Sep 22, 2017   SOURCE: BusinessWire

Gas Turbine MRO Market - Growth Opportunities and Market Outlook by Technavio

According to the latest market study released by Technavio, the global gas turbine MRO market is expected to grow at a CAGR of more than 4% during the forecast period.

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Technavio has published a new report on the global gas turbine MRO market from 2017-2021. (Graphic: ...

Technavio has published a new report on the global gas turbine MRO market from 2017-2021. (Graphic: Business Wire)

This research report titled ‘Global Gas Turbine MRO Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

Gas turbine MRO market overview

The growth of global gas turbine MRO market is primarily driven by increasing replacement of aging gas-fired power plants and coal-based power plants. Rapid urbanization and growing population have surged the demand for power. The increase in demand for power will propel the demand for power plants. Due to stringent regulations on carbon emissions, the demand for natural gas-based power plants is on the rise.

According to Anju Ajaykumar, a lead engineering tools research analyst at Technavio, “The gas turbine MRO market is expected to experience an optimistic growth during the forecast period. There are many upcoming gas-based power plants during the forecast period that will ensure original equipment manufacturers long-term service agreements with power plants. For instance, in the US, the natural-gas-fired power plants have witnessed a double-digit growth in 2015, owing to the lesser price of natural gas.”

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The market research analysis categorizes the global gas turbine MRO market into the following end-user segments:

  • Power
  • Oil and gas
  • Others

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The top two revenue-generating end-user segments are discussed below:

Global gas turbine MRO market by power segment

The demand for new gas-fired powered plants globally is expected to propel the demand for gas turbines. Natural gas-fired power plants increased by 19% in 2015 owing to the lesser price of natural gas, shutting down of coal power plants, and increased production capacity of power plants.

“North America is expected to witness the highest growth in new installations of gas power plants. Many of the natural gas capacity additions are focused on Utica and Marcellus shale regions located in Pennsylvania, Ohio, and West Virginia. Currently, Florida has the largest additions of gas-fired capacity under construction with a capacity of 3.8 GW from three plants, which is expected to become operational during 2016-2018,” says Anju.

Global gas turbine MRO market by oil and gas segment

Gas turbines play a significant role in the oil and gas sector for power requirements in remote areas. It is mandatory to provide regular maintenance and services in the oil and gas sector to maintain the life of the equipment. Investments in the oil and gas sector, especially in MEA, are expected to drive the demand for gas turbines, thereby driving the gas turbine MRO market. However, the oil and gas industry is volatile owing to fluctuations in oil prices. Exploration activities have significantly declined owing to fluctuation in crude prices, thereby having a negative impact on the oil and gas sector.

The top vendors highlighted by Technavio’s market research analysts in this report are:

  • Ansaldo Energia
  • GE
  • KHI
  • MHPS
  • Siemens

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