Gas Turbine MRO Industry - Regional Synopsis
North America Market Statistics
North American in gas turbine MRO market is poised to account for more than 46% revenue share by the end of 2037. The market expansion in the region is expected on account of the growing demand for natural gas such as compressed natural gas, as there is a rise in population, which is shifting more towards the usage of clean energy. According to a report by the U.S. Energy Information Administration, in 2022 the usage of natural gas was about 33% of the whole energy consumption.
There have been rising government initiatives in the United States in the form of investment and campaigns to spread awareness regarding the usage of renewable energy. According to a survey conducted in 2023, it was revealed that more than 66% of U.S. adults prioritize using an alternative energy source like solar, hydrogen, and wind power.
Moreover, Canada is predicted to have the presence of key players in the field of power generation and electricity demand which is further encouraging collaboration with the energy & power sector. Hence, this factor is estimated to impact the overall growth of the gas turbine MRO industry in Canada.
APAC Market Analysis
Asia Pacific gas turbine MRO market is poised to witness more than 3.1% growth rate from 2024 to 2037 and will hold the second position owing to the presence of high fossil fuel reserves, and low barriers to investment for power generation infrastructure. According to a report, in 2023 APAC holds about 43% of the global coal reserves. Furthermore, a large part of the Asia Pacific region has favorable geographical conditions for the development of gas turbine power plants. In addition to this, the Asia Pacific region has witnessed rapid industrial and economic growth in recent years, leading to increasing demands for power generation.
There is a high presence of gas-filled power stations in Japan which reduces the risk of outages. According to a report by the Energy Information Administration in 2024, renewable generation in Japan increased to 26% in 2022 from 21% in 2018.
