Language
Gas Turbine MRO Market to Garner $20.4 Billion, Globally, By 2032 at 3.5% CAGR: Allied Market Research
HomeHome > Blog > Gas Turbine MRO Market to Garner $20.4 Billion, Globally, By 2032 at 3.5% CAGR: Allied Market Research
LATEST NEWS

Gas Turbine MRO Market to Garner $20.4 Billion, Globally, By 2032 at 3.5% CAGR: Allied Market Research

Jun 18, 2023

The global gas turbine MRO market is driven by a surge in the replacement of nuclear and coal-driven turbines with gas turbines, and the growth in demand for power generation.

PORTLAND, Ore., Aug. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Gas Turbine MRO Market by Technology (Heavy Duty, Light Industrial, Aero-Derivative), By Type (Maintenance, Repair, Overhaul), By Provider Type (OEM, Independent Service Provider, In-House), By End-Use (Power Generation, Oil, And Gas, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global gas turbine MRO industry generated $14.5 billion in 2022 and is anticipated to generate $20.4 billion by 2032, witnessing a CAGR of 3.5% from 2023 to 2032.

Gas Turbine MRO, also known as Gas Turbine Maintenance, Repair, or Overhaul (MRO), is the process of maintaining, repairing, and overhauling gas turbines. Gas turbines are used to transform fuel into mechanical power for electricity generation or propulsion. They are used in a variety of industries, from power generation to oil and gas to aviation and marine. Gas Turbine Maintenance, Repair, and Operating (MRO) involves a variety of activities related to the inspection, testing, and cleaning of gas turbines, as well as the replacement and refurbishment of components and optimization of performance to ensure maximum efficiency, dependability, and longevity of the machinery.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/108206

Prime Determinants of Growth:

The global gas turbine MRO market is driven by the growing demand for electricity and the growing adoption of gas turbines in various industries, including power generation, aviation, and oil and gas. Also, the surge in global energy demand and the shift toward cleaner and more flexible power generation options, such as gas turbines, contribute to the rising demand for gas turbine MRO services. However, the high cost associated with gas turbine MRO is expected to act as a major restraint for market growth. Nevertheless, innovation and technological advancement are expected to provide ample market growth during the forecast period.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$14.5 billion

Market Size in 2032

$20.4 billion

CAGR

3.5 %

No. of Pages in Report

300

Segments covered

Technology, Type, Provider Type, End-Use, and Region.

Drivers

Surge in replacement of nuclear and coal-driven turbines with gas turbines

Opportunities

Technological advancement

Restraints

High cost associated with gas turbine MRO

Russia-Ukraine War impact analysis on the gas turbine MRO market-

The Russia-Ukraine War had led to disruptions in the supply chain for gas turbine components and spare parts. Both Russia and Ukraine are significant players in the global gas turbine industry, with many manufacturers and suppliers based in these countries. Any disruptions to the production and transportation of parts can lead to delays and shortages for gas turbine MRO companies, affecting their ability to conduct timely repairs.

Geopolitical tensions between Russia and Ukraine can create uncertainty and instability in the region, potentially impacting international trade and business relations. MRO service providers operating in or relying on supplies from the region may face challenges due to political and economic factors.

Energy Prices and Demand: The conflict in the region can have broader implications for energy prices and demand. Gas turbines are used in various industries, including power generation, and fluctuations in energy prices and demand can influence the need for maintenance and repairs. Economic instability resulting from the conflict may also impact investment in new gas turbine projects, affecting the long-term demand for MRO services.

Gas turbine operators in the region and those with operations or assets located in the affected area may face challenges due to the war's direct impact on infrastructure and operations. MRO providers catering to these operators might experience changes in service demand or contract cancellations.

In response to geopolitical risks, gas turbine MRO companies may consider diversifying their supply chains and customer bases to reduce reliance on regions affected by the conflict. This may lead to increased trade with other countries and regions, potentially expanding the global gas turbine MRO market.

The heavy-duty segment to maintain its lead position during the forecast period-

Based on technology, the heavy-duty segment accounted for the largest share in 2022, contributing to more than two-thirds of the global gas turbine MRO market revenue, and is projected to maintain its lead position during the forecast period. Heavy-duty gas turbines are large and powerful machines used primarily for power generation in utility and industrial applications. MRO (Maintenance, Repair, and Overhaul) for heavy-duty gas turbines is critical to ensure their optimal performance, reliability, and safety throughout their operational life. On the other hand, the aero-derivative segment is projected to grow at a CAGR of 4.3% from 2023 to 2032. Aero-derivative gas turbines are derived from aircraft jet engines and are used in various industries for power generation, mechanical drive systems, and other applications. Aero-derivative gas turbines MRO (maintenance, repair, and overhaul) are essential to ensure the reliable and efficient operation of these high-performance machines.

Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/gas-turbine-mro-market

The maintenance segment to maintain its leadership status during the forecast period-

Based on type, the maintenance segment accounted for the largest share in 2022, contributing to more than two-fifths of the global gas turbine MRO market revenue, and is projected to maintain its leadership status during the forecast period. Gas turbines require regular scheduled maintenance, which includes routine inspections, cleaning, and replacement of consumable parts such as filters and seals. Scheduled maintenance helps prevent unexpected breakdowns and ensures continuous and efficient operation. However, the repair segment is projected to grow at a CAGR of 3.9% from 2023 to 2032. Gas turbines repair is a critical aspect of the overall MRO (Maintenance, Repair, and Overhaul) process, focused specifically on addressing issues, damages, or malfunctions in gas turbines. Repair activities aim to restore the gas turbine to its optimal operational condition, ensuring it can perform efficiently and safely.

The OEM segment to maintain its lead position during the forecast period-

Based on provider type, the OEM segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global gas turbine MRO market revenue, and is projected to maintain its lead position during the forecast period. Gas turbine MRO services are provided by the Original Equipment Manufacturers (OEMs) of gas turbines. These services are usually carried out by the manufacturers themselves or their authorized service centers. Since the OEMs have an in-depth understanding of their own products, they are well-equipped to provide comprehensive maintenance, repair, and overhaul solutions to ensure the continued performance, reliability, and safety of their gas turbines. However, the in-house segment is projected to grow at a CAGR of 4.0% from 2023 to 2032. Gas turbine MRO (Maintenance, Repair, and Overhaul) carried out in-house refers to maintenance activities performed by the operators or owners of the gas turbines themselves, rather than relying on external OEMs or independent service providers. In-house MRO is when a company or organization maintains and services its gas turbines using its own resources, personnel, and facilities.

For Purchase Inquiry: https://www.alliedmarketresearch.com/gas-turbine-mro-market/purchase-options

Asia-Pacific to maintain its dominance by 2032-

Based on region, the Asia-Pacific segment held the major share in 2022, accounting for nearly three-fifths of the global gas turbine MRO market revenue and is likely to dominate the market during the forecast period. The same region would also display the fastest CAGR of 3.7% from 2023 to 2032. The Asia-Pacific region encompasses a diverse range of countries with varying levels of economic development and industrialization. This region's increasing energy demands, economic growth, urbanization, and investments in infrastructure have contributed to the rising demand for gas turbine MRO services.

Leading Market Players: -

MITSUBISHI HEAVY INDUSTRIES, LTD

SOLAR TURBINES INCORPORATED

KAWASAKI HEAVY INDUSTRIES, LTD.

SIEMENS ENERGY AG

DOOSAN ENERBILITY

GENERAL ELECTRIC COMPANY

ANSALDO ENERGIA SPA

BAKER HUGHES COMPANY

SULZER LTD.

METALOCK ENGINEERING

The report provides a detailed analysis of these key players in the global gas turbine MRO market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Trending Reports in Turbine MRO Industry (Book Now with 10% Discount):

Steam Turbine MRO Market: Global Analysis and Forecast, 2023-2032

Power Plant Maintenance Market: Global Analysis and Industry Forecast, 2021-2031

Gas Turbine Service Market: Opportunity Analysis and Forecast, 2021-2031

Geothermal Turbines Market: Global Opportunity Analysis, 2021-2031

Gas Turbine Market: Global Analysis and Forecast, 2021–2030

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int'l: +1-503-894-6022Toll Free: +1-800-792-5285Fax: [email protected]: https://www.alliedmarketresearch.com/reports-store/energy-and-powerFollow Us on | Facebook | LinkedIn | YouTube

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

View original content to download multimedia:https://www.prnewswire.com/news-releases/gas-turbine-mro-market-to-garner-20-4-billion-globally-by-2032-at-3-5-cagr-allied-market-research-301908234.html

SOURCE Allied Market Research