Gas Turbine MRO Market Size, Analysis, Share & Forecast 2030

Report Description

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.
 

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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.

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.
 

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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.