Gas Turbine MRO Market Overview
Gas Turbine MRO Market is expected to grow at a significant CAGR during the forecast period 2024-2031
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 high CAGR during the forecast period 2023-2030.
Market Scope
| Metrics | Details |
| Market CAGR | High |
| Segments Covered | By Service Type, By End-User Type, 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 vital insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Gas Turbine MRO Market Dynamics
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 Analysis
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 Share
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 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.
Major players are General Electric Co., Fluor Corporation, Siemens AG, Mitsubishi Heavy Industries, Ltd, Bechtel Corporation, Wood Group GTS, Amec Foster Wheeler PLC, Sulzer Corporation, Babcock & Wilcox Enterprises Inc., TGM Turbinas (now WEG SA) among others.
