Market Size of North America 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 | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Power Sector Gas Turbine MRO Market Analysis
The North American Gas Turbine MRO Market in the Power Sector is expected to register a CAGR of more than 3% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the long term, Factors such as an aging fleet of gas turbines, the need to maintain operational efficiency, and stringent emissions norms from power plants are expected to be the major drivers of the market.
- On the other hand, an increasing shift towards renewable energy for power generation, lack of retention of skilled labor, and increased durability of modern gas turbines may restrain the market's growth during the forecast period.
- Nevertheless, the increasing demand for electrical energy to sustain regional development requires heavy investment in power supply generation. These investments result in capacity enhancement, reduction of emissions, and better efficiency. As the region is going towards net-zero emissions, several opportunities are likely to come to the players involved in the market soon.
- The United States is expected to dominate the North American Gas Turbine MRO Market in the power sector during the forecast period.
