Report

The Gas Turbine MRO Market In The Power is expected to grow from USD 15.66 billion in 2025 to USD 18.42 billion by 2030, at a CAGR of 3.3% during the forecast period (2025-2030).

Key Highlights
- Over the long term, the major driving factors of the market are the aging gas turbine fleet in long-serving power plants and reliability requirements regarding turbomachinery.
- On the other hand, growth in the renewable energy sector is likely to restrain the applications of gas turbines, thus hindering the growth of gas turbine MRO services.
- Nevertheless, 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 gas turbine MRO players in the future.
- The Asia-Pacific region is expected to witness the fastest growth during the forecast period, as the natural gas-based power generation industry is highly concentrated there, with many aging power plants.


Gas Turbine MRO Market Trends

Maintenance Segment Expected to Witness Significant Market Growth


- To ensure that power equipment works in good condition, companies and power plant operators need to perform regular maintenance services, including periodic inspections, parts replacement, diagnosis, and renovations. This improves operational performance and ensures the long-term and stable operation of the facility.
- A large number of power utilities and independent power producers enter into long-term service agreements (LTSA) to meet their plant requirements across a range of services, which include all aspects of support, such as fleet management, inventory management, maintenance, repair, and overhaul, and the provision of day-to-day technical support of gas-turbines.
- Turbine manufacturers recommend users perform three quarterly inspections of the turbines, followed by an annual inspection for the first two years. Such agreements help reduce the overall costs, thereby enhancing the capacity of gas turbines through higher-performance parts. This is expected to increase the demand for maintenance services.
- Due to clean fuel properties, its demand is growing in almost every major country. However, only deploying gas turbines does not guarantee any flexibility in operations for the long term, and here, MRO services come into the picture. Thus, many countries have started using maintenance services, either at the beginning of the plant commencement or after crossing a certain period.
- According to the Statistical Review of World Energy Data, in 2023, total world electricity generation from natural gas accounted for 6746.3 Terawatt-hours, an annual growth rate of 1.2% compared to the previous year. With the government's aim to close coal-based power generation, electricity from natural gas is expected to increase, thereby driving the use of gas turbines and creating demand for MRO services for gas turbines.
- Moreover, in March 2023, EthosEnergy made a Long-Term Service Agreement (LTSA) for gas turbine maintenance, inspection, and repair services by Global Power Synergy Public Company Limited (GPSC). The LTSA covers eight GE Frame 6B gas turbine units at two cogeneration power plants in Rayong: Central Utility Plants 1 and 2 (GPSC CUP-1 and GPSC CUP-2).
- In July 2023, A joint venture contractor of Siemens Energy Global and Siemens Energy Vietnam Co., Ltd. secured the long-term maintenance contract for the Nhon Trach 2 Power Plant in Vietnam through open international bidding. The contract spans the next 100,000 equivalent operating hours (EOH) and encompasses comprehensive maintenance and repair services for all plant equipment, including gas turbines, over a 12-year period.
- Owing to such developments, the maintenance services are expected to have robust growth in the forthcoming years.


Asia Pacific Expected to be the Fastest Growing Market


- The Asia-Pacific region is among the largest natural gas consumers for power generation. Natural gas consumption has been rising since the last decade, primarily due to the growing demand for electricity and the growing efforts to reduce emissions from the power generation sector.
- China is primed to hold a significant share of the vast Asia Pacific gas turbine MRO service market. Its booming economy, burgeoning aviation industry, and rapid surge in gas-based power generation plants, both new and aging, are potent driving demand for MRO services. Electricity generation from gas in China witnessed a staggering 9.6% annual increase over just a decade, and this trend shows no signs of slowing.
- Similarly, India's requirement for electricity has been growing tremendously over the past decade, primarily due to continuous economic growth and numerous government initiatives targeted at increasing access to electricity for the country's larger population. In India, as of 2023, 2.7% of the electricity generated is from natural gas, with a generating capacity of approximately 52.6 terawatt-hours. The gas-fired power stations are regularly maintained and overhauled to minimize the risks of sudden outages.
- Japan is among the largest importer of natural gas as of 2023. The country generated 30% of its electricity from natural gas. Japan operates numerous gas-fired power stations, regularly maintained to minimize the risks of outages in the country.
- For instance, in August 2023, in a collaborative effort involving GE Vernova, JERA, and EPC partner Toshiba Energy Systems & Solutions Corporation, a flange-to-flange replacement was executed to upgrade three units to the advanced 9HA.01 gas turbine technology at a 5.6 GW facility in Japan. This facility, consisting of four groups, is expected to be one of Japan's largest and most crucial power generation sites and serves as the country's largest LNG terminal, receiving over 11 million tons of LNG annually.
- In March 2023, Mitsubishi Power, a brand of Mitsubishi Heavy Industries, secured a seven-year full-turnkey Long Term Service Agreement (LTSA) for the Bibiyana-III Combined Cycle Power Plant in Bangladesh. Under this agreement, Mitsubishi Power is expected to provide maintenance and inspection services for the M701F gas turbine and associated power generation equipment to enhance reliability, performance, and efficiency.
- In March 2023, EthosEnergy secured a 12-year Long-Term Service Agreement (LTSA) for gas turbine maintenance, inspection, and repair services from Global Power Synergy Public Company Limited (GPSC) in the Asia-Pacific region. This LTSA covers eight GE Frame 6B gas turbine units at two cogeneration power plants in Rayong, Thailand.
- Due to such developments, the Asia-Pacific is expected to be the fastest-growing region during the forecast period.


Gas Turbine MRO Industry Overview

The gas turbine MRO market in power sector is semi-consolidated in nature. Some of the major players in the market (in no particular order) include General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd, Sulzer Ltd?, Solar Turbines Incorporated?, among others.

Additional Benefits:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support