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Restrained Growth Envisaged for the Gulf Cooperation Council Steam Turbine Maintenance Repair and Overhaul Service Market Finds Frost & Sullivan - The GCC steam turbine MRO service market will continue to grow at a moderate pace at the rate of 8 percent until 2013
Restrained Growth Envisaged for the Gulf Cooperation Council Steam Turbine Maintenance Repair and Overhaul Service Market Finds Frost & Sullivan

 

PRZOOM - /newswire/ - Dubai, UAE, United Arab Emirates, 2010/05/12 - The GCC steam turbine MRO service market will continue to grow at a moderate pace at the rate of 8 percent until 2013.

   
 
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The spike in demand for power and petrochemical products saw the rise in installation of steam turbines, which in turn has revved up the need for maintenance and regular service of these steam turbines. Upcoming projects in petrochemical industries, such as the Kuwait Styrene Company and Kuwait Paraxylene Production Company, are expected to boost the market for steam turbines.

The participation of major service providers will energize prospects for the turbine services market and they are investing heavily in the facilities they have established in GCC. High investments in sectors, such as oil and gas, process industries and power generation, will fuel the demand for turbine services in the near future in GCC. Turbines serviced in Bahrain are utility steam turbines.

New analysis from Frost & Sullivan (energy.frost.com), Gulf Cooperation Council (GCC) Steam Turbine Maintenance Repair and Overhaul (MRO) Service Market, finds that the market earned revenues of $95.0 million in 2008 and estimates this to reach $114.2 million by 2013.

If you are interested in more information on this study, please send an email to Tanu Chopra/ Nimisha Iyer, Corporate Communications, at tanu.chopra[.]frost.com / niyer[.]frost.com with your full name, company name, title, telephone number, company email address, company website, city, state and country.

"Kuwait is estimated to be the largest market both in terms of revenue and units; more than 50 percent of the turbines serviced in Kuwait were light industrial turbines, hence accounted for lesser revenue when compared to units," says Frost & Sullivan Research Analyst Shwetha Shivarama. "The country is expected to be a major participant even in the future with a regional share of 30 percent in revenues followed by Saudi Arabia and the UAE."

Though market prospects are upbeat, there are some challenges restraining forward momentum. The region is faced with a shortage of skilled manpower for turbine services and hence, service providers are forced to recruit people from other regions, especially South Asia, South East Asia, and Europe. Moreover, the localization policy of governments in the GCC has inhibited the growth of turbine service facilities in the region.

Steam turbines, which are technically easier to service compared to gas turbines, are sometimes serviced in-house by end users. The establishment of central workshops by end users narrows the scope for external services. As a result, service providers suffer revenue loss and overall market growth is curtailed.

"Service providers are addressing this issue by imparting training to locals to enhance skills," says Shivarama. "Third party service providers are ramping up capabilities to address the service requirements of prospective clients."

Apart from this, end users in the petrochemical and oil and gas segment are displaying a preference of OEM services, and this prevents third-party service providers from foraying into these important end-user segments. Process industries opt for turbine servicing by OEMs rather than by third-party service providers for their quality service and the availability of critical spare parts. New private utility facilities are gravitating toward long-term service agreements (LTSAs) with OEMs.

The cyclical nature of petrochemical business has also negatively impacted turbine services revenue. The OEM footprint is poised for expansion with the process industry sector as the main end user. Companies, such as Siemens AG, Dresser-Rand, present in the market are looking to tap servicing potential over the long haul.

Gulf Cooperation Council (GCC) Steam Turbine Maintenance Repair and Overhaul (MRO) Service Market is part of the Energy & Power Growth Partnership Services program, which also includes research in the following markets: ANZ Steam Turbine Markets, Global Steam Turbine Market, North American Steam Power Plant Service Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents.

Gulf Cooperation Council (GCC) Steam Turbine Maintenance Repair and Overhaul (MRO) Service Market / P3C2

Contact:
Ravinder kaur
Corporate Communications – South Asia
P: +91 44 4204 4760
F: +91 44 24314264
E: ravinder.kaur[.]frost.com

 
 
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Restrained Growth Envisaged for the Gulf Cooperation Council Steam Turbine Maintenance Repair and Overhaul Service Market Finds Frost & Sullivan

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