The global Gas Turbine MRO Market in the Power Sector is estimated to be valued at US$ 13.07 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gas turbine is a type of internal combustion engine that uses air as the working fluid. Gas turbine MRO provides repair, overhaul, and upgrade services to maintain and improve the efficiency of gas turbines used in power plants. Regular MRO services help increase their operational lifetime.
Market key trends:
One of the key trends driving the gas turbine MRO market in the power sector is the growing need for efficiency improvement and operational cost reduction. As gas turbines used in power plants age, their efficiency decreases and maintenance costs rise considerably. Regular MRO services help repair, replace and retrofit components to optimize performance. This extends their operational life while lowering energy costs. Many utilities are actively outsourcing MRO to specialized third-party service providers to benefit from their expertise and economies of scale.
Segment Analysis
The gas turbine MRO market in the power sector is segmented by service type into heavy maintenance, overhaul, and others. The heavy maintenance segment dominates the market as it involves repairs and inspections of critical gas turbine components to ensure optimal performance and extend the equipment’s lifespan. Gas turbines undergo heavy maintenance every 30,000 to 50,000 operating hours to replace or repair worn-out parts. This periodic servicing is essential to maintain turbine availability and efficiency.
Key Takeaways
The Global Gas Turbine MRO Market Size in the power sector is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period, due to increasing investments in maintaining and upgradation of aging power generation infrastructure across regions.
Regional analysis
North America dominates the gas turbine MRO market in the power sector owning to large installed base of gas turbines used in power generation. Asia Pacific region is expected to grow at the fastest pace due rising demand for gas-fired power generation to meet increasing electricity needs along with ongoing projects to modernize aging infrastructure in major countries like China and India.
Key players
Key players operating in the gas turbine MRO market in the power sector are General Electric Company, Mitsubishi Heavy Industries Ltd, RWG (Repair & Overhauls) Limited, Metalock Engineering Group, Goltens Worldwide Management Corporation, Siemens Energy AG, Sulzer Ltd, Doosan Heavy Industries and Construction, Solar Turbines Incorporated, and Ethos Energy LLC.
Read More: https://www.ukwebwire.com/gas-turbine-mro-market-size-share-and-growth-forecast/
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