Global Gas Turbine MRO Market to Witness CAGR of 3.25% from 2023 to 2031 and reach US$ 19.59 Billion by 2031; states TNR

WILMINGTON, DELAWARE, UNITED STATES, November 30, 2023 /EINPresswire.com/ -- Global Gas Turbine MRO Market Synopsis
The gas turbine MRO market is driven by the aging global gas turbine fleet, which requires ongoing maintenance and refurbishment. Additionally, increasing demand for energy and aircraft, stringent safety regulations, and technological advancements drive the need for MRO services to ensure operational efficiency, safety, and compliance.

Prior to the pandemic, the gas turbine MRO market was in a stable growth phase. Maintenance needs for aging gas turbines, driven by increased energy demand, sustained MRO service demand. The COVID-19 impact varied. Aviation MRO declined due to reduced flights, while energy sector MRO remained essential for power generation. Market revival relied on economic recovery and resumption of industrial and aviation operations.

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Global Gas Turbine MRO Market Analysis & Insights:
• One significant driver in the gas turbine MRO market is the need for regulatory compliance and emission control. Government bodies enforce strict environmental standards, like those set by the U.S. Environmental Protection Agency (EPA), for gas turbine emissions. To meet these regulations, operators must invest in MRO services for emission control technologies and system upgrades. Surveys among utility providers indicate that adherence to emission standards drives the demand for MRO activities in gas turbines, making regulatory compliance a crucial driver in the market.
• Rising energy demands worldwide drive the need for gas turbine maintenance and upgrades. Gas turbines play a crucial role in power generation. The U.S. Energy Information Administration reported a steady growth in electricity generation from natural gas, underscoring the importance of gas turbines. The study indicates a continuous need for reliable and efficient turbines to meet increasing electricity demands, fuelling the demand for MRO services.
• Stringent safety and environmental regulations significantly impact the gas turbine MRO market. Regulatory bodies enforce strict guidelines for the safe and environmentally responsible operation of gas turbines. Compliance with emissions standards, such as those outlined by the U.S. Environmental Protection Agency (EPA), requires regular maintenance and retrofitting of gas turbines. Surveys among gas turbine operators reveal that adherence to these regulations necessitates ongoing MRO activities, making compliance a key driver in the market.
• New technologies are being developed to improve the efficiency and effectiveness of gas turbine MRO services. For example, some companies are using drones to inspect gas turbines, which can reduce the time and cost of inspections. Furthermore, gas turbine MRO companies are using data analytics to improve their predictive maintenance capabilities. This is helping to reduce the risk of unplanned outages and improve the reliability of gas turbines. These companies are also offering remote monitoring services to their customers. This allows them to monitor the condition of gas turbines remotely and identify potential problems early on. Furthermore, these companies are focusing on sustainability by developing new services to help their customers reduce their carbon footprint. For example, some companies are offering to retrofit gas turbines with more efficient components or to convert gas turbines to run on renewable fuels.
• The Asia Pacific region exhibits highest growth rate in the gas turbine MRO market. Rapid industrialization, infrastructure development, and increasing energy demands are driving the adoption of gas turbines. This study found that Asia Pacific is a key market for gas turbine MRO services. The region's growing emphasis on efficient power generation and aviation services, combined with an expanding gas turbine fleet, fuels the rapid growth of the MRO market in Asia Pacific.

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Global Gas Turbine MRO Market: Competitive Landscape and Key Developments
o MITSUBISHI HEAVY INDUSTRIES, LTD.
o Ansaldo Energia
o Baker Hughes Company
o Doosan Enerbility
o General Electric
o Kawasaki Heavy Industries, Ltd.
o Metalock Engineering
o Siemens Energy
o Solar Turbines Incorporated
o Sulzer Ltd
o Other Industry Participants

In April 2023, Baker Hughes announced that it would provide the highly efficient LM9000 gas turbine for the PETRONAS Sabah LNG Project, which is being managed by Black & Veatch, acting as a subcontractor for the JGC and Samsung Heavy Industries consortium. The LM9000 technology has been chosen to facilitate the implementation of a nearshore LNG project in Sabah.
In May 2022, GE successfully secured its inaugural order for equipment to be used in a 9HA combined cycle power plant in Vietnam. This power plant will operate on liquefied natural gas (LNG).

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Global Gas Turbine MRO Market:
By Technology
o Heavy Duty
o Light Industrial
o Aero-Derivative
By Type
o Maintenance
o Repair
o Overhaul
By Provider Type
o OEM
o Independent Service Provider
o In-House
By End-Use
o Power Generation
o Oil and Gas
o Others

By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)

Consult with Our Expert:
Jay Reynolds
The Niche Research
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Jay Reynolds
The Niche Research
+1 302-232-5106
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