According to a new market report, the future of the steam turbine MRO market looks good with opportunities in maintenance, repair and overhaul segment. The global steam turbine MRO market is forecast to grow at a CAGR of 8.7% from 2016 to 2021.
The major drivers for the growth of this market are increasing age of operating steam turbines and installation of new steam turbines, especially in the APAC region.
In this market, there are mainly three services practiced, i.e. maintenance, repair, and overhaul. On the basis of comprehensive research, the report forecasts that the maintenance and overhaul segments of the steam turbine MRO market are expected to show above average growth rate during the forecast period.
Within the steam turbine MRO market, the maintenance service is expected to remain the largest segment. Increasing concern by steam turbine owners for maintaining the turbine efficiency and to reduce the risk of turbine breakdown as much as possible are the major driving forces, which would spur growth for this segment over the forecast period.
APAC is expected to remain the largest market and is likely to witness the highest growth rate during the forecast period due to increasing fleet of ageing turbines and installation of new steam turbines. For market expansion, this report suggests establishment of collaboration and ventures to increase customer proximity.
Emerging trends in the global steam turbine MRO market, which have a direct impact on the dynamics of the industry, include growing interest of steam turbine OEMs to service the equipment of other OEMs and collaboration activities by competitors to gain access to APAC market. Shanghai Electric, Harbin Electric, Dongfang Electric, Siemens, Mitsubishi Heavy Industries, and BHEL are among the major competitors of steam turbine MRO market.
The report analyzes growth opportunities for the global steam turbine MRO market by type of service and region and has come up with a comprehensive research report, Growth Opportunities in the Global Steam Turbine MRO Market 2016-2021: Trends, Forecast, and Opportunity Analysis. The report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.
Key Topics Covered:
1. Executive Summary
2. Industry Background and Classifications
3. Market Trends and Forecast Analysis
4. Competitor Analysis
5. Growth Opportunities and Strategic Analysis
6. Company Profiles of Leading Players
- BHEL - Dongfang Electric - Harbin Electric - Mitsubishi Heavy Industries - Shanghai Electric - Siemens