Asia-Pacific Gas Turbine MRO Market Size (2024 - 2029)

The Asia-Pacific gas turbine MRO market in the power sector is poised for growth, driven by the need to maintain an aging fleet and ensure reliability in turbomachinery. The market's expansion is supported by the increasing focus on maintenance services, particularly as power utilities seek to optimize existing assets rather than invest in new turbines. Despite the challenges posed by a shift towards renewable energy, technological advancements in maintenance, such as digital solutions and cloud-based asset management, offer significant opportunities for market growth. Japan, with its concentration of natural gas-based power generation and aging plants, is expected to be a key area of development.

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Market Size of Asia-Pacific Gas Turbine MRO Industry

Asia-Pacific Gas Turbine MRO Market - Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.70 %
Market Concentration High

Major Players

Asia-Pacific Gas Turbine MRO Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Gas Turbine MRO Market Analysis

The Asia-Pacific gas turbine MRO market is expected to register a CAGR of more than 5.7% during the forecast period. The COVID-19 pandemic had an impact on the market but variably as demand for energy has grown again after the pandemic. Further, the flexible nature of gas plants has protected them from much harm in the short term. But, 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 was 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 toward renewables-based power generation may hamper the growth of the market.

  • The maintenance services are expected to witness significant growth during the forecast period, as they lead to a reduction in the cost of production if implemented properly.
  • The technological advancements in MRO services create ample opportunities for the growth of the market. Digital solutions to monitor the working of gas turbines are recently in vogue in asset management. They are generally based on cloud technology. The market is full of software for various services like APM (Asset Performance Maintenance), OPM (Operations Performance Maintenance), Performance Intelligence, and Base Line Security.
  • Japan is expected to witness significant growth during the forecast period as the natural gas-based power generation industry is highly concentrated in the region, with many aging power plants.

APAC Gas Turbine MRO Industry Segmentation

The Asia-Pacific gas turbine MRO market report includes:

Service Type
Maintenane
Repair
Overhaul
Service Provider
OEMs
Independent Service Providers
In-house
Geography
China
Japan
India
South Korea
Rest of Asia-Pacific
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Asia-Pacific Gas Turbine MRO Market Size Summary

The Asia-Pacific gas turbine MRO market in the power sector is poised for significant growth, driven by the aging fleet of gas turbines and the increasing reliability requirements for turbomachinery. The market's expansion is supported by the flexible nature of gas plants, which has mitigated short-term impacts from the COVID-19 pandemic. As power utilities focus on maintenance services to extend the life of existing machinery, the demand for MRO services has surged. Technological advancements, particularly in digital solutions for asset management, are creating new opportunities for market growth. These innovations, including cloud-based software for asset performance maintenance and operations performance maintenance, are expected to enhance the efficiency and reliability of gas turbines.

Japan is anticipated to be a key growth area within the region, owing to its mature natural gas-based power generation industry and the presence of industry leaders like Mitsubishi Hitachi Power Systems. The country's focus on maintaining and upgrading aging power plants is expected to drive demand for MRO services. However, geopolitical factors, such as dependence on gas imports from Australia and Russia, pose challenges that could impact market stability. Despite these challenges, ongoing investments and the implementation of advanced MRO techniques are expected to bolster the market's recovery and growth trajectory in the coming years. The market remains consolidated, with major players like General Electric, Siemens, and Mitsubishi Heavy Industries leading the charge in providing comprehensive maintenance and repair solutions.

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Asia-Pacific Gas Turbine MRO Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD Billion, till 2027

    3. 1.3 Major Upcoming Upstream Projects in Europe

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitute Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Service Type

      1. 2.1.1 Maintenane

      2. 2.1.2 Repair

      3. 2.1.3 Overhaul

    2. 2.2 Service Provider

      1. 2.2.1 OEMs

      2. 2.2.2 Independent Service Providers

      3. 2.2.3 In-house

    3. 2.3 Geography

      1. 2.3.1 China

      2. 2.3.2 Japan

      3. 2.3.3 India

      4. 2.3.4 South Korea

      5. 2.3.5 Rest of Asia-Pacific

Asia-Pacific Gas Turbine MRO Market Size FAQs

The Asia-Pacific Gas Turbine MRO Market is projected to register a CAGR of greater than 5.70% during the forecast period (2024-2029)

General Electric Company, Fluor Corp., John Wood Group PLC, Siemens AG and Mitsubishi Heavy Industries Ltd are the major companies operating in the Asia-Pacific Gas Turbine MRO Market.

Asia-Pacific Gas Turbine MRO Report Snapshots

Asia-Pacific Gas Turbine MRO Market in the Power Sector - Growth, Trends, COVID-19 Impact, and Forecasts (2024 - 2029)