Market Size of Europe Gas Turbine MRO Industry in the Power Sector
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Gas Turbine MRO Market Analysis
The European Gas Turbine MRO Market in the power sector is expected to register a CAGR of over 2% during the forecast period.
COVID-19 moderately impacted the market in 2020. Presently, the market has now reached pre-pandemic levels.
- Over the long term, aging installations of gas turbines, the need to maintain operational efficiency, and stringent emissions norms from power plants are expected to be major drivers for the market.
- However, increasing shifts toward renewable energies, such as solar and wind, for power generation have somewhat hampered the market's growth.
- The increasing demand for electrical energy to sustain global development requires consistent heavy investments in power supply generation. With investment and upcoming power projects, the market is expected to witness growth opportunities during the forthcoming years.
- The United Kingdom is expected to dominate the market. An increase in the number of gas-based power generation plants, and aging gas-based power plants, are expected to drive the market in the forecast period.
