Gas turbines play a crucial role in generating power through the conversion of natural gas and other fuels into mechanical energy and further into electrical energy. Major components of a gas turbine include compressor, combustion chamber, and turbine. Due to their ability to start quickly, shut down rapidly, and modulate power output swiftly, gas turbines are extensively used for meeting peak power demand as well as providing backup power. Moreover, growing focus on reducing carbon emissions is augmenting the replacement of old coal-fired power plants with modern and highly efficient gas turbines running on natural gas. The global Gas Turbine MRO Market in the Power Sector is estimated to be valued at US$ 13.07 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of gas turbines across power utilities to meet growing electric demand in an environment-friendly manner has been a key trend driving the demand for gas turbine maintenance, repair, and overhaul services. As gas turbines operate continuously for several years to generate electricity, regular maintenance such as inspection, repair, component replacement is required to ensure optimal performance and efficiency. Moreover, proper maintenance helps reduce unexpected breakdowns and enhances turbine lifespan. Leading power companies are outsourcing MRO services to specialized third-party service providers to benefit from their expertise and advanced maintenance facilities. This outsourcing trend is expected to continue and drive the gas turbine MRO market during the forecast period.
Segment Analysis
The global gas turbine MRO market in the power sector is segmented based on service type, capacity, application, and region. Based on service type, the market is segmented into repair & overhaul, maintenance & support, monitoring & diagnosis, and engineering services. The repair and overhaul segment dominated the market in 2021 and is anticipated to continue its dominance during the forecast period. Repair and overhaul services help identify critical issues in advance and ensure more uptime of the gas turbines, thereby reducing downtime costs and losses.
Key Takeaways
The Global Gas Turbine MRO Market in the power sector is expected to witness high growth.
Regional analysis: The Asia Pacific region dominated the market in 2021 and is expected to grow at the fastest CAGR during the forecast period. The growth of the market in the region can be attributed to the increasing electricity demand and rising investments in new power plants, especially in developing economies like India and China.
Key players related content comprises Key players operating in the gas turbine MRO market in the power sector are Nobel Biocare Services AG, DIO Corporation, Ivoclar Vivadent AG, GC Dental, Modern Dental Group Limited, COLTENE Group, SHOFU Dental GmbH, VITA Zahnfabrik, Holmes Dental Co., Lasak, Institut Straumann AG, Derby Dental, and Anthogyr SAS. The market is highly fragmented with numerous global and regional players providing services to OEMs and end-use industries. However, market leaders are focusing on expanding their global presence and service portfolio through partnerships and acquisitions.
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