LONDON, June 7, 2016 /PRNewswire/ -- According to a new market report published by Lucintel, the future of the gas turbine maintenance, repair and overhaul market (MRO) market looks good with opportunities in the maintenance segment. The global gas turbine MRO market in the power industry is forecast to grow at a CAGR of 3.9% from 2016 to 2021. The major drivers of growth for this market are the aging fleet of gas turbines and stringent government regulations on emission control.
In this market, there are mainly three services practiced: maintenance, repair, and overhaul. Lucintel predicts that the maintenance service segment is likely to experience the highest growth in the forecast period supported by maintenance requirements for aging gas turbines. On the basis of comprehensive research, Lucintel forecasts that maintenance and repair market are expected to show above average growth during the forecast period.
Amongst type of service providers there are three major segments: original equipment manufacturers, independent service providers and in-house. Within the gas turbine MRO market, the original equipment manufacturers (OEMs) segment is expected to remain as the largest market. The long-term service agreements between OEMs and power producers are expected to spur the growth of this segment over the forecast period.
North America is expected to remain the largest market due to requirement of MRO services for a large number of existing and aging gas turbines shipped to this region in the preceding years. North America and Rest of the World are expected to show above-average growth during the forecast period due to an increasing number of aging fleet of gas turbines, and subsequently increasing service agreements.
For market expansion, report suggests value added service to acquire more customers, by way of service agreements, broadening the scope of services, and increased interactions with customers.
Emerging trends, which have a direct impact on the dynamics of the industry, include the increasing long term service agreements between OEMs and power producers and technological advancement in gas turbine MRO services. GE, Siemens, and MHI are among the major MRO service providers for gas turbines in the power industry.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global gas turbine MRO market in the power industry by type of service, by type of service provider, and region, and has come up with a comprehensive research report, "Growth Opportunities in the Global Gas Turbine Maintenance, Repair and Overhaul Market in the Power Industry 2016-2021: Trends, Forecast and Opportunity Analysis." The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.
The study includes a forecast of the global gas turbine MRO market in the power industry through 2021, segmented by type of service, by type of service provider, and region as follows:
By type of service [Value ($ Billion) for 2010 – 2021]:
By type of service provider [Value ($ Billion) for 2010 – 2021]:
Original Equipment Manufacturers
Independent Service Providers
By region [Value ($ Billion) for 2010 – 2021]:
Rest of the World
This report answers following 11 key questions:
Q.1. How big the opportunities for the global gas turbine MRO market in the power industry by type of service, service provider, and region?
Q.2. Which product / segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5. What are the business risks and threats of this market?
Q.6. What are the emerging trends in this market and reasons behind them?
Q.7. What are some changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are taken by key players for business growth?
Q.10. How is the competitive rivalry and threat of substitution in this market?
Q.11. What M & A activities have transpired in the last 5 years in this market and describe their impact on the industry?
This unique report from Lucintel will provide you with valuable information, insights, and tools needed to identify new growth opportunities and operate your business successfully in this market. This report will save hundreds of hours of your own personal research time and will significantly benefit you in expanding your business in this market. In today's stringent economy, you need every advantage that you can find.
To make business, investment, and strategic decisions, you need timely, useful information. This market report fulfills this core need and is an indispensable reference guide for multinational materials suppliers, product manufacturers, investors, executives, distributors, and many more that operate in this market.
Some of the features of "Growth Opportunities in the Global Gas Turbine MRO Market in the Power Industry 2016-2021: Trends, Forecast, and Opportunity Analysis" include:
Market size estimates: Growth opportunities in the global gas turbine MRO market size estimation in the power industry in terms of value ($B).
Trend and forecast analysis: Global gas turbine MRO market trend (2010-2015) and forecast (2016-2021) in the power industry by region and segment.
Segmentation analysis: Global gas turbine MRO market in the power industry by type of service such as maintenance, repair and overhaul and by type of service provider such as OEMs, ISPs and In-House in terms of value.
Regional analysis: Global gas turbine MRO market in the power industry, breakdown by key regions such as North America, Europe, Asia Pacific, and Rest of the World.
Growth opportunities: Analysis on growth opportunities in different type of services, service providers and regions.
Strategic analysis: This includes M&A, competitive landscape, and expansion strategies in the gas turbine MRO market for the power industry.
Analysis of competitive intensity of the industry based on Porter's Five Forces model.
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