Gas turbine MRO refers to maintenance, repair, and overhaul of gas turbines used in power generation applications. Gas turbines finds application in power generation by converting natural gas or other liquid fuels to mechanical energy, which further drives an electrical generator to produce electricity. The need for efficient and uninterrupted power supply has resulted in higher operational hours from gas turbines in the power sector. Regular maintenance and repair ensures reliability and efficiency of gas turbines during power generation.

The global Gas Turbine MRO Market in the Power Sector is estimated to be valued at US$ 7.2 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Increasing operational hours of gas turbines in the power sector has resulted in greater need for maintenance activities to ensure reliability of power supply. Gas turbines on average run for over 6000 hours annually in the power sector. Regular maintenance such as repair, overhaul, testing at higher operational hours helps in avoiding downtime and enhancing efficiency of gas turbines. The opportunity of increasing operational hours from gas turbines warrants greater demand for MRO activities to keep turbines running efficiently for power generation. Rising power consumption globally will further drive operational hours of gas turbines, thereby fueling demand for MRO services in the gas turbine MRO market in the power sector over the forecast period.

Porter's Analysis
Threat of new entrants: The gas turbine MRO market in the power sector requires high investment and has stringent regulations which act as a barrier for new companies.

Bargaining power of buyers: The buyers have moderate bargaining power due to availability of multiple service providers in the market.

Bargaining power of suppliers: Major suppliers have considerable bargaining power due to their technological expertise and established relationships with OEMs.

Threat of new substitutes: Threat from substitutes is low as gas turbines have few alternatives for power generation.

Competitive rivalry: Highly competitive.

SWOT Analysis
Strengths: Established infrastructure and technology expertise.

Weaknesses: High dependency on limited number of OEMs and fluctuations in energy demand.

Opportunities: Growth in renewable energy integration and conversion of simple cycle plants to combined cycle.

Threats: Stringent environmental regulations and shift toward decentralized power generation.

Key Takeaways
The Global Gas Turbine MRO Market Size in the power sector is expected to witness high growth. The global Gas Turbine MRO Market in the Power Sector is estimated to be valued at US$ 4 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030.

Regional analysis shows North America dominates the global market led by the US due to presence of aging gas turbine fleet and focus on repair and overhaul services. Asia Pacific registers the fastest growth due to rising investments in power generation capacity expansion projects utilizing gas turbines especially in China and India.

Key players operating in the gas turbine MRO market are General Electric, Siemens, Mitsubishi Heavy Industries, Sulzer AG, MAN Energy Solutions, Wood Group, Ansaldo Energia, Honeywell International and Kawasaki Heavy Industries.

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