North America Gas Turbine MRO Market in Power Sector Market Size

North America Gas Turbine MRO Market Analysis

The North American gas turbine MRO market in power sector is expected to register a CAGR of over 3% during the forecast period of 2020-2025. Factors, such as an aging fleet of gas turbines, need to maintain operational efficiency, and stringent emissions norms from power plants are expected to be the major drivers for the market. The rising demand for cleaner energy from gas turbines, over concerns of the environmental impact of energy generation from coal-fired plants, is expected to boost the North American gas turbine MRO market. However, an increasing shift toward renewable energies, such as solar and wind, for power generation, lack of retention of skilled labor, and increased durability of modern gas turbines have somewhat hampered the growth of the market.

• The maintenance sector is expected to dominate the market during the forecast period, owing to various factors, such as the growth of the aviation industry in the region, increase in power generation from gas-based plants due to rising concerns over greenhouse gas emissions, maintaining the efficiency of the turbines, and stringent emission norms on power plants.
• The increasing demand for electrical energy to sustain global development requires consistent heavy investments in power supply generation. This has helped the the growth of the market for gas turbines MRO significantly in recent years, and it is expected to do so during the forecast period.
• The United States is expected to dominate the market, owing to the factors, like economic growth, growth of the aviation industry, increase in the number of gas-based power generation plants, and the aging gas-based power plants.