According to a new market report published by Lucintel, the future of the gas turbine maintenance,repair and overhaul market (MRO) market looks good with opportunities in the maintenancesegment. The global gas turbine MRO market in the power industry is forecast to grow at a CAGR- 3.9% from 2016 to 2021. The major drivers of growth for this market are the aging fleet of gasturbines and stringent government regulations on emission control.In this market, there are mainly three services practiced: maintenance, repair, and overhaul.Lucintel predicts that the maintenance service segment is likely to experience the highest growthin the forecast period supported by maintenance requirements for aging gas turbines. On the basis- comprehensive research, Lucintel forecasts that maintenance and repair market are expectedto show above average growth during the forecast period.
Amongst type of service providers there are three major segments: original equipmentmanufacturers, independent service providers and in-house. Within the gas turbine MRO market,the original equipment manufacturers (OEMs) segment is expected to remain as the largest market.
The long-term service agreements between OEMs and power producers are expected to spur thegrowth of this segment over the forecast period.
North America is expected to remain the largest market due to requirement of MRO services for alarge number of existing and aging gas turbines shipped to this region in the preceding years. NorthAmerica and Rest of the World are expected to show above-average growth during the forecastperiod due to an increasing number of aging fleet of gas turbines, and subsequently increasingservice agreements.
For market expansion, report suggests value added service to acquire more customers, by way ofservice agreements, broadening the scope of services, and increased interactions with customers.
Emerging trends, which have a direct impact on the dynamics of the industry, include the increasinglong term service agreements between OEMs and power producers and technologicaladvancement in gas turbine MRO services. GE, Siemens, and MHI are among the major MROservice providers for gas turbines in the power industry.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the globalgas turbine MRO market in the power industry by type of service, by type of service provider, andregion, and has come up with a comprehensive research report, “Growth Opportunities in the
Global Gas Turbine Maintenance, Repair and Overhaul Market in the Power Industry 2016-2021: Trends, Forecast and Opportunity Analysis.” The Lucintel report serves as a spring boardfor growth strategy as it provides a comprehensive data and analysis on trends, key drivers, anddirections. The study includes a forecast of the global gas turbine MRO market in the power industrythrough 2021, segmented by type of service, by type of service provider, and region as follows:
By type of service [Value ($ Billion) for 2010 – 2021]:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook