Braj News Magazine

North America Industrial Gas Turbine MRO Market Size, Growth, and Analysis Report to 2029 | DataMIntelligence

 Breaking News
  • No posts were found

North America Industrial Gas Turbine MRO Market Size, Growth, and Analysis Report to 2029 | DataMIntelligence

June 22
21:05 2022
North America Industrial Gas Turbine MRO Market Size, Growth, and Analysis Report to 2029 | DataMIntelligence
DataM Intelligence
North America Industrial Gas Turbine MRO Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Market Overview:

An industrial gas turbine is a combustion engine that uses natural gas or liquid fuels to generate mechanical energy that powers an integrated generator, generating electricity. Traditional gas- and oil-fired steam power plants have been phased out to favor more efficient combined-cycle power plants that use gas turbines to generate electricity. The global need for electricity is increasing, as is the demand for clean energy, which are two significant reasons predicted to drive global market growth from 2022 to 2029.

Market Size Growth Rate:

According to the research report published by the DataM Intelligence, the North America Industrial Gas Turbine MRO was valued at USD YY Million in 2021; it is projected to reach USD YY Million by 2029, with growth at a CAGR of YY% over the forecast period 2022-2029. The demand for turbine maintenance, repair and overhaul has increased due to increased investment in various power plants. The growing natural gas network in North America opens up new potential for turbines in various industries. Furthermore, the North America industrial turbine MRO market is expected to benefit from increased spending in oil and gas exploration operations in the forecast period.

 

Download free sample @ https://www.datamintelligence.com/download-sample/north-america-industrial-gas-turbine-mro-market

 

Market Drivers:

The increasing regional urbanization and industrialization are major drivers of the industrial gas turbine MRO market. Over the previous few years, there has been a tremendous increase in North America energy demand. It has resulted in significant investment in gas turbine power plants. The gas turbine MRO sector is reliant on gas turbine sales.

Significant investments have been made in solar and wind-based power generation in North America for the past few years. These systems are both cost-effective and low-maintenance. Rising investment in renewable energy sources is projected to constrain the industry during the forecast period.

Market Restraints:

The reduction in natural gas demand in the past couple of years due to the COVID-19 outbreak has severely affected the market growth for the industrial gas turbine MRO market in North America. According to the recently issued Natural Gas Annual, natural gas production and consumption in U.S. fell in 2020 due to mild winter weather and the impact of the COVID-19 pandemic on demand. In U.S., less natural gas was consumed, lowering costs; the annual Henry Hub spot price for 2020 was US$ 2.03 per million British thermal units (MMBtu), the lowest annual price since 1997. However, low costs helped boost natural gas exports and consumption in the electric power industry to new highs in 2020.

Market Opportunities

Growing power generation plants in North America are expected to create great potential opportunities for growth in the industrial gas turbine MRO market. For instance, there were 23,417 electric generators at approximately 11,070 utility-scale electric power plants in U.S. as of December 31, 2020. Utility-scale power plants have a total nameplate capacity of at least 1 megawatt energy generating (MW). A power plant may include one or more generators, each consuming different fuel types. Furthermore, there are over 3,400 fossil fuel-fired power plants in U.S.

According to statistics collected by the Energy Information Administration (EIA) and the Environmental Protection Agency (EPA), many fossil fuel-fired power stations (particularly coal-fired power plants) have stated plans to retire between now and 2030. Natural gas-fired power facilities and renewable energy sources like wind and solar will likely replace this production capacity. Closing big fossil-fuel-fired plants can have immediate and long-term consequences for their communities. They should be considered when assessing a community’s future vulnerability to environmental justice concerns. Thus growing replacement of coal-based power plants with natural gas-fired power plants is expected to build market growth opportunities for the industrial gas turbine MRO market in the forecast period.

COVID-19 Impact Analysis

The outbreak of COVID-19 has shown a mild effect on the market share of the industrial gas turbine MRO market; however, the government has taken various measures to repair the damage caused by the virus to the industry. Furthermore, Power plant owners in U.S. continue to adjust procedures at their plants, including delaying regular maintenance due to the coronavirus pandemic’s lockdowns. The lockdown has impacted many corporations, including Siemens and General Electric (GE), major makers of industrial gas turbines and power plant service providers. Big companies are already suffering revenue losses owing to COVID-19.

Market Challenges:

The presence of many established players in the gas turbine market makes the threat of rivalry high, challenging the market growth for the product in the region. However, few numbers of large players dominate the market. However, the strong foundation of locally operating service providers makes the market more fragmented and competitive on a national level. In addition, the market’s growth has been challenged by an increasing move toward renewable energy sources like solar and wind for power generation, a lack of trained workforce retention and the enhanced durability of modern gas turbines.

Recent Developments in the Industry:

  1. On November 12, 2020, GE offered additional repair services to the PT GE Nusantara plant by building turbine blade competence within the plant and increasing the overall center capacity of the plant electricity generation.

 

View full report @ https://www.datamintelligence.com/research-report/north-america-industrial-gas-turbine-mro-market

 

Market Segmentation:

As per the research analysis, the Industrial Gas Turbine MRO market in North America is segmented by service type into maintenance, repair and overhaul. By end-user into frame and aeroderiavtive. By engine type LM6000, LM2500, TM2500, LMS100, FT4000 SWIFTPAC, FT8 MOBILEPAC and others.

  1. 1.       Frame: The frame gas turbines are used for power generation, a crucial industry since any downturn in power generation can lead to losses of Million. Countries like U.S. and Canada are heavily dependent on electricity production from gas. Any downtime in gas turbines can lead to the shutdown of manufacturing units, resulting in company losses.
  2. 2.       Aeroderivative- The gas turbines category includes oil and gas and peak power generation applications. In oil and gas, corrosion is due to high mineral content in air and liquids. Shale gas will grow fastest in oil and gas due to increased production in U.S. and Canada. Shale gas is already largest in North America in unconventional gas production, followed by tight gas and coal bed methane. Investment in deepwater oil platforms is growing owing to increased investment in the Gulf of Mexico, near U.S. states, including Texas, Louisiana and others.

Geographical Classification:

According to the report, the North America Industrial Gas Turbine MRO market is segmented into the major countries, i.e., U.S., Canada, & Mexico.

North America Industrial Gas Turbine MRO Market:

North America industrial gas turbine MRO market is expected to record significant growth during the forecast period. It is due to an aging fleet of gas turbines in the region. Moreover, requirements to maintain operational proficiency and severe emissions regulatory standards, specifically power plants, are expected to be the key development factors for the market. The budding demand for cleaner energy from gas turbines than coal-fired plants safeguards the environment from harmful gases. These factors are attributed to the growth of the North American Gas Turbines MRO Market. North American region is swiftly adopting the gas-fired power plants to align with the environmental protection and to abide by the industrial gases emission standards

U.S.: With increased environmental issues in the country due to industrialization, the shift to clean energy generation from gas turbines has gained traction. The country’s aviation industry is likewise growing, with 1717.1 Million revenue passenger-kilometers flown in domestic and international sectors in 2008 and 2428 Million revenue passenger-kilometers flown in domestic and international sectors in 2018. As practically all modern airplanes use gas turbines for motive power for jet propulsion, this has generated a major market for gas turbine MRO in the country.

Canada: The country remained the lowest market shareholder for industrial gas turbine MRO among the mentioned North America countries. However, Canada’s industrial gas turbine MRO demand is expected to improve in the forecast period with increasing power plant units in the country.

Mexico: The rising shift of Mexico towards the adoption of renewable energy sources to overcome the growing electricity demand is expected to boost the popularity of the industrial has turbine MRO market in the forecast period.

Competitive Analysis:

The major players are adopting several growth strategies such as product launches, innovative technologies, acquisitions and collaborations, contributing to the growth of Industrial Gas Turbine MRO in the North America market. For example, in 2020, GE offered additional repair services to the PT GE Nusantara plant by building turbine blade competence within the plant and increasing the overall center capacity of the plant electricity generation.

Major Companies:

Some of the key companies contributing to the market’s growth include GENERAL ELECTRIC, Fluor Corporation, Mechanical Dynamics & Analysis LLC, Bechtel Corporation and Solar Turbines Incorporated.

 

Trending Topic’s

Substation Automation Market

Energy-Efficient Window Market

 

The Full Report has the below insights.

  • The report offers a comprehensive evaluation of the market in terms of Market Value (US$ ) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable market size projections (2022-2029).
  • Visualize the composition of North America Industrial Gas Turbine MRO market segmentation by type, engine type, end-user and country, highlighting the key commercial assets and players.
    • By Type: Maintenance, Repair and Overhaul
    • By Engine Type: LM6000, LM2500, TM2500, LMS100, FT4000 SWIFTPAC, FT8 MOBILEPAC and others
    • By End-User: Frame and Aeroderivative
    • By Country: U.S., Canada, Mexico
  • Identify commercial opportunities in North America industrial gas turbine MRO Market by analyzing trends and co-development deals.
  • The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
  • Excel data sheet with thousands of North America industrial gas turbine Market-level 4/5 segmentation data points.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players
  • The report will provide access to approximately 50+ market data tables, 40+ figures and close to 180 pages.

About Us:

DataM Intelligence 4Market Research is a market intelligence platform that gives access to syndicated, customized reports and consulting to its clients in one place. As a firm with rich experience in research and consulting across multiple domains, we are a one-stop solution that will cater to clients’ needs in key business areas. DataM Intelligence has an online platform whose coverage includes industries such as chemicals and materials, agriculture, health care services, animal feed and food & beverages, among others. Our platform has Insights into markets that uncover the latest market research data distinct from the competition. With coverage across ten major industries in the marketplace research, DataM Intelligence benefits thousands of companies by helping them take their innovations early to the market by providing a complete view of the market with statistical forecasts. Our strategy-centric framework and value-added services will give individuals and corporates easy access and custom personalization to research and markets.

Media Contact
Company Name: DataM Intelligence
Contact Person: Sai
Email: Send Email
Phone: +1 877 441 4866
Country: United States
Website: https://www.datamintelligence.com/research-report/north-america-industrial-gas-turbine-mro-market