According to a new market report published by Lucintel, the future of the gas turbine maintenance, repair, and overhaul (MRO) market, looks good with opportunities in the maintenance service type. The gas turbine MRO market in the power industry is expected to reach an estimated $17.8 billion by 2024 and is forecast to grow at a CAGR of 3.4% from 2019 to 2024. The major drivers for market growth are the aging fleet of gas turbines and stringent government regulations on emission control.
Browse 58 market data tables and 77 figures spread through 130 pages and in-depth TOC on “Gas Turbine MRO Market"
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In this market, the service types are maintenance, repair, and overhaul. Lucintel forecasts that maintenance will remain the largest segment and witness the highest growth in the forecast period supported by the increasing fleet age of gas turbines in the power industry.
The three major types of service providers are original equipment manufacturers, independent service providers, and in-house. Within the gas turbine MRO market, the original equipment manufacturer (OEM) segment is expected to remain the largest market. The long-term service agreements between OEMs and power producers are expected to drive the growth of this segment over the forecast period.
By end use industries, electric power utility is expected to be the largest segment and witness the highest growth during the forecast period. Increasing demand for electricity is the major driving growth for this segment over the forecast period.
By turbine size, turbines with more than 180MW are expected to remain the largest segment and witness the highest growth in the forecast period. High efficiency and low-cost per MW are the major factors which will drive this segment.
North America is expected to remain the largest market and witness the highest growth over the forecast period due to MRO services required for a large number of existing and aging gas turbines shipped to this region in prior years.
Some of the major companies in the global gas turbine MRO market for the power industry are General Electrical, Siemens, Mitsubishi Heavy Industries, Wood Group, and Sulzer.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global gas turbine MRO market in the power industry by end use industry, type of service, by type of service provider, turbine capacity, and region, and has compiled a comprehensive research report entitled “Growth Opportunities in the Global Gas Turbine MRO Market in the Power Industry 2019-2024: Trends, Forecast and Opportunity Analysis.” The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast of the global gas turbine MRO market in the power industry through 2023, segmented by end use industry, type of service, type of service provider, turbine capacity, and region as follows:
By End Use Industry [Value ($ Billion) from 2013 to 2024]:
Electrical Power Utility
Oil and Gas
Others
By Type of Service [Value ($ Billion) from 2013 to 2024]:
Maintenance
Repair
Overhaul
By Type of Service Provider [Value ($ Billion) from 2013 to 2024]:
Original Equipment Manufacturers
Independent Service Providers
In-House
By Turbine Size [Value ($ Billion) from 2013 to 2024]:
1 – 60 MW
61 – 180 MW
More than 180 MW
By Region [Value ($ Billion) from 2013 to 2024]:
North America
Europe
Asia Pacific
The Rest of the World
This 130-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/gas-turbine-mro-in-power.aspx or helpdesk@lucintel.com.
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