As the global economy recovers in 2021 and the supply of the industrial chain improves, the gas turbine MRO market will undergo major changes. The gas turbine MRO market is expected to grow at a CAGR of 3.28% during the forecast period, reaching USD 31.56 billion by 2027. The COVID-19 pandemic had an impact on the market but variably. The gas-based power generation received a setbackreaching 6268 TWh in 2020, which reduced the orders for new gas turbines for new projects and halts in the under-construction projects. However, since then, the power utilities started focusing on the maintenance services of gas turbines as a strategy to avoid new turbine investments, as the only option left with them is to use the existing old machinery, which could have resulted in unplanned events. Thus, only maintenance services got an impetus during the pandemic. The two major drivers for the gas turbine MRO market growth are the aging gas turbine fleet in the long-serving power plants and reliability requirements with regard to turbomachinery. However, the growing inclination towards renewables-based power generation may hamper the growth of the market.
The global gas turbine MRO industry report provides top-notch qualitative and quantitative information including: Market size (2017-2021 value and 2022 forecast). The report also contains descriptions of key players, including key financial indicators and market competitive pressure analysis.
The report also assesses key opportunities in the market and outlines the factors that are and will drive the growth of the industry. Taking into account previous growth patterns, growth drivers, and current and future trends, we also forecast the overall growth of the global gas turbine MRO market during the next few years. The global gas turbine MRO market size will reach USD million in 2028, growing at a CAGR of % during the analysis period.
Highlights-Regions
The gas turbine MRO market can be split based on product types, major applications, and important regions as follows:
North America
Europe
Asia Pacific
Latin America
Player list
General Electric Company
Siemens Energy AG
Mitsubishi Heavy Industries Ltd.
Sulzer Ltd
Solar Turbines Incorporated
Types list
Maintenane
Repair
Overhaul
Application list
OEMs
Independent Service Providers
In-house