Global Gas Turbine MRO Market: Introduction

  • The gas turbine is a combustion turbine that converts natural gas into electrical energy. The gas turbine heats the mixture of air and fuel with the help of high temperature in order to make the turbine blades spin, which subsequently, generates electricity.
  • Gas turbines are used in power generation and in the oil & gas industry to force oil up to the surface. Power generation and oil extractions are continuous processes; hence, the gas turbine requires maintenance, repair, and overhaul services, which in turn leads to improved performance and efficient work.

Key Drivers and Restraints of Global Gas Turbine MRO Market

  • Rise in industrialization and urbanization across the globe is estimated to be a key driver of the energy gas turbine MRO market. Demand for energy has been increasing significantly across the world for the last few years. This has fueled significant investment in gas turbine power plants. The gas turbine MRO market depends on the sales of gas turbines. Hence, a rise in industrialization and urbanization across the globe is projected to drive the market during the forecast period.
  • Aging energy generation infrastructure is a key driver of the gas turbine MRO market. The gas turbine market has been witnessing a significant rise in number of installations for the last few years. Thus, the gas turbine requires higher MRO services. Therefore, the demand for gas turbine MRO is expected to increase in the near future.
  • Significant investments are being made in solar and wind based power generation for the last few years. These systems are cost-effective and require very less maintenance. Thus, increased investment in renewable energy sources is expected to restrain the market in the near future.

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Global Gas Turbine MRO Market: Segmentation

  • The global gas turbine MRO market can be segmented in terms of service, capacity, and end-user.
  • Based on service, the global gas turbine MRO market can be segmented into maintenance, repair, and overhaul. The maintenance segment dominated the market in 2019. It is expected to maintain its dominance of the global gas turbine MRO market during the forecast period. Utility and oil & gas companies are more focused on maintenance, as it prevents breakdown of gas turbine and keeps operation running, which saves operational and repair costs.
  • In terms of capacity, the global gas turbine MRO market can be classified into Less than 50 MW, 50 MW to 100 MW, 100 MW - 200 MW, and above 200 MW. 100 MW - 200 MW, and above 200 MW segments are is anticipated to expand at a high CAGR, owing to a rise in the demand for large gas turbines in power generation.
  • Based on end-user, the market can be split into power generation, oil & gas, and others. The power generation segment dominated the market in 2019, due to the significant rise in power consumption across the world, which in turn has led to higher demand for gas turbines in the power generation industry. Therefore, demand for gas turbine MRO is expected to be considerably high during the forecast period.

Global Gas Turbine MRO Market: Regional Outlook

  • Based on region, the global gas turbine MRO market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • North America is a key region of the global gas turbine MRO market. North America has high number of gas turbine power generation plants. North America accounts for around 28% of power generation from the gas turbine-based power plants, and this trend is expected to remain the same during the forecast period. Hence, the demand for gas turbine MRO is likely to be on the higher side in the near future.
  • The market in Europe and Asia Pacific is projected to expand significantly during the forecast period, due to significant investments in gas turbine power plants, which in turn is expected to drive the market in both regions
  • The market in Middle East & Africa and Latin America is estimated to expand at a steady CAGR during the forecast period, due to steady rise in power generation in these regions

COVID-19 Impact

  • Rapid spared of coronavirus has significantly disrupted all major global economies. During the initial phase, the power generation industry was marginally affected due to sudden lockdown. Commercial and industrial sectors witness low demand for electricity; however, the residential demand for electricity was on the higher side. Furthermore, power generation is an essential service and hence, gas turbine MRO services were less affected. However, non-essential works and services that depend on specialist from overseas, have been put on the hold due to restriction on travel.

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Key Players Operating in Global Market:

  • Christof Industries Austria GmbH
  • General Electric
  • Siemens AG
  • Mitsubishi Heavy Industries, Ltd
  • Asia Pacific Aerospace
  • Mechanical Dynamics & Analysis LLC
  • Sulzer Ltd
  • EthosEnergy
  • Babcock & Wilcox Enterprises, Inc
  • TGM WEG Energia

Global Gas Turbine MRO Market: Research Scope

Global Gas Turbine MRO Market, by Service

  • Maintenance
  • Repair
  • Overhaul

Global Gas Turbine MRO Market, by Capacity

  • Less than 50 MW
  • 50 MW to 100 MW
  • 100 MW - 200 MW
  • Above 200 MW

Global Gas Turbine MRO Market, by End-user

  • Power Generation
  • Oil & Gas
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Gas Turbine Mro Market