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Gas Turbine MRO market is projected to hit $20.4 billion by 2032
Surge in replacement of nuclear and coal-driven turbines with gas turbines drives the gas turbine MRO market growth.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, October 22, 2024 /EINPresswire / --
According to a new report published by Allied Market Research, The gas turbine MRO market size was valued at $14.5 billion in 2022, and is estimated to reach $20.4 billion by 2032, growing at a CAGR of 3.5% from 2023 to 2032.
Gas turbine MRO stands for Gas Turbine Maintenance, Repair, and Overhaul. It refers to the processes and activities involved in the maintenance, repair, and overhaul of gas turbines. Gas turbines are widely used in various industries, including aviation, power generation, and oil and gas, and they require regular maintenance to ensure they operate efficiently and safely.
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Key players in the gas turbine MRO industry include Baker Hughes Company; Doosan Enerbility; Mitsubishi Heavy Industries, Ltd.; Kawasaki Heavy Industries, Ltd.; Siemens Energy AG; General Electric Company; Solar Turbines Incorporated; Ansaldo Energia SPA; Sulzer Ltd.; and Metalock Engineering.
Growth in demand for power generation is the major factor driving the market growth. The global demand for energy continues to rise, driven by population growth, urbanization, and industrialization.
Gas turbines are a popular choice for power generation due to their efficiency and relatively lower emissions compared to other fossil-fuel-based alternatives. With a focus on cleaner energy sources, many countries are transitioning from coal-fired power plants to natural gas-based power generation.
Key aspects of gas turbine MRO:
Maintenance: Regular maintenance is essential to keep gas turbines operating at peak performance. This includes activities such as inspecting components, changing filters, and performing routine checks on systems like fuel, oil, and air intake.
Repair: When a gas turbine component fails or shows signs of wear and tear, it may require repair. This can involve fixing or replacing damaged parts to restore the turbine's functionality.
Overhaul: Overhauls are more extensive maintenance procedures that involve disassembling the gas turbine, inspecting all components, and replacing or refurbishing worn or damaged parts. Overhauls are typically performed at scheduled intervals to ensure the long-term reliability of the turbine.
Inspection: Regular inspections, both visual and non-destructive testing, are critical to identify potential issues before they lead to costly breakdowns or accidents.
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Gas turbines, which can run on natural gas, are a vital component of this shift, leading to a rise in gas turbine installations. Besides, gas turbines offer greater flexibility in power generation, making them suitable for meeting peak demand and providing backup power. This flexibility is particularly valuable in regions with intermittent renewable energy sources.
Advanced sensors and monitoring systems are used to continuously collect data from gas turbines, providing real-time insights into their health and performance. Analyzing this data using machine learning and predictive analytics allows for early detection of potential issues, enabling more proactive and predictive maintenance strategies.
Gas turbine operators and MRO service providers can remotely monitor and diagnose turbine performance using cloud-based platforms and secure communication technologies. Remote access to data allows for faster response times, efficient troubleshooting, and expert support without the need for on-site visits.
Key findings of the study:
The report provides an extensive analysis of the current and emerging gas turbine MRO market trends and dynamics.
As per gas turbine MRO market analysis, by technology, the heavy duty segment was the highest revenue contributor to the market in 2022
As per gas turbine MRO market scope, based on type, the maintenance segment was the highest revenue contributor to the market in 2022
By provider type, the OEM segment dominated the market in 2022
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On the basis of end-use, the power generation segment was the highest revenue contributor to the market, growing with a CAGR of 3.3%.
Region wise, Asia-Pacific held the major share of the market in 2022
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.