Middle East Power Sector Gas Turbine MRO Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Middle East Power Sector Gas Turbine MRO Market Analysis
The Middle Eastern gas turbine MRO market in the power sector is expected to register a CAGR of 5% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic due to delays and cancellations of projects and decreased demand for electricity. However, the market rebounded in 2022.
Factors such as the aging fleet of gas turbines, the need to maintain operational efficiency, and stringent emissions norms from power plants are expected to drive the market's growth during the forecast period. The increasing demand for cleaner energy from gas turbines over concerns about the environmental impact of energy generation from coal-fired plants is expected to boost the growth of the gas turbine MRO market in the power sector market. However, the increasing shift toward renewable energies, such as solar and wind, for power generation hampered the growth of the market studied. An increasing shift from coal and crude oil toward gas-based power generation in the region is expected to provide significant opportunities to the market players.
Saudi Arabia is expected to dominate the market's growth in the region. Investments in gas-based power generation plants and aging gas-based power plants are expected to drive the market's growth during the forecast period.
Middle East Power Sector Gas Turbine MRO Market Trends
This section covers the major market trends shaping the Middle-East Power Sector Gas Turbine MRO Market according to our research experts:
Maintenance Sector is Expected to Dominate the Market
The increase in the production of electricity shifted the global focus on the development of gas-fired power plants. The greenhouse gases emitted from gas-fired power plants are comparatively lower than those from coal-fired power plants. The demand for peak power is increasing globally, which can be most effectively met by gas-based power generation.
The increase in the number of gas-based power generation plants leads to growth in the gas turbine MRO market. While a gas turbine might need an engine repair or replacement in four-five years, the maintenance starts soon after installation.
In the most recent wave of additions, gas-based power plants witnessed a peak in 2002, with the majority added between 1998 and 2008. Thus, the equipment installed in approximately all the gas-fired power plants across the world is expected to require significant MRO services during the forecast period.
In the Middle East, electricity generation from gas witnessed significant growth in recent years, from 548.3 TWh in 2012 to 929.7 TWh in 2021.
Therefore, factors such as increased access to electricity, a rise in the number of electric vehicles, and increased concerns over greenhouse gas emissions from coal-based power plants are expected to help drive the gas turbine market's growth in the power sector, which, in turn, is expected to drive the gas turbine maintenance market's growth in the power sector.
Saudi Arabia is Expected to Dominate the Market
Saudi Arabia is expected to dominate the market studied during the forecast period due to an increase in energy demand and natural gas usage in the region.
The country's national oil company Saudi Aramco has aimed to double its gas production by 2030, most of which will be used for domestic purposes like power generation. This has created a huge opportunity for the gas turbine MRO market in the power sector in the country.
The country witnessed a growth of over 97% in electricity generation from gas, from 109.5 TWh in 2008 to 216 TWh in 2021. Electricity generation from gas is expected to see significant growth in the country in the forecast period due to the government's efforts to shift from oil to gas as a source of electricity generation.
Electricity generation from natural gas dominates the power market at around 60% share. In 2021, electricity generation from natural gas was 216 TWH, from oil was 140 TWH, and from renewables was 0.8 TWh.
Therefore, the aforementioned factors are expected to drive the market's growth during the forecast period.
Middle East Power Sector Gas Turbine MRO Industry Overview
The Middle Eastern gas turbine MRO market in the power sector is moderately fragmented. Some of the major companies are (in no particular order) General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, and John Wood Group PLC.
Middle East Power Sector Gas Turbine MRO Market Leaders
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General Electric Company
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Flour Corporation
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Mitsubishi Heavy Industries Ltd
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John Wood Group PLC
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Siemens AG
*Disclaimer: Major Players sorted in no particular order
Middle East Power Sector Gas Turbine MRO Market News
In December 2021, Mitsubishi Power, a subsidiary entity of Mitsubishi Heavy Industries, supplied three gas turbines to the Fujairah F3 power plant in the United Arab Emirates. The plant is likely to use an efficient combined cycle technology across the Middle East. Once commissioned, it will be the largest natural gas-fired gas turbine power plant in the country and will majorly contribute to the GCC's (Gulf Cooperation Council) power grid. The M701 Jac gas turbine is one of the leading turbines, with more than 64% efficiency and a reliability of 99.6%. The company also came into a long-term service agreement for the project to handle maintenance and repair of the facility.
In February 2022, Ansaldo Energia, an Italian power company, was awarded a 20-year maintenance agreement for the gas turbines at the power plant in Cairo, Egypt. Cairo Electricity Production Company operates the 1.5 GW power plant and consists of a combined cycle and an open cycle phase. Each phase is configured with four gas turbines. The service agreement is likely to offer maintenance activities and repairs of turbine components, which might expand the customer base in Egypt.
Middle East Power Sector Gas Turbine MRO Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.4.1 Drivers
4.4.2 Restraints
4.5 Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes Products and Services
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Service Type
5.1.1 Maintenance
5.1.2 Repair
5.1.3 Overhaul
5.2 By Geography
5.2.1 Saudi Arabia
5.2.2 United Arab Emirates
5.2.3 Rest of Middle East
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 General Electric Company
6.3.2 Mitsubishi Heavy Industries Ltd
6.3.3 Bechtel Corporation
6.3.4 Flour Corporation
6.3.5 John Wood Group PLC
6.3.6 Siemens AG
6.3.7 Sulzer AG
6.3.8 Babcock & Wilcox Enterprises Inc.
6.3.9 Weg SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Middle East Power Sector Gas Turbine MRO Industry Segmentation
A gas turbine, also called a combustion turbine, is a type of continuous-flow internal combustion engine. Gas turbine requires maintenance, repair, and overhaul services at regular intervals for safe and efficient performance.
The Middle Eastern gas turbine MRO market in the power sector is segmented by service type and geography. By service type, the market is segmented into maintenance, repair, and overhaul. The report also covers the market size and forecasts for the MRO market in the power sector in major countries across the region. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| By Service Type | |
| Maintenance | |
| Repair | |
| Overhaul |
| By Geography | |
| Saudi Arabia | |
| United Arab Emirates | |
| Rest of Middle East |
Middle East Power Sector Gas Turbine MRO Market Research FAQs
What is the current Middle East Gas Turbine MRO Market in the Power Industry size?
The Middle East Gas Turbine MRO Market in the Power Industry is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Middle East Gas Turbine MRO Market in the Power Industry?
General Electric Company , Flour Corporation , Mitsubishi Heavy Industries Ltd , John Wood Group PLC and Siemens AG are the major companies operating in the Middle East Gas Turbine MRO Market in the Power Industry.
What years does this Middle East Gas Turbine MRO Market in the Power Industry cover?
The report covers the Middle East Gas Turbine MRO Market in the Power Industry historical market size for years: 2021, 2022 and 2023. The report also forecasts the Middle East Gas Turbine MRO Market in the Power Industry size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle East Power Sector Gas Turbine MRO Industry Report
Statistics for the 2024 Middle East Power Sector Gas Turbine MRO market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Middle East Power Sector Gas Turbine MRO analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
