GAS TURBINE MRO MARKET ANALYSIS

Market Challenges And Opportunities

Restraints

• Growth in renewable Global Gas Turbine MRO Market source of energy sector: High demand for renewable sources of energy is expanding the renewable energy sector. Moreover, the rise in investment in renewable sources of energy, such as solar PV and wind turbines is again fueling the market expansion. This is expected to restrict the market. However, the lack of land and infrastructure to install renewable energy could limit Global Gas Turbine MRO Market growth. Furthermore, the high development and maintenance costs of renewable energy projects could also limit market growth.

Global Gas Turbine MRO Market: Drivers

• In the power sector there is need for maintenance service of gas turbine MRO: The need for maintenance service of gas turbine MRO in the power sector for the aging fleet of gas turbines is a prime factor expected to propel the global gas turbine MRO market growth in the power sector. Moreover, the growing consumption of natural gas in the power industry, the shift from coal to gas-based power generation, and the growing number of gas-fired power plant infrastructure are the other key factors expected to foster the growth of the market over the forecast period.

• Gas turbines' aging infrastructure is driving market expansion: Gas turbines are an essential part of energy production, and there are currently several gas turbine power plants operating all over the world for several decades. These turbines must be maintained, repaired, and overhauled as they get older in order to maintain their efficiency and dependability. MRO services aid with resolving problems that would otherwise result in damaged turbines. Performance of aging gas turbines suffers as a result of worn-out parts, efficiency losses, or out-of-date technologies. MRO vendors provide services targeted at enhancing these turbines' performance.