Market Size of Middle East Gas Turbine MRO Industry in the Power Sector
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East Power Sector Gas Turbine MRO Market Analysis
The Middle Eastern gas turbine MRO market in the power sector is expected to register a CAGR of 5% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic due to delays and cancellations of projects and decreased demand for electricity. However, the market rebounded in 2022.
Factors such as the aging fleet of gas turbines, the need to maintain operational efficiency, and stringent emissions norms from power plants are expected to drive the market's growth during the forecast period. The increasing demand for cleaner energy from gas turbines over concerns about the environmental impact of energy generation from coal-fired plants is expected to boost the growth of the gas turbine MRO market in the power sector market. However, the increasing shift toward renewable energies, such as solar and wind, for power generation hampered the growth of the market studied. An increasing shift from coal and crude oil toward gas-based power generation in the region is expected to provide significant opportunities to the market players.
Saudi Arabia is expected to dominate the market's growth in the region. Investments in gas-based power generation plants and aging gas-based power plants are expected to drive the market's growth during the forecast period.
Middle East Power Sector Gas Turbine MRO Industry Segmentation
A gas turbine, also called a combustion turbine, is a type of continuous-flow internal combustion engine. Gas turbine requires maintenance, repair, and overhaul services at regular intervals for safe and efficient performance.
The Middle Eastern gas turbine MRO market in the power sector is segmented by service type and geography. By service type, the market is segmented into maintenance, repair, and overhaul. The report also covers the market size and forecasts for the MRO market in the power sector in major countries across the region. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| By Service Type | |
| Maintenance | |
| Repair | |
| Overhaul |
| By Geography | |
| Saudi Arabia | |
| United Arab Emirates | |
| Rest of Middle East |
Middle East Gas Turbine MRO Market in the Power Sector Size Summary
The Middle East power sector's gas turbine MRO market is poised for growth, driven by the need to maintain operational efficiency and comply with stringent emissions norms. The market, which experienced setbacks due to the COVID-19 pandemic, has shown resilience and is expected to expand as the demand for cleaner energy sources increases. The shift from coal and crude oil to gas-based power generation presents significant opportunities for market players. Saudi Arabia is anticipated to lead the market's growth, supported by investments in gas-based power plants and the country's strategic focus on enhancing natural gas production for domestic power generation.
The global emphasis on reducing greenhouse gas emissions is further propelling the demand for gas-fired power plants, which offer lower emissions compared to coal-fired alternatives. The Middle East has seen substantial growth in electricity generation from gas, with Saudi Arabia's efforts to double gas production by 2030 creating a robust market for gas turbine MRO services. The region's electricity generation landscape is dominated by natural gas, and the ongoing maintenance and repair needs of aging gas turbines are expected to sustain market growth. Key industry players, including General Electric, Siemens AG, and Mitsubishi Heavy Industries, are actively involved in the region, with significant projects and long-term service agreements enhancing their market presence.
Middle East Gas Turbine MRO Market in the Power Sector Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Market Dynamics
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1.4.1 Drivers
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1.4.2 Restraints
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1.5 Supply Chain Analysis
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1.6 Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitutes Products and Services
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Service Type
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2.1.1 Maintenance
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2.1.2 Repair
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2.1.3 Overhaul
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2.2 By Geography
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2.2.1 Saudi Arabia
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2.2.2 United Arab Emirates
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2.2.3 Rest of Middle East
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Middle East Gas Turbine MRO Market in the Power Sector Market Size FAQs
What is the current Middle East Gas Turbine MRO Market in the Power Industry size?
The Middle East Gas Turbine MRO Market in the Power Industry is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Middle East Gas Turbine MRO Market in the Power Industry?
General Electric Company , Flour Corporation , Mitsubishi Heavy Industries Ltd , John Wood Group PLC and Siemens AG are the major companies operating in the Middle East Gas Turbine MRO Market in the Power Industry.
