Gas turbines are widely used in the power sector to generate electricity. They offer reduced capital expenditures and lower operating costs compared to steam turbines. Gas turbines allow efficient generation of power from natural gas and other fuels. They play a vital role in meeting base load as well as peak power demand. There are several advantages of gas turbines such as high efficiency, low emissions, flexible operations and compact size. The global Gas Turbine MRO Market in the Power Sector is estimated to be valued at US$ 10 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased reliance on gas turbines for power generation is a major trend driving the gas turbine MRO market in the power sector. Gas turbines are widely adopted to complement renewable energy sources which exhibit intermittent generation. They help maintain grid stability and reliability through their flexible operations. With rising investments in expanding gas-fired power generation capacity, the global installed base of gas turbines used in the power sector is growing steadily. This is increasing the demand for maintenance, repair and overhaul services from utility companies and independent power producers to keep these gas turbines operational round the clock. The focus on performance optimization and extending lifetime of aging gas turbine fleet through maintenance contracts is also propelling the MRO market.
Segment Analysis
The global gas turbine MRO market in the power sector is segmented based on service type into maintenance and repair & overhaul. The maintenance segment dominates the market and accounted for around 60% share in 2019 due to the increasing awareness and strict regulations regarding periodic and preventive maintenance of gas turbines.
Key Takeaways
The Global Gas Turbine MRO Market In The Power Sector Size is expected to witness high growth. Regular maintenance and repair activities in existing gas turbine power plants are driving the growth of the market.
Regional analysis: North America dominated the global gas turbine MRO market in the power sector in 2019 due to the large installed base of gas turbine power plants in the region, especially in the United States. Various government initiatives and programs to maintain and upgrade aging power infrastructure are fueling the market growth.
Key players operating in the gas turbine MRO market in the power sector are General Electric, Siemens, Mitsubishi Heavy Industries, Sulzer AG, MAN Energy Solutions, Wood Group, Ansaldo Energia, and Kawasaki Heavy Industries, Ltd. General Electric dominated the market in 2019 on account of its global footprint and wide service portfolio for gas turbines and other power generation equipment.
For More Insights, Read: https://www.newswirestats.com/gas-turbine-mro-market-in-the-power-sector-size-share-and-growth-forecast-2023-2030/
