Gas Turbine MRO Market Segmentation:
Service Type Segment Analysis
Maintenance segment is poised to account for more than 48% gas turbine MRO market share by the end of 2035. The segment's lucrative growth can be attributed to regular maintenance, as this type of maintenance involves the periodic inspection of the gas turbine, its components, and the power plant. It ensures that the gas turbine is always running properly by addressing any signs of wear and tear.
According to a report in 2023, the lack of maintenance would decrease the reliability and availability to 60% and 20% respectively. Moreover, this type of maintenance involves fixing or replacing the parts that have gone faulty and also involves preventing breakdowns by monitoring and analyzing the gas turbine's performance data. It ensures the gas turbine is in a functional condition at all times.
Maintenance services can increase the reliability of the gas turbine, reducing downtime and increasing efficiency. They can also help ensure the safety of the power plant, as they identify potential faults and address them in a timely manner. These features, along with the regular inspections of the power plant, lead to lower operating risks and lower operating costs, which are beneficial for the operators of gas turbines.
Technology Segment Analysis
The aero-derivative segment is set to garner a notable share shortly and is likely to remain the second largest segment in the technology of the gas turbine MRO market revenue share and is projected to grow at a noteworthy CAGR propelled by the increasing demand for clean energy from the rising industrial and increasing population. According to the International Energy Agency, there is an increase in electricity demand of about 2.2% in 2023.
Aircraft engine technologies in the design of gas turbines. Gas turbines based on aero-derivative technology are optimized for the specific needs of power generation, compared to the turbines that are designed for jet engines or marine applications. Furthermore, aero-derivative technologies provide gas turbines with benefits such as increased efficiency, decreased emissions, and lower maintenance requirements. This leads to better financial viability and lower operating costs for the power plants that use gas turbines. It also leads to greater marketability of gas turbines, which contributes to the growing gas turbine MRO industry.
Application Segment Analysis
The power generation segment is estimated to be the highest-growing segment in near future. In the coming years in the application of the gas turbine MRO market, as it ensures reliable and continuous electricity production. According to a report by International Energy Agency 2020, worldwide energy production increased by about 2% from 2018 and reached 617EJ in 2019.
Our in-depth analysis of the gas turbine MRO market includes the following segments:
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