The gas turbine MRO market is expected to grow at a CAGR of 3. 28% during the forecast period, reaching USD 31. 56 billion by 2027 from USD 24. 55 billion in 2020. The COVID-19 pandemic had an impact on the market but variably.
New York, June 10, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gas Turbine MRO Market in the Power Sector - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249229/?utm_source=GNW The gas-based power generation received a setback, from 6323 TWh in 2019 to 6268 TWh in 2020, which reduced the orders for new gas turbines for new projects and halts in the under-construction projects. But, the power utilities started focusing on the maintenance services of gas turbines as a strategy to avoid new turbine investments, as the only option left with them is to use the existing old machinery, which could have resulted in unplanned events. Thus, only maintenance services got an impetus during the pandemic. The two major drivers for the gas turbine MRO market growth are the aging gas turbine fleet in the long-serving power plants and reliability requirements with regard to turbomachinery. However, the growing inclination towards renewables-based power generation may hamper the growth of the market. Key Highlights The maintenance services are expected to witness significant growth during the forecast period, as it leads to a reduction in the cost of production, if implemented properly. The increasing natural gas consumption in the power industry, shift from coal to gas-based power generation, and rise in the gas-fired power plant infrastructure, it is expected to create massive opportunities for the gas turbine MRO players in the future. The Asia-Pacific region is expected to witness fastest growth during the forecast period as the natural gas-based power generation industry is highly concentrated in the region, with many aging power plants. Key Market Trends Maintenance Segment Expected to Witness Significant Market Growth To ensure that power equipment works in good condition, companies and power plant operators need to perform regular maintenance services, including periodical inspections, parts replacement, diagnosis, and renovations. This improves operational performance and ensures the long-term and stable operation of the facility. A large number of power utilities and independent power producers enter into long-term service agreements (LTSA) to meet their plant requirements across a range of services, which include all aspects of support, such as fleet management, inventory management, maintenance, repair, and overhaul, and the provision of day-to-day technical support of gas-turbines. Turbine manufacturers recommend users to perform three quarterly inspections of the turbines, followed by an annual inspection for the first two years. Such agreements help reduce the overall costs, thereby enhancing the capacity of gas turbines through higher performance parts. This is expected to increase the demand for maintenance services. Moreover, the natural gas-based power generation has increased to a greater extent, reaching almost 6268 TWh of power generation in 2020, at the global level. Due to clean fuel properties, its demand is growing in almost every major country. However, only deploying gas turbines does not guarantee any flexibility in operations for the long term, and here, MRO services come into the picture. Thus, many countries have started using maintenance services, either at the beginning of the plant commencement or after crossing a certain period. In June 2021, Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries (MHI) Group, signed a 16-year long-term service agreement (LTSA) for the MOR services of six M701F gas turbines at Sidi Krir Power Station, El Atf Power Station, and Cairo North GTCC plants in Egypt. The company will provide services like maintenance, management, parts supply, parts repair, and remote monitoring services for the gas turbines, and thereby provide power supply security in the country. In March 2021, Siemens Energy bagged a 15-year service support contract from Saudi Aramco to ensure secure power supply at the power generating station of four oil fields. The contract includes full-fledged support services for the gas turbines and generators at the power supply center. The Siemens Energy’s Service Workshop will offer services like inspections, repairs, modifications & upgrades, and emergency services under 24/7 conditions. Owing to such developments, the maintenance services are expected to have robust growth in the near future. Asia Pacific Expected to be the Fastest Growing Market The Asia-Pacific region is among the largest consumers of natural gas for power generation. The consumption of natural gas has been rising since the last decade primarily due to the growing demand for electricity and the growing efforts to reduce emissions from the power generation sector. The Chinese government is strategizing to transition from coal to gas, with an aim of reducing emissions. Such factors are expected to drive the demand for the gas turbine MRO services in the country during the forecast period. Similarly, India’s requirement for electricity has been growing tremendously over the past decade, primarily due to the continuous economic growth and numerous government initiatives targeted at increasing the access to electricity for the larger population in the country. In India, as of December 2021, 6.33% of the electricity generated is from natural gas, with a generating capacity of approximately 25,000 MW. The gas fired power stations are regularly maintained and overhauled to minimize the risks of sudden outages. Japan is among the largest importer of natural gas as of 2021. The country generated 20% of its electricity from natural gas. Japan operates numerous gas-fired power stations, which are regularly maintained to minimize the risks of outages in the country. For instance, in March 2022, the Japanese government announced that three gas-fired power plants with a combined power generation capacity of 1,900 MW would be shut down for a period of two months to conduct regular maintenance activities. The drop in power generation capacity will have a limited impact on the power consumption pattern in the country as the country has started experiencing warmer weather in March, at an average temperature of 21°C in Tokyo, decreasing the need for electric heating services. In March 2021, General Electric signed a 22-year agreement with Reliance Bangladesh LNG and Power Ltd. to provide maintenance services at the upcoming "Meghnaghat Power Plant"in Bangladesh. It includes equipment maintenance on the gas and steam turbines, and auxiliaries, with the implementation of plant-wide digital solutions. The plant is expected to come into service by 2023. Owing to such developments, the Asia-Pacific is expected to be the fastest growing region during the forecast period. Competitive Landscape The gas turbine MRO market in power sector is moderately consolidated. Some of the major companies are General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd, Sulzer Ltd?, Solar Turbines Incorporated?, among others. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Read the full report: https://www.reportlinker.com/p06249229/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________
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