Europe Gas Turbine MRO Market Outlook
The Europe Gas Turbine MRO Market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031 expanding at a CAGR of 2% during 2023 – 2031. The growth of market is attributed to older installation of gas turbines and maintaining the operational efficiency.
MRO stands for maintenance, repair, and overhaul or operation. The gas turbine is also called as a combustion turbine that converts natural gas energy into electrical energy.
Heating the mixture of compressed air and fuel with the help of high temperature in order to spin the blades of gas turbine which subsequently generates electricity. In the gas turbine, there are three main parts such as compressor, combustion engine, and turbine. In turbine includes rotors, casting and auxiliary components. In the combustion chamber contains fuel injector and an igniter for igniting air fuel mixture.
The COVID-19 pandemic affected the demand and supply of Europe gas turbine MRO market due to lockdown across the globe, supply chain disorders, and oscillating supply of raw materials and availability of workers forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Strict rules and regulations about the emission norms for power plant drive the Europe gas turbine MRO market.
- Considering environmental impact of energy generation from coal-fired plants, increasing demand of energy from the gas turbine plants, boosts the gas turbine MRO market.
- Increasing number of gas-based power generating plants is expected to fuel the Europe gas turbine MRO market.
- People have shifted preferences towards renewable energy sources such as solar and wind energy which has hampered the market growth.
- Increasing demand for electrical energy as future fuel in the automotive sector is expected to propel the market during the forecast period.
Scope of Europe Gas Turbine MRO Market Report
The report on the Europe gas turbine MRO market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Gas Turbine MRO Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Service Types (Maintenance, Repair, and Overhaul)
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Geographical Scope
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United Kingdom, Germany, Spain, and Rest of Europe
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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John Wood Group PLC; Flour Corporation; Siemens AG; General Electric Company; Mitsubishi Heavy Industries Ltd
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Europe Gas Turbine MRO Market Segment Insights
The maintenance segment is expected to grow at a rapid pace
Based on service types, the Europe gas turbine MRO market in power sector is segmented into maintenance, repair, and overhaul. The maintenance segment is expected to grow at a rapid pace during the forecast period due to increasing demand of clean electrical energy and strict emission norms. After installation of gas turbine power plant combustion engine requires repair or replacement in four-five years, maintenance start soon after installation.
On the other hand, the overhaul segment is anticipated to account for a major market share during the forecast period as overhaul involves the complete disassembly, repair, inspection, and reassembly of turbine & generator.
United Kingdom is anticipated to constitute a key market share
In terms of geography, the Europe gas turbine MRO market is classified as United Kingdom, Germany, Spain, and Rest of Europe. United Kingdom is expected to constitute a key share of the market during projected period due to increasing electrical energy demand and natural gas usage. Due to industrialization, increasing pollution across the world, changing preferences towards the clean energy some countries are targeted themselves to sale passenger cars on fossil fuel which is estimated to boost the market.
Segments
The Europe gas turbine MRO market has been segmented on the basis of
Service types
- Maintenance
- Repair
- Overhaul
Geography
- United Kingdom
- Germany
- Spain
- Rest of Europe
Key players
Competitive Landscape
Key players competing in the Europe gas turbine MRO market in the power sector include John Wood Group PLC; Flour Corporation; Siemens AG; General Electric Company; Mitsubishi Heavy Industries Ltd.
Key players are constantly implementing several marketing strategies such as merger & acquisitions, capital investments, partnerships, and new product development to sustain industry position in the market. In 2021, Mitsubishi Power begins operation of 500 MW natural gas-fired gtcc power generation systems in Indonesia. Wood and Aspen technology form partnership to deliver optimized performance in management solutions for global enterprises.
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