Market Size of Middle East 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 | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East Power Sector Gas Turbine MRO Market Analysis
The Middle Eastern gas turbine MRO market in the power sector is expected to register a CAGR of 5% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic due to delays and cancellations of projects and decreased demand for electricity. However, the market rebounded in 2022.
Factors such as the aging fleet of gas turbines, the need to maintain operational efficiency, and stringent emissions norms from power plants are expected to drive the market's growth during the forecast period. The increasing demand for cleaner energy from gas turbines over concerns about the environmental impact of energy generation from coal-fired plants is expected to boost the growth of the gas turbine MRO market in the power sector market. However, the increasing shift toward renewable energies, such as solar and wind, for power generation hampered the growth of the market studied. An increasing shift from coal and crude oil toward gas-based power generation in the region is expected to provide significant opportunities to the market players.
Saudi Arabia is expected to dominate the market's growth in the region. Investments in gas-based power generation plants and aging gas-based power plants are expected to drive the market's growth during the forecast period.
