Asia-Pacific Gas Turbine MRO Market in Power Sector - Growth, Trends, and Forecasts (2020-2025)

The market is segmented by Service Type (Maintenance, Repair, and Overhaul) and Geography (China, Japan, India and Rest of Asia-Pacific)

Market Snapshot

Study Period:

2018-2025

Base Year:

2019

CAGR:

3 %

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Market Overview

The Asia-Pacific gas turbine MRO market in power sector is expected to grow at a CAGR of over 3% during the forecast period of 2020 – 2025. Factors such as aging fleet of gas turbine, need to maintain operational efficiency and stringent emissions norms from power plants are expected to be major drivers driving the market. The rising demand for cleaner energy from gas turbines over concerns of environmental impact of energy generation from coal fired plants, is expected to help grow the asia-pacific gas turbine MRO market. However, increasing shift towards renewable energies such as solar and wind for power generation and increased durability of modern gas turbines have somewhat hampered the growth of the market.

  • Maintenance sector is expected to dominate the market in forecast period, owing to various factors such as growth of aviation industry in the region, increase in power generation from gas based plants due to rising concerns over greenhouse gases emissions, maintaining efficiency of turbine and stringent emissions norms on power plants.
  • The increasing demand for electrical energy to sustain global development requires consistent heavy investments in power supply generation. This has helped the market for gas turbines MRO grow significantly in recent and is expected to do so in forecast period.
  • China is expected to dominate the market growth, owing to the factors like economic growth, growth of aviation industry, increase in number of gas based power generation plant, and aging gas based power plants.

Scope of the Report

The Asia-Pacific gas turbine MRO market in power sector report include:

Service Type
Maintenance
Repair
Overhaul
Geography
China
Japan
India
Rest of Asia-Pacific

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Key Market Trends

Maintenance Sector to Dominate the Market

  • The increase in the production of natural gas has shifted the global focus on the development of gas-fired power plants. The greenhouse gases emitted from gas-fired power plants are comparatively lower than that emitted from coal-fired power plants. Moreover, the demand for peak power is increasing globally, which can be most effectively met by gas-based power generation. 
  • The increase in number of gas based power generation plants leads to growth in the gas turbine MRO market, while a gas turbine might need an engine repair or replacement in 4-5 years, the maintenance starts soon after installation. Electricity generation from gas in the region grew from 1001.7 TWh in 2008 to 1485.8 TWh in 2018, registering a growth of over 45%.
  • Asia-Pacific holds over 48% of the global revenue passenger kilometers in airplanes, with significant growth in recent years, and China leading the region with 18% share. This increase in aviation industry goes hand in hand with gas turbine MRO industry.
  • Furthermore, the electricity demand is expected to increase in the future fueled by the electrification of the automobile. Several countries have adopted targets of phasing out the sale of passenger cars running on fossils.
  • Therefore, factors such as increased access to electricity, rise in number of electric vehicles, and increased concerns over greenhouse gas emissions from coal based power plants, are expected to help drive the gas turbine market in power sector, which in turn is expected to drive the asia-pacific gas turbine maintenance market.

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China to Dominate the Market

  • China is expected to be the fastest growing market in the region in forecast period, due to increase in energy demand, and natural gas usage in the region. There has been a major increase in use of gas for power generation in the region, aiming at reducing greenhouse gas emissions. 
  • Electricity generation from gas in China grew from 34.6 TWh in 2008 to 223.6 TWh in 2018, registering a growth of over 546% in just a decade. Refining capacity of China is also on the rise, with a recent contract for 1 MTA ethylene and refinery expansion project of Sinochem Quanzhou Petrochemical.
  • With the rising pollution concerns due to industrialization in the country, the shift towards clean energy generation from gas turbines has gained considerable momentum.
  • The country’s aviation industry is also on the rise, with 236.5 billion Revenue Passenger Kilometers flown in domestic sector in 2008, and with a growth of 235% reaching 800.7 billion Revenue Passenger Kilometers flown in domestic sector in 2018. This has created a huge market for gas turbine MRO market in the country as almost all of the modern airplanes use gas turbine for motive power for jet propulsion. 
  • Therefore, the aforementioned factors are expected to drive the market in forecast period, similar to the trend witnessed in recent years.

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Competitive Landscape

The Asia-Pacific gas turbine MRO in power sector market is partially consolidated. Some of the major companies are General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, and John Wood Group PLC among others.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Market Dynamics

      1. 4.4.1 Drivers

      2. 4.4.2 Restraints

    5. 4.5 Supply Chain Analysis

    6. 4.6 Porter's Five Forces Analysis

      1. 4.6.1 Bargaining Power of Suppliers

      2. 4.6.2 Bargaining Power of Consumers

      3. 4.6.3 Threat of New Entrants

      4. 4.6.4 Threat of Substitutes Products and Services

      5. 4.6.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Service Type

      1. 5.1.1 Maintenance

      2. 5.1.2 Repair

      3. 5.1.3 Overhaul

    2. 5.2 Geography

      1. 5.2.1 China

      2. 5.2.2 Japan

      3. 5.2.3 India

      4. 5.2.4 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 General Electric Company

      2. 6.3.2 Mitsubishi Heavy Industries Ltd

      3. 6.3.3 Bechtel Corporation

      4. 6.3.4 Flour Corporation

      5. 6.3.5 John Wood Group PLC

      6. 6.3.6 Siemens AG

      7. 6.3.7 Sulzer AG

      8. 6.3.8 Babcock & Wilcox Enterprises Inc.

      9. 6.3.9 Weg SA

      10. 6.3.10 Rolls-Royce Holding PLC

      11. 6.3.11 MAN SE

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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