Gas Turbine MRO Market: Current Analysis and Forecast (2021-2027)

Report Description

Global gas turbine MRO market is expected to grow at a CAGR of around 3% during the forecast period (2021-2027).   Factors such as aging fleet of gas turbine, need to maintain operational efficiency and stringent emissions norms fro1m power plants are expected to be major drivers driving the market. Moreover, gas turbine MRO market expected to grow at significant rate in the forecasted period. Factors such as increased access to electricity, increased concerns over greenhouse gas emissions from coal-based power plants, are expected to help drive the gas turbine market in power sector, which, in turn, is expected to drive the gas turbine maintenance market in power sector.

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. 

Gas Turbine MRO Service Provider, 2020

CG Power and Industrial Solutions Ltd, 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&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst End-Use, electric power utility segment holds the prominent share”

Based on end-use, the gas turbine MRO market is segmented into electrical power utility, oil and gas and others. The electric power utility segment catered significant demand in gas turbine MRO market and is expected to hold significant share during the forecast period owing to significant rise in power consumption across the world, which in turn has led to higher demand for gas turbines in the power generation industry. Therefore, demand for gas turbine MRO is expected to be considerably high during the forecast period.

“Amongst service type, maintenance segment holds the considerable share”

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.

“Amongst service provider, OEM segment holds the extensive share”

Based on service provider, the gas turbine MRO market is segmented into original equipment manufacturer, independent service provider and in-house. The OEM segment caters extensive share in the gas turbine MRO market. It is mainly due to expensive gas turbine parts and company majorly preferred to take services from original equipment manufacturer for effective operations. 

“Asia Pacific represents one of the largest markets of Global Gas Turbine MRO Market”

For a better understanding of the market dynamics of the global Gas Turbine MRO market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, Middle East & Africa, and Rest of the World. Asia Pacific holds the extensive market share due to increase in energy demand, and natural gas usage in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global gas turbine MRO market were the three major steps undertaken to create and analyze the adoption of gas turbine MRO in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global gas turbine MRO market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of Gas Turbine MRO market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the gas turbine MRO market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as end-use , service type, service provider and turbine size. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of gas turbine MRO market. Further, we conducted factor analysis using dependent and independent variables such as service type of gas turbine MRO and type of service provider of electrical transformer. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the gas turbine MRO market sector across the globe. 

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global gas turbine MRO market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of gas turbine MRO market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global gas turbine MRO market in terms of revenue generated. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global gas turbine MRO market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of end-user , service type, service provider, turbine size in the global gas turbine MRO market.

The main objective of the Global Gas Turbine MRO Market Study

The current & future market trends of global gas turbine MRO market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of gas turbine MRO market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of end-user , service type, service provider, turbine size.
• Define and analysis of the regulatory framework for the gas turbine MRO market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the gas turbine MRO market for the major region.
• Major regions studied in the report include Asia Pacific, Europe, North America, Middle East & Africa and Rest of the world.
• Company profiles of the gas turbine MRO market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry