by Gas turbines are used extensively in the power sector for power generation purposes. They are robust machines that operate with high reliability and efficiency. However, with time, regular maintenance, repair, and overhaul activities become essential to maximize their performance and operational life. The global Gas Turbine MRO Market in the Power Sector is estimated to be valued at US$ 13.07 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers leading the growth of gas turbine MRO market in the power sector is the aging fleet of gas turbines in the power industry. A significant number of gas turbines across different countries have completed their design life and require frequent MRO activities to avoid unplanned shutdowns. According to several studies, over 25% of the global gas turbine fleet operating in the power sector is over 30 years old. The maintenance of these aging gas turbines is crucial to maximize their performance. MRO service providers are focusing on developing advanced diagnostic and maintenance tools to cater to the specialized needs of maintaining old gas turbines. This trend is expected to continue driving demand for gas turbine MRO services over the forecast period.
SWOT Analysis
Strength: Gas turbines require regular maintenance and repairs to sustain efficient and reliable operations. This ensures steady revenue streams for MRO service providers.
Weakness: High initial costs associated with setting up MRO infrastructure and acquiring technician skills. Dependency on OEMs for spare parts supply and technical support also impacts profit margins.
Opportunity: Increasing installation of gas-fired power plants to replace retiring coal assets creates new demand for long-term MRO contracts. Remote diagnostics and predictive maintenance also open up opportunities.
Threats: Stringent emissions norms drive shift to renewable energy, reducing dependence on fossil fuel-based power. Economic slowdowns lower plant load factors and defer maintenance budgets.
Key Takeaways
The Global Gas Turbine MRO Market In The Power Sector is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America dominates currently due to large fleet of aging gas turbine-based power plants. Asia Pacific is estimated to see fastest growth led by investments in new gas-fired capacity in China and India.
Key players operating in the Gas Turbine MRO Market In The Power Sector include Nobel Biocare Services AG, DIO Corporation, Ivoclar Vivadent AG, GC Dental, Modern Dental Group Limited, COLTENE Group, SHOFU Dental GmbH, VITA Zahnfabrik, Holmes Dental Co., Lasak, Institut Straumann AG, Derby Dental, and Anthogyr SAS. Major players are focusing on long-term service contracts and digital solutions to optimize plant performance and maintenance costs. Remote diagnostic technologies are being increasingly used to schedule predictive maintenance outages.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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