Gas Turbine MRO Market

Gas Turbine MRO Market by Capacities (Less than 50 MW, 50 MW to 100 MW, 100 MW - 200 MW, and above 200 MW), End-user Industries (Power, Oil and Gas, and Other End-user Industries), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: EP-1068
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 196
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The global gas turbine MRO market size is expected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the recent developments in technology with respect to gas production.
 

Gas Turbine MRO Market Key Takeaways


A gas turbine is a type of combustion turbine that converts natural gas or other liquid fuels into mechanical or electrical energy. The gas turbine spins the turbine blades by heating a combination of air and fuel to high temperatures. The rotating turbine powers a generator, which converts mechanical energy into electrical energy. The gas turbine is used in industries for power generation and mechanical drive purposes. It is also used in oil and gas for compressors to pump gas into wells in order to force oil up via another hole or to compress gas for transportation. Also used in maritime power generating and as an aviation auxiliary power source. The gas turbine's constant operation needs maintenance, repair, and overhaul services in order for it to operate effectively and with enhanced performance.

The rapid eradication of the coronavirus has wreaked havoc on the world's main economies. The power generation business was only slightly impacted during the early period owing to the abrupt lockout. The demand for energy in the commercial and industrial sectors is modest; however, the demand for power in the residential sector is considerable. Furthermore, while power generating is a critical service, gas turbine MRO services were mostly unaffected. Non-essential works and services that rely on specialists from outside the country, on the other hand, have been placed on hold owing to travel restrictions.

Market Trends, Drivers, Restraints, and Opportunities

  • Increase in the number of gas turbine installations, as gas turbines have lower operating costs than other low-carbon emission options such as nuclear and renewable energy, is expected to fuel the market growth during the forecast period.
  • Growing global industrialization and urbanization is estimated to boost market expansion in the coming years.
  • The market's growth is projected to be slowed by an increase in renewable deployment due to the improved efficiency of renewable-based power generation.

Scope of the Report

The report on the global 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.

Attributes

Details

Report Title

Gas Turbine MRO Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Capacities (Less than 50 MW, 50 MW to 100 MW, 100 MW - 200 MW, and above 200 MW) and End-user Industries (Power, Oil and Gas, and Other End-user Industries)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd, Kawasaki Heavy Industries Ltd, and Bharat Heavy Electricals Limited.

 

Market Segment Insights

100 MW - 200 MW segment is projected to account for a large market share
Based on capacities, the gas turbine MRO market is segregated into Less than 50 MW, 50 MW to 100 MW, 100 MW - 200 MW, and above 200 MW. The 100 MW - 200 MW segment is expected to account for a key share of the market during the forecast period due to an increase in demand for big gas turbines in power production. On the other hand, the above 200 MW segment is expected to grow at a high CAGR during the forecast period.

Power segment is expected to grow at a robust pace
In terms of end-user industries, the gas turbine MRO market is divided into power, oil and gas, and other end-user industries. The power segment is expected to account for a key share of the market in the coming years owing to the growing investments made in this segment. China's final investment choices for gas-based power production increased by 70%, and for the first time, more gas-fired power capacity was sanctioned than coal-fired power capacity. Furthermore, gas-based power generation is less expensive to construct than nuclear power plants; yet, gas-based power generation is a more dependable source than renewables. These advantages, along with the need to cut carbon emissions, have boosted demand for gas turbines across the world. Gas turbines are viewed as a bridge technology by EU officials in order to meet the 2030 objectives while other technologies emerge. During the projected period, it is anticipated to stimulate demand for gas turbines.
 

Gas Turbine MRO Market By End User Industries


Asia Pacific is anticipated to dominate the market
On the basis of regions, the gas turbine MRO market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to several reasons including rising energy consumption, minimal environmental impact, and increased flexibility and efficiency.

Natural gas output rose by 18.75 per cent globally between 2011 and 2018, thanks to technical advancements and lower shale gas production costs. Rapid industrialization and urbanization are causing a large and ever-increasing demand for electricity in the region, necessitating the creation of various power production projects. As a result, China's need for gas turbines is increasing. Coal-fired power generation dominates India's power industry, accounting for 54.7 per cent of total installed capacity in December 2018. For decarbonizing the economy and fulfilling the Paris Agreement's objectives, the government highlighted the potential of renewable energy and gas-based power. The demand for gas turbines is projected to rise as the percentage of gas-based power grows.
 

 

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Gas Turbine MRO Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Gas Turbine MRO Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Gas Turbine MRO Market - Supply Chain
  4.5. Global Gas Turbine MRO Market Forecast
     4.5.1. Gas Turbine MRO Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Gas Turbine MRO Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Gas Turbine MRO Market Absolute $ Opportunity
5. Global Gas Turbine MRO Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Gas Turbine MRO Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Gas Turbine MRO Demand Share Forecast, 2019-2026
6. North America Gas Turbine MRO Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Gas Turbine MRO Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Gas Turbine MRO Demand Share Forecast, 2019-2026
7. Latin America Gas Turbine MRO Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Gas Turbine MRO Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Gas Turbine MRO Demand Share Forecast, 2019-2026
8. Europe Gas Turbine MRO Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Gas Turbine MRO Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Gas Turbine MRO Demand Share Forecast, 2019-2026
9. Asia Pacific Gas Turbine MRO Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Gas Turbine MRO Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Gas Turbine MRO Demand Share Forecast, 2019-2026
10. Middle East & Africa Gas Turbine MRO Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Gas Turbine MRO Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Gas Turbine MRO Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Gas Turbine MRO Market: Market Share Analysis
  11.2. Gas Turbine MRO Distributors and Customers
  11.3. Gas Turbine MRO Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. General Electric Company
     11.4.2. Siemens AG
     11.4.3. Mitsubishi Heavy Industries Ltd
     11.4.4. Kawasaki Heavy Industries Ltd
     11.4.5. Bharat Heavy Electricals Limited

Segments Covered in the Report
The global gas turbine MRO market has been segmented on the basis of

Capacities

  • Less than 50 MW
  • 50 MW to 100 MW
  • 100 MW - 200 MW
  • above 200 MW

End-user Industries

  • Power
  • Oil and Gas
  • Other End-user Industries

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • General Electric Company
  • Siemens AG
  • Mitsubishi Heavy Industries Ltd
  • Kawasaki Heavy Industries Ltd
  • Bharat Heavy Electricals Limited

Key players competing in the gas turbine MRO market include General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd, Kawasaki Heavy Industries Ltd, and Bharat Heavy Electricals Limited.
 

Gas Turbine MRO Market By key Players

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