The global gas turbine MRO market in the power industry is expected to reach $17.3 billion by 2023.
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 global gas turbine MRO market in the power industry is expected to reach an estimated $17.3 billion by 2023 and is forecast to grow at a CAGR of 3.6% from 2018 to 2023.
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 in the Power Industry" www.lucintel.com/gas-turbine-mro-in-power.aspx
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.
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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.
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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.
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 2012 to 2023]:
- Electrical Power Utility
- Oil and Gas
By Type of Service [Value ($ Billion) from 2012 to 2023]:
By Type of Service Provider [Value ($ Billion) from 2012 to 2023]:
- Original Equipment Manufacturers
- Independent Service Providers
By Turbine Size [Value ($ Billion) from 2012 to 2023]:
- 1 – 60 MW
- 61 – 180 MW
- More than 180 MW
By Region [Value ($ Billion) from 2012 to 2023]:
- North America
- Asia Pacific
- The Rest of the World
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This report answers following 10 key questions:
Q.1.How big are the opportunities for the global gas turbine MRO market in the power industry by end use industries, type of service (maintenance, repair, and overhaul), service provider (original equipment manufacturers, independent service providers, in-house), turbine size (more than 180 MW, 61 – 180 MW, and 1 – 60 MW) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2.Which product segments will grow at a faster pace and why?
Q.3.Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges of the market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market and which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?
Q.10. What M&A activity has occurred in the last five years and what has its impact been on the industry?
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