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Industrial Turbine MRO Market Size to Observe Steady Growth

 

Industrial Turbine MRO

·         Maintenance, repair, and overhaul are key elements for smooth operation of industrial turbines. Maintenance of industrial turbines is highly essential, as they play a vital role in overall operation of a plant. Timely maintenance increases life and efficiency of turbines.

·         Rise in investments in various power plants has increased the demand for maintenance, repair, and overhaul of turbines. The expanding global natural gas network is creating new opportunities that are driving the demand for turbines across industries.

·         Maintenance of turbines can be predictive, preventive, or planned. Predictive maintenance reduces the maintenance cost as compared to that incurred by preventive maintenance. It prevents excess wear & tear of operating equipment. Planned maintenance is a routine or time-based maintenance that consists of lubrications, oil change, bearing checkup, and other such parameters. Timely maintenance reduces the repair and overhaul costs, which are high vis-à-vis maintenance costs.

Key Drivers of Global Industrial Turbine MRO Market

·         Demand for industrial turbine MRO is expected to increase in the near future owing to rise in globalization and industrialization. Demand for gas powered turbines is rising owing to an increase in demand for clean energy.

·         Increase in investments in oil & gas exploration activities globally is anticipated to boost the global industrial turbine MRO market in the near future

COVID-19 Impact on Global Industrial Turbine MRO Market

·         Rapid spread of the COVID-19 pandemic has had significant impact on the global industrial turbines market. The pandemic halted the installation of several industrial turbine projects owing to disruption in supply of equipment, raw material, and labor. Maintenance schedules of various industries have also been highly affected by the pandemic.

Key Development

·         In January 2019, Siemens announced that it had been selected to provide industrial gas turbines for a gas processing facility in Canada. The facility is located in Montney play of Alberta, Canada. The company is expected to provide two SGT-300 industrial gas turbines. It claims that the two gas turbines would provide around 12 megawatts of power, which would meet the overall project requirements and drive the compressors in the facility. Siemens SGT-300 industrial gas turbine is a robust and proven gas turbine that is used for power generation and mechanical drive applications throughout the world.

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North America to Hold Major Share of Global Industrial Turbine MRO Market

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

·         North America dominated the global industrial turbine MRO market in 2019. The region has largest installed base of industrial turbines. Hence, demand for MRO services is high. Demand for gas powered turbines is rising in oil & gas exploration activities in the region. Thus, the region is estimated to account for major share of the market during the forecast period.

·         The industrial turbine MRO market in Europe held major share of the industrial turbine MRO market in 2019. The region is reducing its carbon emission by eliminating the use of coal powered power plants. Key countries of the market in Europe are Italy, Germany, Spain, France, and Austria.

·         The industrial turbine MRO market in Asia Pacific is likely to be highly attractive during the next few years, as the industrial sector is developing in the region. Investments in gas powered turbines are rising in the region, especially in China, Japan, and India.

·         Middle East & Africa is projected to account for a relatively minor share of the market in the near future, as the power generation market is developing in the region

·         Latin America is anticipated to hold moderate share of the global market during the forecast period. Investments in industrial turbines is estimated to rise in the region in the near future.

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Key Players Operating in Market

Major players operating in the global industrial turbine MRO market include:

·         Thermax Limited

·         NTPC Ltd.

·         John Wood Group PLC

·         Bechtel Corporation.

·         WEG

·         Enel Spa

·         Babcock & Wilcox Enterprises, Inc.

·         GENERAL ELECTRIC

·         STEAG ENERGY SERVICES

·         Fluor Corporation.

·         Siemens Energy

·         MITSUBISHI HEAVY INDUSTRIES, LTD.

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