Market Size of North America Gas Turbine MRO Industry in Power Sector
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Gas Turbine MRO Market Analysis
The North American gas turbine MRO market in power sector is expected to register a CAGR of over 3% during the forecast period of 2020-2025. Factors, such as an aging fleet of gas turbines, need to maintain operational efficiency, and stringent emissions norms from power plants are expected to be the major drivers for the market. The rising demand for cleaner energy from gas turbines, over concerns of the environmental impact of energy generation from coal-fired plants, is expected to boost the North American gas turbine MRO market. However, an increasing shift toward renewable energies, such as solar and wind, for power generation, lack of retention of skilled labor, and increased durability of modern gas turbines have somewhat hampered the growth of the market.
- The maintenance sector is expected to dominate the market during the forecast period, owing to various factors, such as the growth of the aviation industry in the region, increase in power generation from gas-based plants due to rising concerns over greenhouse gas emissions, maintaining the efficiency of the turbines, and stringent emission norms on power plants.
- The increasing demand for electrical energy to sustain global development requires consistent heavy investments in power supply generation. This has helped the the growth of the market for gas turbines MRO significantly in recent years, and it is expected to do so during the forecast period.
- The United States is expected to dominate the market, owing to the factors, like economic growth, growth of the aviation industry, increase in the number of gas-based power generation plants, and the aging gas-based power plants.
North America Gas Turbine MRO Industry Segmentation
The scope of the North American gas turbine MRO market in power sector report includes:
| Service Type | |
| Maintenance | |
| Repair | |
| Overhaul |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Gas Turbine MRO Market in Power Sector Size Summary
The North American gas turbine maintenance, repair, and overhaul (MRO) market in the power sector is poised for growth, driven by the need to maintain operational efficiency in an aging fleet and adhere to stringent emissions regulations. The shift towards cleaner energy sources, particularly gas turbines over coal-fired plants, is expected to bolster market expansion. Despite challenges such as the increasing adoption of renewable energy sources and the scarcity of skilled labor, the market is supported by the rising demand for electricity and the necessity for consistent power supply investments. The maintenance sector is anticipated to lead the market, fueled by the growth of the aviation industry and the need to meet emission standards.
The United States is projected to dominate the North American market, benefiting from economic growth, an expanding aviation sector, and a rise in gas-based power generation plants. The focus on reducing greenhouse gas emissions has accelerated the development of gas-fired power plants, which emit fewer pollutants compared to coal. The increasing demand for peak power and the electrification of vehicles further drive the market. Major players like General Electric, Siemens AG, and Mitsubishi Heavy Industries Ltd hold significant market shares, indicating a partially consolidated market structure. These factors collectively contribute to the anticipated growth of the gas turbine MRO market in the region.
North America Gas Turbine MRO Market in 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 2025
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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 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 Power Sector Market Size FAQs
What is the current North America Gas Turbine MRO Market in Power Industry size?
The North America Gas Turbine MRO Market in 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 Power Industry?
General Electric Company , Flour Corporation, Mitsubishi Heavy Industries Ltd , Rolls-Royce Holding PLC and Siemens AG are the major companies operating in the North America Gas Turbine MRO Market in Power Industry.
