Market Size of Gas Turbine MRO Industry in the Power Sector
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 28.85 Billion |
| Market Size (2029) | USD 33.90 Billion |
| CAGR (2024 - 2029) | 3.28 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gas Turbine MRO Market Analysis
The Gas Turbine MRO Market in the Power is expected to grow from USD 28.85 billion in 2024 to USD 33.90 billion by 2029, at a CAGR of 3.28% during the forecast period (2024-2029).
The market was moderately impacted by COVID-19 in 2020. Presently, the market has now reached pre-pandemic levels.
- Over the long term, the major driving factors of the market are the aging gas turbine fleet in the long-serving power plants and reliability requirements with regard to turbomachinery.
- On the flip side, growth in the renewable energy sector is likely to restrain the applications of gas turbines, thus, hindering the growth of gas turbine MRO services.
- The increasing natural gas consumption in the power industry, the shift from coal to gas-based power generation, and the rise in the gas-fired power plant infrastructure are expected to create massive opportunities for the gas turbine MRO players in the future.
- The Asia-Pacific region is expected to witness fastest growth during the forecast period, as the natural gas-based power generation industry is highly concentrated in the region, with many aging power plants.
