Europe Gas Turbine MRO Market in the Power Sector - Growth Trends and Forecasts (2017 - 2022)
The European Gas Turbine MRO market in the Power sector is estimated to increase from $XX billion in 2014 to $XX billion in 2022 with a CAGR of XX percent.
The Gas Turbine MRO market in the power sector is underpinned by the aging power facilities which offer considerable opportunities for power replacement and re-powering services aimed at improving the overall efficiency of the facilities. Moreover, a large number of power generating plants are being operated beyond their lifespan in order to meet the rising demand for electricity which is indirectly widening the business for third-party service providers as well as the OEMs. On the Flipside, the market has been affected by increased labor and transportation costs, and the rising cost of spare parts in some regions.
Europes growing interest in cleaner and safer energy generation and a growing voice against nuclear power has resulted in plans to shut down nuclear power plants in major economies here. This move is expected to promote gas fired power plants in the region, thereby benefiting the gas turbine MRO market. Major MRO providers include Alstom, Bechtel, Fluor, Foster Wheeler AG, GE Energy, Wood Group GTS, Mitsubishi Heavy Industries, NAES Corporation, Siemens AG, Sulzer Corporation, TGM Turbinas, and The Babcock & Wilcox Company.
This report comprehensively analyzes the Gas Turbine MRO market in the Power sector by segmenting it based on geography and service type. Key drivers and restraints that are effecting the growth of this market are discussed in detail. The study also elucidates on competitive landscape and key market players.