A new market study, titled “Discover Global Gas Turbine MRO Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Introduction
As fossil fuels race towards extinction, countries all across the globe have been searching for solutions that are renewable and have a low carbon footprint. But despite the major steps taken in the growth of alternative sources of energy, the global gas turbine MRO industry has been booming all around the globe. Gas turbine MRO industry runs of natural gases and converts mechanical energy into electricity. Fuel and air are burned at high temperatures, making the turbine wings rotate. The mechanical energy is then converted into electricity in a series of steps.
The global gas turbine MRO industry is characterized by several factors, with each factor playing a crucial point. Low setup costs, coupled with low carbon emission has affected the growth rates positively. Alternative energy sources like nuclear energy have high maintenance costs and pollute the environment extensively. On the other hand, aging infrastructure, high setup costs of new power plants, and grave consequences in case of any major incidents has made the traditional methods antique. This has forced governments to think of alternatives like Gas Turbine MRO systems.
Despite the advantages, the global gas turbine MRO industry has been facing several challenges. Gas Turbine MRO systems need maintenance regularly and have a limited lifespan. On the other hand, a majority of governments have been focusing on greener, eco-friendly solutions. This, in turn, has been affecting the growth prospects negatively. However, despite the challenges, the industry is poised to grow exponentially until and unless the government comes with better solutions. By the year 2025, the industry is expected to cross a major milestone.
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Segmentation
The global Gas Turbine, MRO systems industry, is characterized by several factors, with each factor playing a crucial role. Segmentation, based on various factors, allows users to look through multiple angles. Only then, an individual will have a complete, clear picture of the industry. However, two crucial factors based on which the industry can be segmented are the service type and the end-user type. Based on the service type, the industry can be segmented into maintenance, overhaul, and repair. On the other hand, based on the end-user type, the industry can be segmented into power generation, marine, oil & gas, and several others. Each segment has its own set of advantages and disadvantages and is known to play a crucial role.
Regional Overview
The global gas turbine MRO systems have great growth potential in the Asia Pacific region. India and China led the growth prospects as the region consumes around two-third of energy consumed all across the globe. On the other hand, the United States and Europe have already adopted the gas-based turbine MRO industry. The market has slowed down in the region. The African continent also shows some great signs of growth, and the industry is expected to grow by leap and bound in the region. However, increasing stress on renewable resources poises a great threat to the industry. The rapid adoption of renewable sources of energy poses the greatest threat, and the industry is expected to grow rapidly all across the globe.
Industry News
On March of 2019, a report surfaced that focused on Russia’s Inter RAO seeking gas turbines deal with GE by October. The deal is expected to finalize by either opting a joint venture with General Electric or by obtaining a license from the same. Russia launched a 1.9 trillion rouble program that modernizes the traditional power generation process..
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