With the emergence and long-term Impact of COVID-19, Global Gas Turbine MRO Market to reach USD 18.21 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Gas Turbine MRO Market points towards a potential rise to USD 18.21 Billion by 2030. A gas turbine in power sector is used to convert the kinetic energy from gas into mechanical energy and then to electrical power. The turbine requires ongoing maintenance since it contains several spinning components. Gas turbine maintenance, repair and overhauls (MRO) are necessary for the efficient operation of both the turbines and the power plants at regular intervals.
To drive market expansion, gas turbines are increasingly replacing nuclear and coal-powered ones. The market has benefited as a result of major companies being urged to build more natural gas-based power facilities in response to growing environmental concerns. The key factor driving the market growth is old energy production infrastructure. The need for electricity is rising as a result of more smart city projects and smart buildings, and gas turbine power plants are seeing more investment due to the increased demand for energy on a global basis.
Geographically, the global Gas Turbine MRO market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing of the increased shale gas development, the region also contains multiple gas-driven turbine plants that run mostly on natural gas. According to the US Energy Information Administration (EIA) in 2021, coal accounts for more than 40% of the nation’s electricity while natural gas accounts for over 25%.
The EIA predicts that natural gas be the predominant fuel for power generation by 2035. The bulk of energy in North America is generated by gas turbine-powered facilities, and this trend is expected to continue in the future. Asia Pacific is expected to grow significantly during the forecast period, owing to increased demand for energy and increased attempts to minimize emissions from the power producing industry, as well as continued economic expansion and several government initiatives aimed at boosting access to electricity in the region.
The global Gas Turbine MRO market is highly competitive owing to the presence of several key players such as Mitsubishi Heavy Industries, Ltd. Siemens AG Kawasaki Heavy Industries, Ltd. Henkel AG & Co. KGaA Triveni Turbines Limited RWG (Repair & Overhauls) Limited General Electric Co. PT PLN Nusantara Power Global Turbine Asia Sdn Bhd Ethos Energy LLC, and others.
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Key findings of the study suggest:
- Global Gas Turbine MRO Market is anticipated to grow with a healthy growth rate of more than 3.2% over the forecast period 2023-2030.
- In the End Use segment, Oil and Gas emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the increased shale gas development, the region also contains multiple gas-driven turbine plants that run mostly on natural gas.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Maintenance
- Repair
- Overhaul
By Provider Type:
- OEM
- Independent Service Provider
- In House
By End User:
- Power Generation
- Oil and Gas
- Aviation
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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