Market Size of North America 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 | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Power Sector Gas Turbine MRO Market Analysis
The North American Gas Turbine MRO Market in the Power Sector is expected to register a CAGR of more than 3% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the long term, Factors such as an aging fleet of gas turbines, the need to maintain operational efficiency, and stringent emissions norms from power plants are expected to be the major drivers of the market.
- On the other hand, an increasing shift towards renewable energy for power generation, lack of retention of skilled labor, and increased durability of modern gas turbines may restrain the market's growth during the forecast period.
- Nevertheless, the increasing demand for electrical energy to sustain regional development requires heavy investment in power supply generation. These investments result in capacity enhancement, reduction of emissions, and better efficiency. As the region is going towards net-zero emissions, several opportunities are likely to come to the players involved in the market soon.
- The United States is expected to dominate the North American Gas Turbine MRO Market in the power sector during the forecast period.
North America Power Sector Gas Turbine MRO Industry Segmentation
A gas turbine is a combustion engine that converts natural gas or other liquid fuels to mechanical energy in the heart of a power plant. This energy then powers a generator, which generates the electrical energy distributed to homes and businesses via power lines. MRO is an abbreviation for gas turbine Maintenance, Repair, and Overhaul. The gas turbine requires regular maintenance, repair, and overhaul to achieve optimum performance.
The market is segmented by service type. By service type, the market is segmented into maintenance, repair, and overhaul. The report also covers the market size and forecasts for the North America Gas Turbine MRO Market in the Power Sector across the major countries. For each segment, the market sizing and forecasts are based on the revenue (USD Billion).
| Service Type | |
| Maintenance | |
| Repair | |
| Overhaul |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Gas Turbine MRO Market in the Power Sector Size Summary
The North American Gas Turbine MRO Market in the Power Sector is poised for growth, driven by the need to maintain operational efficiency in an aging fleet of gas turbines and the stringent emissions norms imposed on power plants. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded to pre-pandemic levels. The increasing demand for electrical energy to support regional development necessitates substantial investments in power generation, which in turn enhances capacity, reduces emissions, and improves efficiency. Despite the challenges posed by the shift towards renewable energy and the scarcity of skilled labor, the market is expected to benefit from opportunities arising as the region moves towards net-zero emissions. The United States is anticipated to lead the market, supported by the transition from coal-based to gas-based power plants to mitigate greenhouse gas emissions.
The focus on natural gas production has spurred the development of gas-fired power plants, which are favored for their lower greenhouse gas emissions compared to coal-fired plants. The demand for peak power, effectively met by gas-based generation, further underscores the importance of gas turbines and their maintenance, repair, and overhaul (MRO) services. The existing and newly commissioned gas turbine fleets are expected to drive the maintenance segment's growth. In the United States, the replacement of aging coal-based power plants with gas-based alternatives is a significant market driver, alongside the development of new natural gas and combined heat and power plants. The market is partially consolidated, with major players like General Electric Company, Siemens Energy AG, and Mitsubishi Heavy Industries Ltd. playing pivotal roles in shaping the industry's landscape.
North America 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 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Thret of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 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 Geography
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2.2.1 United States
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2.2.2 Canada
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2.2.3 Rest of North America
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North America Gas Turbine MRO Market in the Power Sector Market Size FAQs
What is the current North America Gas Turbine MRO Market in the Power Industry size?
The North America Gas Turbine MRO Market in the Power Industry is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in North America Gas Turbine MRO Market in the Power Industry?
General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries, Ltd., Fluor Corporation and Power Services Group are the major companies operating in the North America Gas Turbine MRO Market in the Power Industry.
