by Gas turbines play a vital role in power generation as they help produce electricity reliably and efficiently. Gas turbines are subject to wear and tear due to their continuous operations and require scheduled maintenance repairs and overhaul works. Performing gas turbine maintenance repair and overhaul works helps ensure optimal performance, prolonged operational life and reliability of gas turbines.
The global Gas Turbine MRO Market in the Power Sector is estimated to be valued at US$ 14 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Frequent Maintenance Requirement- Gas turbines used in power generation are exposed to high combustion temperatures and component stresses on a continuous basis. This requires frequent condition monitoring and planned maintenance checks to replace degraded components and repair damages. The maintenance repair and overhaul of gas turbines helps optimize performance, extend their working life and minimize unexpected downtime. Regular MRO activities have thus become imperative for power companies to maximize turbine availability and reliability, driving growth of the gas turbine MRO market in the power sector.
SWOT Analysis
Strength: Gas turbines require regular maintenance and repair to operate efficiently which drives demand for MRO services in the power sector.
Weakness: High costs associated with repairs and overhauls of gas turbines can be a financial challenge for power providers.
Opportunity: Rising adoption of distributed power generation models is creating new opportunities for MRO players to provide localized service support.
Threats: Shift towards renewable power sources like solar and wind poses a threat to conventional gas based power plants in the long run. Strict emission norms also increases compliance costs for players.
Key Takeaways
The Global Gas Turbine MRO Market Size In The Power Sector is expected to witness high growth. The global Gas Turbine MRO Market in the Power Sector is estimated to be valued at US$ 14 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030.
Regional analysis related content comprises Asia Pacific region is currently the fastest growing market for gas turbine MRO services in the power sector. Countries like China, India are witnessing strong investments in conventional power projects based on gas turbines which is driving service demand.
Key players operating in the gas turbine MRO market in the power sector are General Electric, Siemens, Mitsubishi Heavy Industries, Sulzer AG and MAN Energy Solutions. Some of the other prominent players include EthosEnergy, Wood Group, Ansaldo Energia, HPI and Honeywell International Inc. These companies provide comprehensive service support ranging from basic inspections to major overhauls to optimize asset performance for power generators.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
