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(EstateNewsWire.com, February 15, 2018 ) The global gas turbine MRO market is expected to witness moderate growth during the forecast period, 2018 to 2023, in the midst of expected doubling of commercial aircraft by 2035, increasing power generation capacity across the globe. To maintain operational efficiency and to meet stringent emission norms from power plants, there is a growing trend of applying continuous maintenance, repair, and overhaul (MRO) services. Factors, such as aging power infrastructure, and growing conversion of coal and nuclear-based power plants to gas-based power plants, would also further supplement the demand. On the contrary, the growing renewable mix in global electricity generation is expected to act as a restraint for the MRO market. North America accounted for the largest market share during the forecast period, with Asia-Pacific emerging as the fastest-growing market.
Browse details of 150 pages research report developed on Global Gas Turbine Maintenance, Repair, Overhaul (MRO) Market @ https://www.researchcosmos.com/reports/global-gas-turbine-maintenance-repair-overhaul-mro-market-analysis-of-growth-trends-and-forec/5158855
Aging Power Facilities Fueling the Demand
The existing fleet of electric power generation capacity has a wide age range. Most of the coal and nuclear-based power plants were built during 1970 and 1990, with peak addition in 1980. Gas-fired power plants have been known to be a bridge between the coal and oil age and the renewable-based future. In the most recent wave of additions, the gas-fired power plants witnessed a peak in 2002, with the majority of them added during 1998 and 2008. Thus, the equipment installed in approximately all the gas-fired power plants across the globe are expected to require significant MRO services during the forecast period. Moreover, in the next ten years, USD 256.77 billion of investment is anticipated for the commissioning of 17,680 gas turbines (excluding microturbines).
Additionally, because of the advantages offered by gas-fired power plants, such as less carbon emission and higher efficiency, many coal power plants are being replaced or retrofitted by gas-fired plants, which in turn, is expected to increase the demand for gas turbine MRO services during the forecast period.
Asia-Pacific to Register the Highest Market Growth
Strong economic performance of developing economies, of the Asia-Pacific region, is expected to supplement the demand for gas turbines MRO services from numerous end-user industries, such as aviation, power, and chemicals. According to International Energy Agency (IEA), developing countries in Asia accounted for two-third of the global energy growth in 2017. Buoyed by the robust increase in demand for energy and the rapid transformation from coal to gas-based generation, is expected to supplement the demand for gas turbines MRO services in the region. Similarly, Asia-pacific region is expected to account for the maximum share of the global demand for commercial aircraft, which is expected to double by 2035, and it is expected to supplement the demand for gas turbine MRO services further.
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China Set to Lead the Demand for Gas Turbine MRO Services
China was the highest emitter of carbon dioxide, accounting for 27.3% of the global value. As a result, the Chinese government implemented certain policies and initiatives to promote the uptake of cleaner fuels, such as natural gas and renewable energy sources. China plans to cap their coal consumption at 4.1 GWs by 2020, and double the gas-fired power capacity from 56 GW in 2016 to 110 GW by 2020. This is expected to significantly increase the demand for gas turbines maintenance, repair, and overhaul (MRO) services in China during the forecast period.
Key Developments in the Market
October 2017: GE Power secured USD 141 million contract to service turbines at Riyadh Power Plant 12.
August 2017: Siemens expanded the O&M deal for two newly added units at the Khormala gas power plant in Kurdistan, Iraq.
July 2017: MTU Maintenance renewed exclusive LM6000 gas turbines maintenance, repair, and overhaul contract with Sahacogen.
March 2017: MTU Maintenance and Air Burkina signed exclusive three year MRO contract.
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Major Players:
General Electric Co., Mtu Aero Engines Ag, Rolls-Royce Holdings PLC, Siemens AG, Mitsubishi Heavy Industries Ltd, Honeywell International Inc., Sulzer Corporation, Solar Turbines Inc., Zorya-Mashproekt, Man SE, Lockheed Martin Corporation, ABB Ltd, Emerson Electric Co., Pratt & Whitney Company Inc.
REASONS TO PURCHASE THIS REPORT
Identify the drivers, restraints, and opportunity possessed by the global gas turbine MRO market with in-depth analysis.
Analyze the various perspectives of the global market dynamics with the help of Porters five forces analysis.
Identify the most dominating type of service and application with forecasted market estimate for the global gas turbine MRO market.
Identify the largest, fastest growing, and significant regions during the forecast period with in-depth analysis.
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate sheet (in excel).
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