Blade Repair And Coating Services Are Fastest Growing Segment Fueling The Growth Of Gas Turbine MRO Market In The Power

 Gas Turbine MRO Market In The Power 

The global gas turbine MRO market in the power sector is estimated to be valued at US$ 13.07 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Gas turbine MRO in power sector involves regular maintenance, repairs and overhauling of gas turbine components to ensure optimum performance. Parts like compressor, combustion equipment and turbine blades require frequent repairs and coating services to withstand high pressure and temperature inside the turbine.

Market key trends:
One of the key trends driving the growth of the gas turbine MRO market in the power sector is the increasing need for blade repair and coating services. As gas turbines continuously operate in harsh conditions, turbine blades erode faster requiring frequent repair and coating services to regain lost efficiency. Furthermore, advanced coating materials which can withstand higher temperatures are being developed to repair blades and prolong their life, thereby fueling the demand for blade repair and coating services. Growing fleet size of gas turbines installed in power plants also necessitates regular maintenance, further strengthening the market of gas turbine MRO over the forecast period.

Segment Analysis
The global gas turbine MRO market in the power sector is segmented by service type, techniques, product and region. By service type, the market is divided into Heavy Maintenance, and Engine Monitoring and Parts Replacement. The Heavy Maintenance segment is estimated to account for the largest market share as it involves major repair activities that are undertaken after 25,000-50,000 operating hours of a gas turbine. By techniques, the market is bifurcated into Hot Section Repair/Replacement, Cold Section Maintenance and Compressor Repair/Replacement. The Hot Section Repair/Replacement segment holds the highest share as it offers services like repairing/replacing combustors and turbine blades for enhancing combustion efficiency.

Key Takeaways
The global Gas Turbine Mro Market Share  In The Power Sector is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand for energy and power production.

Regional analysis shows that Asia Pacific region is fastest growing region in the market exhibiting a CAGR of 7.5% due to growing power demands in developing countries like China and India. North America currently dominates the market holding over 25% share due to large presence of gas-fired power plants in the US.

Key players operating in the gas turbine MRO market in the power sector are General Electric Company, Mitsubishi Heavy Industries Ltd, RWG (Repair & Overhauls) Limited, Metalock Engineering Group, Goltens Worldwide Management Corporation, Siemens Energy AG, Sulzer Ltd, Doosan Heavy Industries and Construction, Solar Turbines Incorporated, and Ethos Energy LLC. The global gas turbine MRO market in the power sector was valued at US$ 13.07 Bn in 2023 and is projected to reach US$ 21.31 Bn by 2030, expanding at a CAGR of 6.7% during the forecast period.

For more insights, read- https://www.ukwebwire.com/gas-turbine-mro-market-in-the-power-sector/