Gas Turbine MRO Market in the Power Sector Market Size (2024 - 2029)

Gas Turbine MRO Market Analysis

The Gas Turbine MRO Market in the Power is expected to grow from USD 28.85 billion in 2024 to USD 33.90 billion by 2029, at a CAGR of 3.28% during the forecast period (2024-2029).

The market was moderately impacted by COVID-19 in 2020. Presently, the market has now reached pre-pandemic levels.

• Over the long term, the major driving factors of the market are the aging gas turbine fleet in the long-serving power plants and reliability requirements with regard to turbomachinery.
• On the flip side, growth in the renewable energy sector is likely to restrain the applications of gas turbines, thus, hindering the growth of gas turbine MRO services.
• The increasing natural gas consumption in the power industry, the shift from coal to gas-based power generation, and the rise in the gas-fired power plant infrastructure are expected to create massive opportunities for the gas turbine MRO players in the future.
• The Asia-Pacific region is expected to witness fastest growth during the forecast period, as the natural gas-based power generation industry is highly concentrated in the region, with many aging power plants.

Gas Turbine MRO Industry Segmentation

A gas turbine in power sector is used to convert the kinetic energy from gas into mechanical energy and then to electrical power. Gas turbine is the heart of power generation industry. The basic operating principle of a gas turbine are relatively simple, but the components involved must handle high temperatures and work within very fine tolerances. Highly specialized parts and manufacturing processes are used to create the turbine's components and these need to be properly maintained to ensure continued efficiency and reliability. As the turbine is made of multiple rotating parts, it needs continuous maintenance services. Moreover, turbines are constantly exposed to steam or gas and therefore the blades are prone to micro pitting, abrasive wear, foreign object debris (FOD) damage, surface corrosion, and fretting corrosion. This demands for gas turbine maintenance, repair and overhauls (MRO) at periodic intervals for the smooth functioning of turbines as well as the power plants. The gas turbine MRO market in the power sector is segmented by service type, provider type, and geography. By service type, the market is segmented into maintenance, repair, and overhaul. By provider type, the market is segmented by OEMs, independent service providers, and in-house. The report also covers the market size and forecasts for the gas turbine MRO market in the power sector across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).