Global Gas Turbine MRO Market was valued at US$ 12.25 Billion in 2022, exhibiting a CAGR of 6.6%, over the forecast period (2023 to 2030) to reach US$ 20.51 Billion by 2030. Global Gas Turbine MRO Market, By Service Type (Maintenance, Repair, Overhaul), By Provider Type (OEM, Independent Service Providers, In-house), By region ( North America, Europe, Asia Pacific, Latin America, Middle East, Africa)
The global Gas Turbine MRO Market is estimated to account for US$ 12.25 Billion in terms of value by the end of 2022.
Global Gas Turbine MRO Market: Drivers
- Increasing consumption of electricity
Increasing consumption of electricity from natural gas sources is expected to fuel market growth. According to the Coherent Market Insights analysis, the generation of electricity from natural gas grew by about 20 TWh from 2018 to 2019. However, the same declined in 2020 due to lower demand and restrictions caused by the COVID-19 pandemic, which led to the temporary closure of various industrial and commercial infrastructures in 2020. However, power consumption is expected to reach pre-COVID levels in 2022. For instance According to the International Energy Agency (IEA), global electricity demand is projected to grow by 2.1% per year until 2040. This growth is driven by developing countries, particularly in Asia, where electricity demand is expected to double by 2040
Global Gas Turbine MRO Market: Opportunities
Mounting demands for electrical energy to sustain the global development and increasing investments in the power generation sector across developing regions, such as Ministry of External Affairs (MEA) are projected to create a favorable business opportunities for the key players operating in the gas turbine MRO market in the coming years.
Global Gas Turbine MRO Market: Restraints
MRO services in gas turbine create noise and air pollution via emissions in the environment. This is expected to negatively impact the growth of the gas turbine MRO market to some extent. The global market's growth is anticipated to be constrained by the increasing emphasis on the production of renewable energy. Gas turbines are primarily used in natural gas power plants to generate energy. However, due to growing worries about global warming and climate change, renewable energy sources like wind and solar have grown in significance. Gas turbines are not necessary for renewable energy sources, which causes the demand for gas turbine MRO services to fall.
Global Gas Turbine MRO Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of the COVID-19 pandemic had a negative impact on the gas-based power generation market as the industry received a setback, reaching 6268 TWh in 2020, which declined orders for new gas turbines for new projects and halted under-construction projects. However, during the pandemic, the power utilities started focusing on the maintenance services of gas turbines as a strategy to avoid new turbine investments. Hence, during the pandemic, only maintenance services witnessed high demand.
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Key Takeaways:
The global Gas Turbine MRO Market was valued at US$ 12.25 Billion in 2022 and is forecast to reach a value of US$ 20.51 Billion by 2030 at a CAGR of 6.6% between 2023 and 2030.
OME provider segment held a dominant position in the global Gas Turbine MRO Market in 2022, accounting for 55.00% share in terms of value. Increasing approval and launches of new products are expected to propel growth of the segment during the forecast period.
Global Gas Turbine MRO Market Trends:
Saudi Arabia is experiencing increased energy demand for natural gas across the country. For this, the country’s national oil company, Saudi Aramco, has targeted doubling its gas production by 2030, for domestic purposes ex. power generation. This is expected to uplift market growth over the forecast period.
Growing technological development in the field of gas turbine MRO is expected to act as a catalyst for market growth. For instance,
Global Gas Turbine MRO Market: Competitive Landscape
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
