of the report covers segmentation based on service type, end-user, and region. The global gas turbine MRO market is segmented by service type into maintenance, repair, and overhaul. The global Gas turbine MRO market is segmented by end-user into aero-engine and IGT. The global Gas turbine MRO market is segmented by region into North America, South America, Europe, Asia-Pacific, Middle East, and Africa.

  1. Aeroengine: 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. Aeroengine gas turbines are cost-effective but have a short life cycle. Replacement of the worn-out component is required in these gas turbines.
  2. IGT: IGT is industrial gas turbines used in the industrial segment of oil and gas and marine, among others. IGT is further classified into the frame and aero-derivative segments. The IGT installations are done in various captive power plants for independent power production. Since energy generation and other industrial processes are carried out continuously without interruption, IGT turbines require MRO services.

Competitive Analysis:

The global gas turbine MRO market is fragmented, with multiple international and local competitors. Major players perform backward as well as forward integration in the market. But outsourcing MRO services to any service-providing company is one of the major practices followed by gas turbine manufacturing companies. The growth strategy of mergers and acquisitions plays a crucial role in strengthening the service portfolio of the product-based companies in the global gas turbine MRO market.

Major Companies:

Some key companies contributing to the global Gas turbine MRO market growth include General Electric, Mitsubishi Heavy Industries, Ltd, Siemens AG, Bechtel Corporation, Wärtsilä, MTU Aero Engines AG, Shanghai Electric, STORK, GKN Aerospace Services Limited, Sulzer Corporation, Wood Group PLC, TGM Turbinas, Mechanical Dynamics & Analysis LLC and ATL Turbine Services, among others.

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