Industrial Turbine MRO
- Maintenance, repair, and overhaul are key elements for smooth operation of industrial turbines. Maintenance of industrial turbines is highly essential, as they play a vital role in overall operation of a plant. Timely maintenance increases life and efficiency of turbines.
- Rise in investments in various power plants has increased the demand for maintenance, repair, and overhaul of turbines. The expanding global natural gas network is creating new opportunities that are driving the demand for turbines across industries.
- Maintenance of turbines can be predictive, preventive, or planned. Predictive maintenance reduces the maintenance cost as compared to that incurred by preventive maintenance. It prevents excess wear & tear of operating equipment. Planned maintenance is a routine or time-based maintenance that consists of lubrications, oil change, bearing checkup, and other such parameters. Timely maintenance reduces the repair and overhaul costs, which are high vis-à-vis maintenance costs.
Key Drivers of Global Industrial Turbine MRO Market
- Demand for industrial turbine MRO is expected to increase in the near future owing to rise in globalization and industrialization. Demand for gas powered turbines is rising owing to an increase in demand for clean energy.
- Increase in investments in oil & gas exploration activities globally is anticipated to boost the global industrial turbine MRO market in the near future
COVID-19 Impact on Global Industrial Turbine MRO Market
- Rapid spread of the COVID-19 pandemic has had significant impact on the global industrial turbines market. The pandemic halted the installation of several industrial turbine projects owing to disruption in supply of equipment, raw material, and labor. Maintenance schedules of various industries have also been highly affected by the pandemic.
- In January 2019, Siemens announced that it had been selected to provide industrial gas turbines for a gas processing facility in Canada. The facility is located in Montney play of Alberta, Canada. The company is expected to provide two SGT-300 industrial gas turbines. It claims that the two gas turbines would provide around 12 megawatts of power, which would meet the overall project requirements and drive the compressors in the facility. Siemens SGT-300 industrial gas turbine is a robust and proven gas turbine that is used for power generation and mechanical drive applications throughout the world.
North America to Hold Major Share of Global Industrial Turbine MRO Market
- Based on region, the global industrial turbine MRO market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global industrial turbine MRO market in 2019. The region has largest installed base of industrial turbines. Hence, demand for MRO services is high. Demand for gas powered turbines is rising in oil & gas exploration activities in the region. Thus, the region is estimated to account for major share of the market during the forecast period.
- The industrial turbine MRO market in Europe held major share of the industrial turbine MRO market in 2019. The region is reducing its carbon emission by eliminating the use of coal powered power plants. Key countries of the market in Europe are Italy, Germany, Spain, France, and Austria.
- The industrial turbine MRO market in Asia Pacific is likely to be highly attractive during the next few years, as the industrial sector is developing in the region. Investments in gas powered turbines are rising in the region, especially in China, Japan, and India.
- Middle East & Africa is projected to account for a relatively minor share of the market in the near future, as the power generation market is developing in the region
- Latin America is anticipated to hold moderate share of the global market during the forecast period. Investments in industrial turbines is estimated to rise in the region in the near future.
Key Players Operating in Market
Major players operating in the global industrial turbine MRO market include:
- Thermax Limited
- NTPC Ltd.
- John Wood Group PLC
- Bechtel Corporation.
- Enel Spa
- Babcock & Wilcox Enterprises, Inc.
- GENERAL ELECTRIC
- STEAG ENERGY SERVICES
- Fluor Corporation.
- Siemens Energy
- MITSUBISHI HEAVY INDUSTRIES, LTD.
Global Industrial Turbine MRO Market: Research Scope
Global Industrial Turbine MRO Market, by Service
Global Industrial Turbine MRO Market, by Application
- Mechanical Drive
- Power Generation & CHP
Global Industrial Turbine MRO Market, by Type
- Gas Turbine
- Steam Turbine
Global Industrial Turbine MRO Market, by End-user
- Oil & Gas
- Paper & Pulp
- Others (Including Chemicals & Petrochemicals and Food & Beverages)
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
- 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.