Gas Turbine MRO Market in the Power Sector Market Trends

Statistics for the 2023 & 2024 Gas Turbine MRO Market in the Power Sector market trends, created by Mordor Intelligence™ Industry Reports. Gas Turbine MRO Market in the Power Sector trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of Gas Turbine MRO Industry in the Power Sector

This section covers the major market trends shaping the Gas Turbine MRO Market according to our research experts:

Maintenance Segment Expected to Witness Significant Market Growth

  • To ensure that power equipment works in good condition, companies and power plant operators need to perform regular maintenance services, including periodical inspections, parts replacement, diagnosis, and renovations. This improves operational performance and ensures the long-term and stable operation of the facility.
  • A large number of power utilities and independent power producers enter into long-term service agreements (LTSA) to meet their plant requirements across a range of services, which include all aspects of support, such as fleet management, inventory management, maintenance, repair, and overhaul, and the provision of day-to-day technical support of gas-turbines.
  • Turbine manufacturers recommend users to perform three quarterly inspections of the turbines, followed by an annual inspection for the first two years. Such agreements help reduce the overall costs, thereby enhancing the capacity of gas turbines through higher performance parts. This is expected to increase the demand for maintenance services.
  • Due to clean fuel properties, its demand is growing in almost every major country. However, only deploying gas turbines does not guarantee any flexibility in operations for the long term, and here, MRO services come into the picture. Thus, many countries have started using maintenance services, either at the beginning of the plant commencement or after crossing a certain period.
  • In June 2021, Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries (MHI) Group, signed a 16-year long-term service agreement (LTSA) for the MOR services of six M701F gas turbines at Sidi Krir Power Station, El Atf Power Station, and Cairo North GTCC plants in Egypt. The company will provide services like maintenance, management, parts supply, parts repair, and remote monitoring services for the gas turbines, and thereby provide power supply security in the country.
  • In March 2021, Siemens Energy bagged a 15-year service support contract from Saudi Aramco to ensure secure power supply at the power generating station of four oil fields. The contract includes full-fledged support services for the gas turbines and generators at the power supply center. The Siemens Energy's Service Workshop will offer services like inspections, repairs, modifications & upgrades, and emergency services under 24/7 conditions.
  • Owing to such developments, the maintenance services are expected to have robust growth in the near future.
Gas Turbine MRO Market- Natural Gas-based Power Generation

Asia Pacific Expected to be the Fastest Growing Market

  • The Asia-Pacific region is among the largest consumers of natural gas for power generation. The consumption of natural gas has been rising since the last decade primarily due to the growing demand for electricity and the growing efforts to reduce emissions from the power generation sector.
  • The Chinese government is strategizing to transition from coal to gas, with an aim of reducing emissions. Such factors are expected to drive the demand for the gas turbine MRO services in the country during the forecast period.
  • Similarly, India's requirement for electricity has been growing tremendously over the past decade, primarily due to the continuous economic growth and numerous government initiatives targeted at increasing the access to electricity for the larger population in the country. In India, as of December 2021, 6.33% of the electricity generated is from natural gas, with a generating capacity of approximately 25,000 MW. The gas fired power stations are regularly maintained and overhauled to minimize the risks of sudden outages.
  • Japan is among the largest importer of natural gas as of 2021. The country generated 20% of its electricity from natural gas. Japan operates numerous gas-fired power stations, which are regularly maintained to minimize the risks of outages in the country.
  • For instance, in March 2022, the Japanese government announced that three gas-fired power plants with a combined power generation capacity of 1,900 MW would be shut down for a period of two months to conduct regular maintenance activities. The drop in power generation capacity will have a limited impact on the power consumption pattern in the country as the country has started experiencing warmer weather in March, at an average temperature of 21°C in Tokyo, decreasing the need for electric heating services.
  • In March 2021, General Electric signed a 22-year agreement with Reliance Bangladesh LNG and Power Ltd. to provide maintenance services at the upcoming "Meghnaghat Power Plant" in Bangladesh. It includes equipment maintenance on the gas and steam turbines, and auxiliaries, with the implementation of plant-wide digital solutions. The plant is expected to come into service by 2023.
  • Owing to such developments, the Asia-Pacific is expected to be the fastest growing region during the forecast period.
Gas Turbine MRO Market in the Power Sector- Growth Rate by Region, 2022-2027

Gas Turbine MRO Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)