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Gas Turbine MRO Market- Covid-19 Impact and Driving Demand, 2020-2030

 Global Gas Turbine MRO Market: Introduction

·         The gas turbine is a combustion turbine that converts natural gas into electrical energy. The gas turbine heats the mixture of air and fuel with the help of high temperature in order to make the turbine blades spin, which subsequently, generates electricity.

·         Gas turbines are used in power generation and in the oil & gas industry to force oil up to the surface. Power generation and oil extractions are continuous processes; hence, the gas turbine requires maintenance, repair, and overhaul services, which in turn leads to improved performance and efficient work.

Key Drivers and Restraints of Global Gas Turbine MRO Market

·         Rise in industrialization and urbanization across the globe is estimated to be a key driver of the energy gas turbine MRO market. Demand for energy has been increasing significantly across the world for the last few years. This has fueled significant investment in gas turbine power plants. The gas turbine MRO market depends on the sales of gas turbines. Hence, a rise in industrialization and urbanization across the globe is projected to drive the market during the forecast period.

·         Aging energy generation infrastructure is a key driver of the gas turbine MRO market. The gas turbine market has been witnessing a significant rise in number of installations for the last few years. Thus, the gas turbine requires higher MRO services. Therefore, the demand for gas turbine MRO is expected to increase in the near future.

·         Significant investments are being made in solar and wind based power generation for the last few years. These systems are cost-effective and require very less maintenance. Thus, increased investment in renewable energy sources is expected to restrain the market in the near future.

Global Gas Turbine MRO Market: Segmentation

·         The global gas turbine MRO market can be segmented in terms of service, capacity, and end-user.

·         Based on service, the global gas turbine MRO market can be segmented into maintenance, repair, and overhaul. The maintenance segment dominated the market in 2019. It is expected to maintain its dominance of the global gas turbine MRO market during the forecast period. Utility and oil & gas companies are more focused on maintenance, as it prevents breakdown of gas turbine and keeps operation running, which saves operational and repair costs.

·         In terms of capacity, the global gas turbine MRO market can be classified into Less than 50 MW, 50 MW to 100 MW, 100 MW - 200 MW, and above 200 MW. 100 MW - 200 MW, and above 200 MW segments are is anticipated to expand at a high CAGR, owing to a rise in the demand for large gas turbines in power generation.

·         Based on end-user, the market can be split into power generation, oil & gas, and others. The power generation segment dominated the market in 2019, due to the significant rise in power consumption across the world, which in turn has led to higher demand for gas turbines in the power generation industry. Therefore, demand for gas turbine MRO is expected to be considerably high during the forecast period.

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Global Gas Turbine MRO Market: Regional Outlook

·         Based on region, the global gas turbine MRO market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa

·         North America is a key region of the global gas turbine MRO market. North America has high number of gas turbine power generation plants. North America accounts for around 28% of power generation from the gas turbine-based power plants, and this trend is expected to remain the same during the forecast period. Hence, the demand for gas turbine MRO is likely to be on the higher side in the near future.

·         The market in Europe and Asia Pacific is projected to expand significantly during the forecast period, due to significant investments in gas turbine power plants, which in turn is expected to drive the market in both regions

·         The market in Middle East & Africa and Latin America is estimated to expand at a steady CAGR during the forecast period, due to steady rise in power generation in these regions

 

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COVID-19 Impact

·         Rapid spared of coronavirus has significantly disrupted all major global economies. During the initial phase, the power generation industry was marginally affected due to sudden lockdown. Commercial and industrial sectors witness low demand for electricity; however, the residential demand for electricity was on the higher side. Furthermore, power generation is an essential service and hence, gas turbine MRO services were less affected. However, non-essential works and services that depend on specialist from overseas, have been put on the hold due to restriction on travel.

 

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Key Players Operating in Global Market:

 

·         Christof Industries Austria GmbH

·         General Electric

·         Siemens AG

·         Mitsubishi Heavy Industries, Ltd

·         Asia Pacific Aerospace

·         Mechanical Dynamics & Analysis LLC

·         Sulzer Ltd

·         EthosEnergy

·         Babcock & Wilcox Enterprises, Inc

·         TGM WEG Energia

 

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