The global gas turbine MRO market revenue was around US$ 14.5 billion in 2022 and is estimated to reach US$ 20.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.5% during the forecast period from 2023 to 2032.
Gas turbine MRO is to ensure the efficient and safe function of gas turbines throughout their functional life. Gas turbine MROs play a crucial role in helping the efficiency and longevity of gas turbines. They support operators and industries to minimize downtime, improve safety, and optimize the performance of their gas turbine equipment.
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Factors Influencing Market Growth
– The growth in demand for power generation is the major factor propelling the growth of the gas turbine MRO market.
– The rising usage of gas turbines for grid balancing pushes the demand for gas turbine MRO services.
– The high cost related to gas turbine MRO is anticipated to serve as a major limitation for the growth of the gas turbine MRO market.
Impact of COVID-19
The COVID-19 pandemic forced significant disturbances across all major global economies. The energy sector was little affected during the beginning of the pandemic due to the sudden implementation of lockdowns. Industrial and commercial sectors noticed a major drop in electricity demand. Also, since the requirement for constant power supply is increasing each year, the growth of the market is less affected.
In 2022, Asia-Pacific dominated the global gas turbine MRO market in terms of revenue. The Asian Pacific region is encountering strong economic growth and rising demand for energy. To fulfill growing electricity demand, gas turbines are widely utilized for the production of power. The reliability and maintenance of gas generators are necessary to ensure a secure and stable power supply. Also, gas turbines are being increasingly utilized across a wide range of sectors like gas and oil, petrochemicals, production, or other fields in the rapidly industrialized region.
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The leading prominent companies profiled in the global gas turbine MRO market are: –
– Baker Hughes Company
– Doosan Enerbility
– Mitsubishi Heavy Industries, Ltd.
– Kawasaki Heavy Industries, Ltd.
– Siemens Energy AG
– General Electric Company
– Solar Turbines Incorporated
– Ansaldo Energia SPA
– Sulzer Ltd.
– Metalock Engineering
– Wood Group
– Solar Turbines
– Aerotech Herman Nelson International Inc.
– Lufthansa Technik
– Safran Aircraft Engines
– Other prominent key players
The global gas turbine MRO market segmentation focuses on Technology, Type, Provider Type, End-use, and Region.
Segmentation based on Technology
– Heavy Duty
– Light Industrial
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Segmentation based on Type
Segmentation based on Provider Type
– Independent Service Provider
Segmentation based End-use
– Power Generation
– Oil and Gas
Segmentation based on Region
– North America
– The U.S.
– Rest of Europe
– South Korea
– Rest Of Asia-Pacific
– Latin America
– Middle East
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
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(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
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