Gas Turbine MRO Market Expected to Reach $20.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Gas Turbine MRO Market," The gas turbine MRO market size was valued at $14.5 billion in 2022, and is estimated to reach $20.4 billion by 2032, growing at a CAGR of 3.5% from 2023 to 2032.

Gas turbine MRO is to ensure the safe and efficient operation of gas turbines throughout their operational life. Gas turbine MROs play a vital role in supporting the longevity and efficiency of gas turbines. They help industries and operators minimize downtime, enhance safety, and optimize the performance of their gas turbine equipment.

Furthermore, regular maintenance and timely repairs conducted by MROs help enhance the reliability and longevity of gas turbines. By addressing potential issues before they escalate, the risk of unexpected breakdowns and costly downtime is minimized. Besides, gas turbine MROs help implement performance upgrades and modifications to improve the efficiency and power output of gas turbines. This leads to increased energy production and cost savings for the operators.

Growth in demand for power generation is the major factor driving the market growth. The global demand for energy continues to rise, driven by population growth, urbanization, and industrialization. Gas turbines are a popular choice for power generation due to their efficiency and relatively lower emissions compared to other fossil-fuel-based alternatives. With a focus on cleaner energy sources, many countries are transitioning from coal-fired power plants to natural gas-based power generation.

Gas turbines, which can run on natural gas, are a vital component of this shift, leading to a rise in gas turbine installations. Besides, gas turbines offer greater flexibility in power generation, making them suitable for meeting peak demand and providing backup power. This flexibility is particularly valuable in regions with intermittent renewable energy sources

However, the high cost associated with gas turbine MRO is expected to act as a major restraint for gas turbine MRO market growth. Nevertheless, innovation and technological advancements are anticipated to offer ample gas turbine MRO market opportunities in coming years. Innovation and technological advancements have been driving significant improvements in gas turbine MRO (Maintenance, Repair, and Overhaul) practices. These advancements aim to enhance efficiency, reduce downtime, and improve the overall reliability of gas turbines.

Advanced sensors and monitoring systems are used to continuously collect data from gas turbines, providing real-time insights into their health and performance. Analyzing this data using machine learning and predictive analytics allows for early detection of potential issues, enabling more proactive and predictive maintenance strategies. Predictive maintenance helps minimize downtime and reduces the risk of unexpected failures.

Further, gas turbine operators and MRO service providers can remotely monitor and diagnose turbine performance using cloud-based platforms and secure communication technologies. Remote access to data allows for faster response times, efficient troubleshooting, and expert support without the need for on-site visits.

Also, additive manufacturing techniques are being used to produce complex gas turbine components with improved materials and designs. 3D printing offers cost-effective and rapid production of spare parts, reducing lead times for MRO activities and supporting older turbine models for which original parts may no longer be available.

The gas turbine MRO market forecast is segmented on the basis of technology, type, provider type, end-use, and region. By technology, the market is categorized into heavy duty, light industrial, and aeroderivative. By type, the market is categorized into maintenance, repair, and overhaul. By provider type, the market is divided into OEM, independent service provider, and in-house. By end-use, the market is divided into power generation, oil and gas, and others. By region, the gas turbine MRO market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players in the gas turbine MRO industry include Baker Hughes Company; Doosan Enerbility; Mitsubishi Heavy Industries, Ltd.; Kawasaki Heavy Industries, Ltd.; Siemens Energy AG; General Electric Company; Solar Turbines Incorporated; Ansaldo Energia SPA; Sulzer Ltd.; and Metalock Engineering.

Key findings of the study:

• The report provides an extensive analysis of the current and emerging gas turbine MRO market trends and dynamics.
• As per gas turbine MRO market analysis, by technology, the heavy duty segment was the highest revenue contributor to the market in 2022
• As per gas turbine MRO market scope, based on type, the maintenance segment was the highest revenue contributor to the market in 2022
• By provider type, the OEM segment dominated the market in 2022
• On the basis of end-use, the power generation segment was the highest revenue contributor to the market, growing with a CAGR of 3.3%.
• Region wise, Asia-Pacific held the major share of the market in 2022