According to
a new market report published by Lucintel, the future of the gas turbine
maintenance, repair, and overhaul (MRO) market, looks good with opportunities
in the maintenance service type. The
global gas turbine MRO market in the power industry is expected to reach an
estimated $17.3 billion by 2023 and is forecast to grow at a CAGR of 3.6% from
2018 to 2023. The major drivers for market growth are the aging fleet of gas turbines and stringent
government regulations on emission control.
In this
market, the service types are maintenance, repair, and overhaul. Lucintel
forecasts that maintenance will remain the largest segment and witness the
highest growth in the forecast period supported by the increasing fleet age of
gas turbines in the power industry.
The three
major types of service providers are original equipment manufacturers, independent
service providers, and in-house. Within the gas turbine MRO market, the
original equipment manufacturer (OEM) segment is expected to remain the largest
market. The long-term service agreements between OEMs and power producers are
expected to drive the growth of this segment over the forecast period.
By end use industries, electric power utility
is expected to be the largest segment and witness the highest growth during the
forecast period. Increasing demand for electricity is the major driving growth
for this segment over the forecast period.
By turbine
size, turbines with more than 180MW are expected to remain the largest segment
and witness the highest growth in the forecast period. High efficiency and low-cost per MW
are the major factors which will drive this segment.
North America is expected to remain the largest
market and witness the highest growth over the forecast period due to MRO services required for a large
number of existing and aging gas turbines shipped to this region in prior
years.
Some of the major companies in the global gas turbine MRO
market for the power industry are General Electrical, Siemens,
Mitsubishi Heavy Industries, Wood Group, and Sulzer.
Lucintel, a leading global strategic
consulting and market research firm, has analyzed the global gas turbine MRO
market in the power industry by end use industry, type of service, by type of
service provider, turbine capacity, and region, and has compiled a comprehensive
research report entitled “Growth
Opportunities in the Global Gas Turbine MRO Market in the Power Industry
2018-2023: Trends, Forecast and Opportunity Analysis.” The Lucintel report serves as a spring
board for growth strategy as it provides a comprehensive data and analysis on
trends, key drivers, and directions. The study includes a forecast of the
global gas turbine MRO market in the power industry through 2023, segmented by end
use industry, type of service, type of service provider, turbine capacity, and
region as follows:
By End Use Industry [Value ($ Billion) from
2012 to 2023]:
- Electrical Power Utility
- Oil and Gas
- Others
By Type of Service [Value ($ Billion) from
2012 to 2023]:
- Maintenance
- Repair
- Overhaul
By Type of Service Provider [Value ($
Billion) from 2012 to 2023]:
- Original Equipment Manufacturers
- Independent Service Providers
- In-House
By Turbine Size [Value ($ Billion) from 2012
to 2023]:
- 1 – 60 MW
- 61 – 180 MW
- More than 180 MW
By Region [Value ($ Billion) from 2012 to
2023]:
- North America
- Europe
- Asia Pacific
- The Rest of the World
This
130-page research report will enable you to make confident business decisions
in this globally competitive marketplace. For a detailed table of contents,
contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel
offerings include energy
market report, energy
industry, commercial due diligence
report, business
strategy consulting and market
research reports online.
About
Lucintel
Lucintel,
the premier global management consulting and market research firm, creates
winning strategies for growth. It offers market assessments, competitive
analysis, opportunity analysis, growth consulting, M&A, and due diligence
services to executives and key decision-makers in a variety of industries. For
further information, visit www.lucintel.com.
This
report answers following 10 key questions:
Q. 1. How big are the opportunities for the
global gas turbine MRO market in the power industry by end use industries, type
of service (maintenance, repair, and overhaul), service provider (original
equipment manufacturers, independent service providers, in-house), turbine size
(more
than 180 MW, 61 – 180 MW, and 1 – 60 MW) and
region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2. Which product segments will grow at a
faster pace and why?
Q. 3. Which region will grow at a faster pace
and why?
Q.4. What are the key factors affecting market
dynamics? What are the drivers, challenges of the market?
Q.5. What are the business risks and
competitive threats in this market?
Q.6. What are the emerging trends in this
market and the reasons behind them?
Q.7. What are some of the changing demands of
customers in the market?
Q.8. What are the new developments in the
market and which companies are leading these developments?
Q.9. Who are the major players in this market?
What strategic initiatives are being taken by key companies for business
growth?
Q. 10. What M&A activity has occurred in
the last five years and what has its impact been on the industry?
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