DALLAS, Oct. 29, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the gas turbine maintenance, repair, and overhaul (MRO) market, looks good with opportunities in the maintenance service type. The global gas turbine MRO market in the power industry is expected to reach an estimated $17.3 billion by 2023 and is forecast to grow at a CAGR of 3.6% from 2018 to 2023. The major drivers for market growth are the aging fleet of gas turbines and stringent government regulations on emission control.
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In this market, maintenance, repair, and overhaul are used for gas turbine MRO manufacturing for type of service. On the basis of comprehensive research, Lucintel forecasts that maintenance will remain the largest segment and witness the highest growth in the forecast period supported by the increasing fleet age of gas turbines in the power industry.
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North America is expected to remain the largest market and witness the highest growth over the forecast period due to MRO services required for a large number of existing and aging gas turbines shipped to this region in prior years.
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General Electrical, Siemens, Mitsubishi Heavy Industries, Wood Group, and Sulzer are among the major suppliers of gas turbine MRO.
Lucintel, a leading global market research firm has analyzed growth opportunities in the global gas turbine MRO market by end use industry, type of service, type of service provider, turbine capacity, and region has compiled a comprehensive research report entitled “Growth Opportunities in the Global Gas Turbine MRO Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global gas turbine MRO market by end use industry, type of service, type of service provider, turbine capacity, and region.
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