According to the International Energy Agency (IEA), developing countries in Asia accounted for two-thirds of the global energy growth in 2017. Buoyed by the robust increase in demand for energy and the rapid capacity expansions in the power sector, the power plant service activities in the region, continues to soar high. Asia-Pacific is witnessing a significant transition from nuclear and coal-based power generation to gas-fired power generation, in order to fulfill Paris Climate Change Agreement criteria, which is expected to present a tremendous market opportunity for the growth of the gas turbine maintenance, repair, and overhaul (MRO) services market in Asia-Pacific. Moreover, factors, such as aging power infrastructure, are expected to supplement the demand further. The gas turbine MRO services growth in the power sector in Asia-Pacific is expected to be one of the fastest across the globe during the forecast period, 2018 to 2023. On the contrary, the growing renewable mix in the global electricity generation is expected to act as a restraint for the MRO market.
The existing fleet of the electric power generation capacity has a wide age range. Most of the coal and nuclear-based power plants were built during 1970 and 1990, with peak addition in 1980. The gas-fired power plants have been known to be a bridge between coal and oil age and the renewable-based future. In the most recent wave of additions, the gas-fired power plants witnessed a peak in 2002, with the majority of them added between 1998 and 2008. Thus, the equipment installed in approximately all the gas-fired power plants, across the globe, are expected to require significant MRO services during the forecast period. Additionally, because of the advantages offered by gas-fired power plants, such as low carbon emission and high efficiency, many of the coal power plants are being replaced or retrofitted by gas-fired plants, which, in turn, is expected to increase the demand for gas turbine MRO services during the forecast period.
China, being the world’s largest energy consumer, primarily for coal, has been the most important source of growth for the global energy over the past few decades. Consequently, in 2015, China was the highest emitter of carbon dioxide, accounting for about 27.3% of the global value. As a result, the Chinese government implemented certain policies and initiatives to promote the uptake of cleaner fuels, such as natural gas and renewable energy sources. As part of the Paris Climate Change agreements, China plans to cap its coal consumption at 4.1 GWs by 2020 and double the gas-fired power capacity from 56 GW, as of 2016, to 110 GW, by 2020. This factor is expected to supplement the rate of conversion of coal-fired to the gas-fired power plant, which, in turn, would further increase the demand for gas turbines maintenance, repair, and overhaul (MRO) services in the power sector of China, during the forecast period.
MAJOR PLAYERS: General Electric Co., Bechtel Corporation, Wartsila Oyj Abp, Amec Foster Wheeler PLC, Mitsubishi Heavy Industries, Ltd, Siemens AG, Ansaldo Energia S.p.A, Wood Group GTS, TGM Turbinas (now WEG SA), Babcock & Wilcox Enterprises Inc.
1. Executive Summary
2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
3.4 Government Policies & Regulations
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness: Porter's Five Force Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Asia-Pacific Gas Turbine MRO Market Analysis, by Service Type (Market Overview, Market Size and Demand Forecast until 2023)
8. Asia-Pacific Gas Turbine MRO Market Analysis, by Geography (Market Overview, Market Size and Demand Forecast until 2023)
8.5 Rest of Asia-Pacific
9. Key Company Analysis* (Overview, Products & Services, Financial Analysis**, and Recent Development and Analyst View)
9.1 General Electric Co.
9.2 Bechtel Corporation
9.3 Wartsila Oyj Abp
9.4 Amec Foster Wheeler PLC
9.5 Mitsubishi Heavy Industries, Ltd
9.6 Siemens AG
9.7 Ansaldo Energia SpA
9.8 Wood Group GTS
9.9 TGM Turbinas (now WEG SA)
9.10 Babcock & Wilcox Enterprises Inc.
(*List of companies is not exhaustive. Please let us know if you are interested in any company profile)
10. Competitive Landscape
10.1 Mergers & Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Market Share Analysis
10.4 Strategies Adopted by Leading Players
11.1 Contact Us
(**Subject to availability on public domain)