Global Gas Turbine MRO Market 2017-2021
About Gas Turbine MRO
Gas turbines are mainly used in gas-fired power plants for power generation. Natural gas is used as a source of fuel in gas turbines owing to lesser carbon emissions when compared with coal. Owing to advancements in technology, gas turbines provide better output at higher efficiencies. The efficiency of gas turbines has increased drastically from 15% to nearly 60%. To maintain the efficiency of gas turbines during their lifetime, MRO services are used.
Technavio’s analysts forecast the global gas turbine MRO market to grow at a CAGR of 4.14% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global gas turbine MRO market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Gas Turbine MRO Market 2017-2021
Technavio recognizes the following companies as the key players in the global gas turbine MRO market: Ansaldo Energia, GE, KHI, MHPS, and Siemens.
Other Prominent Vendors in the market are: ABB, MAN Diesel & Turbo, MTU AERO ENGINES, Solar Turbines, Sulzer, and Zorya-Mashproekt.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Market consolidation. The gas turbines market has witnessed major consolidation activities. Many large players have performed mergers and acquisitions to strengthen their global presences as well as enhance their product portfolio and aftermarket services. In 2014, Siemens acquired Rolls-Royce Energy gas turbine and compressor business. With this acquisition, Siemens expanded its business unit by including aeroderivative gas turbines in its product portfolio.
According to the report, one of the major drivers for this market is Shutting down of coal-based power plants. The shutting down of coal-based power plants due to stringent government regulations will lead to the generation of natural gas-based power, in turn increasing the demand for gas turbines. With the rise in number of gas-based power plants, MRO activities for gas turbines will simultaneously increase. For instance, in 2015 alone, about 94 coal-fired power plants were shut down as per the statistics of EIA. Furthermore, coal-based power plants are expected to be shut down during the forecast period due to the increase in environmental concerns and the need for clean power plants in the US.
Further, the report states that one of the major factors hindering the growth of this market is Declining oil prices. Declining oil prices are expected to affect the oil and gas sector, thereby affecting the gas turbine MRO market. Oil prices have been following a fluctuating trend, which has led to deferment of planned projects and withstanding new investments. Oil prices witnessed a decline from $90-$100 per barrel in 2014 to $60 per barrel at the end of 2014. In 2015, crude oil prices further declined to $40-$50 per barrel during the mid-summer period. Oil and gas companies faced almost a 50% drop in their revenue owing to the decline in oil prices.
Ansaldo Energia, GE, KHI, MHPS, Siemens, ABB, MAN Diesel & Turbo, MTU AERO ENGINES, Solar Turbines, Sulzer, and Zorya-Mashproekt.