GAS TURBINE MRO MARKET ANALYSIS

Gas Turbine MRO MarketSize and Trends

The global gas turbine MRO market was valued at US$ 12.25 Bn in 2022 and is expected to exhibit a CAGR of 6.6% over the forecast period (2023-2030) to reach US$ 20.51 Bn by 2030. The global Gas Turbine MRO Market industries is witnessing significant growth due to the presence of aging gas turbines in long-serving power plants, which requires modernization and minimal maintenance investments. For instance, according to the International Energy Agency (IEA), several gas-fired power plants has been used for about 20-50 years or more. The U.S. accounts for more than 26% of the aged gas power plants globally. These existing power plants require regular maintenance and repairs to keep them in proper operating conditions.

• 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 Performance of aging gas turbines suffers as a result of worn-out parts, efficiency losses, or out-of-date technologies.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.

Market Trends/Key Takeaways:

• Rise in environmental concerns: Growing environmental concerns are encouraging key players to increase the number of natural gas-based power generation plants. This will favor market growth in the near future. It is a low-carbon power source, emitting less CO2 compared to other fossil fuel sources.
• Shift towards the net-zero electricity mix: Increasing shutdown of coal fleet and shifting to a net-zero electricity mix is again expected to foster the market growth. For instance, in November 2021, Southern Co. announced that it would shut down roughly 55% of its coal fleet by 2030, as the company shifted to a net-zero electricity mix. The closures include the unit’s two largest coal-fired power plants and the earlier-announced Plant Daniel, one of the last coal generators in Mississippi.