Global Gas Turbine MRO Market is expected to foresee significant growth. Asia Pacific to lead the growth!
- Himanshu Patni
- January 4, 2022
- ENERGY & POWER, NEWS
- Gas Turbine MRO Market, Gas Turbine MRO Market growth, Gas Turbine MRO Market share, Gas Turbine MRO Market size, Gas Turbine MRO Market trends
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Global gas turbine MRO market is expected to grow at a CAGR of around 3% during the forecast period (2021-2027). The surging consumption of electricity over the past few years has also rises the adoption of gas turbine which in turn has escalated the requirement of gas turbine MRO.
The gas turbine services represent a significant portion of the maintenance costs for the energy sector which rises the market size of gas turbo MRO. Factors such as aging fleet of gas turbine, need to maintain operational efficiency and stringent emissions norms from power plants are expected to be major drivers driving the market.
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The coronavirus pandemic declared as public health emergency worldwide by World Health Organization (WHO). Government across nations implemented lockdown and ban on travelling, shutdown of manufacturing industries, and commercial activities. This had severely disrupted the supply chain. The energy consumption was severely disrupted across the countries due to the closure of industrial and commercial sector. COVID-19 had an impact on the power sector, particularly by leading to a reduction of demand, financial stress, and disruptions to the power supply chain which in turn had adversely impacted the gas turbine MRO market as well.
Based on turbine size, the gas turbine MRO market is classified into 1-60 MW, 61-180 MW, and more than 180 MW. The more than 180 MW segment holds the considerable market share. It is mainly owing to the surging demand for large gas turbines in power generation.
For a detailed analysis of the Global Gas Turbine MRO Market browse through – https://univdatos.com/report/gas-turbine-mro-market/
Based on service type, the gas turbine MRO market is segmented into maintenance, repair, and overhaul. The maintenance segment holds the considerable market share. As utility and oil & gas companies are more focused on maintenance, as it prevents breakdown of gas turbine and keeps operation running, which saves operational and repair cost.
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of MEA), and Rest of World. APAC held the prominent share in the market due to increase in energy demand, and natural gas usage in the region.
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Some of the major players operating in the market include 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., WEG SA. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Gas Turbine MRO Market Segmentation
Market Insight, by Turbine Size
- 1 – 60 MW
- 61 – 180 MW
- More than 180 MW
Market Insight, by Service Type
Market Insight, by Service Provider
- Original Equipment Manufacturers
- Independent Service Providers
Market Insight, by End-Use
- Electrical Power Utility
- Oil and Gas
Market Insight, by Region
- North America Gas Turbine MRO Market
- United States
- Rest of North America
- Europe Gas Turbine MRO Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Gas Turbine MRO Market
- Rest of Asia-Pacific
- Middle East & Africa Gas Turbine MRO Market
- Saudi Arabia
- South Africa
- Rest of MEA
- Rest of World Gas Turbine MRO Market
Top Company Profiles
- 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.
- WEG SA