Aero-Derivative Segment is Expected to Dominate the Global Gas Turbine MRO Market
A
Increasing Emphasis of Renewable Energy Generation to Restrain the Global Gas
Turbine MRO Market Growth.
According
to TechSci Research report, “Global Gas Turbine MRO Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Gas Turbine MRO is
anticipated to project robust growth in the forecast period with a CAGR of 19.68%
through 2028. The increasing demand for processed fuels has placed maintenance
repair overhaul (MRO) services under the spotlight. At the same time, the
spiraling costs of MRO resources are constricting the margins of its service
providers. China, India, Brazil and the Middle East are expected to be MRO
hotspots as their refinery capacities are expanding in line with their ambition
to become regional refinery hubs. “China, India, and Japan are expected to be
the fastest growing markets in Asia,” said Frost & Sullivan Energy and
Environmental Research Analyst Ashay Abbhi. “Their geographical proximity to
oil-producing nations and inexpensive resources make them ideal for refining,
consequently boosting the oil and gas refinery MRO services market.”
Apart
from the growing demand for fuel and the subsequent capacity expansions, the
MRO services market will get a leg up from stringent environmental and quality
regulations. Refining is one of the most regulated industries and these rules
translate to more MRO dollars. Furthermore, as most of the current refineries
are aging, they require higher maintenance, which creates greater opportunities
for maintenance service providers.
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However,
refineries’ dwindling profits are causing them to defer facility maintenance,
especially during periods of peak demand or high oil prices. As a result, MRO
contractors’ margins too have been shrinking due to the escalating costs of
resources and equipment used for turnaround maintenance. In such a situation, MRO service providers
will do well to invest in newer technology that requires low-cost resources.
They also need to spread awareness among refiners about losses incurred due to
unplanned outage caused by delayed maintenance. “The increasing demand for maintenance of
refineries will open up the market to more companies with core engineering
competency,” noted Abbhi. “This environment will foster forward integration by
engineering, procurement and construction (EPC) companies into the maintenance
services sector.” Overall, inexpensive,
innovative, and time-saving methods of maintenance and emerging regional
refinery nerve centres will give a huge boost to the prospects of the global
oil & gas refinery MRO services market.
In
the aviation sector, the increasing number of aircraft in service drives the
demand for gas turbine MRO services. Airlines and aircraft operators rely on
MRO providers to ensure the safety and efficiency of their engines. For
instance, Pratt & Whitney's Geared Turbofan (GTF) engine requires
specialized maintenance due to its innovative design.
Natural
Gas Market Expansion: The expansion of natural gas infrastructure and the
adoption of natural gas as a cleaner energy source drive the demand for gas
turbines in gas compression and transportation. MRO services are essential to
maintain the reliability of these turbines in the natural gas sector. The
globalization of supply chains and the need for efficient logistics drive the
demand for gas turbine MRO services at ports, warehouses, and transportation
hubs. Gas turbines power many of the container cranes, compressors, and backup
generators used in these facilities. Geopolitical factors, such as disruptions
in the supply chain due to trade tensions or conflicts, can affect the
availability of spare parts and maintenance resources. This can drive the need
for strategic maintenance and repair planning to mitigate potential risks.
Key
market players in the Global Gas Turbine MRO Market include:
- General
Electric
- Siemens
- Mitsubishi
Power
- Rolls-Royce
- Pratt
& Whitney
- Honeywell
- Safran
- MTU
Aero Engines
- Kawasaki
Heavy Industries
- Ansaldo
Energia
- Harbin
Turbine
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“As
gas turbines age, they require more frequent maintenance and repairs. This
drives the demand for MRO services. For example, many power plants worldwide
have gas turbines that have been in operation for several decades, such as
General Electric's Frame 5 turbines, which are still in use and require regular
maintenance and upgrades. : The growing global demand for energy, particularly
in emerging markets, has led to the expansion of gas turbine power plants. This
expansion results in higher demand for MRO services to ensure the continuous
and efficient operation of these turbines. Advances in gas turbine technology
lead to more complex and efficient turbines. MRO providers are required to keep
up with these technological changes and provide specialized services. For
example, the development of advanced coatings and materials in turbine
components necessitates specialized maintenance procedures and expertise.
Environmental regulations and emission reduction targets drive the need for gas
turbine upgrades and retrofits to meet compliance standards. MRO companies
offer services to retrofit older turbines with emission control technologies,
such as selective catalytic reduction (SCR) systems, to reduce emissions. ” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
Gas Turbine
MRO Market – Global Industry Size, Share, Trends, Opportunity, and Forecast
Segmented By Technology
(Heavy Duty, Light Industrial, Aero-derivative), By End-user (Power Utilities,
Oil & Gas, Manufacturing, Aviation, Others), By Region, By Competition 2018-2028 has evaluated the future growth
potential of Global Gas Turbine MRO Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Gas Turbine MRO Market.
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