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Steam Turbine MRO Market to Reach $37.4 billion, Globally, by 2033 at 5.2% CAGR: Allied Market Research

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Allied Market Research

04 Mar, 2025, 15:50 GMT

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Emerging economies are projected to drive the growth of the steam turbine MRO market in the future. Countries like India, China, and Brazil are witnessing rapid industrialization and urbanization, resulting in a higher demand for electricity. As these nations continue to expand their power generation capacities, the need for reliable MRO services to maintain their steam turbine fleets will become increasingly critical.

WILMINGTON, Del., March 4, 2025 /PRNewswire/ -- Allied Market Research published a report, titled, "Steam Turbine MRO Market by Service Type (Maintenance, Repair, and Overhaul), Service Provider (Original Equipment Manufacturers, Independent Service Providers, and In-House), Fuel Type (Coal, Natural Gas, and Nuclear), Capacity (Less than 300 MW, 300 MW to 599 MW, and 600 MW and Above), and End-Use Industry (Power Generation, Oil and Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "steam turbine MRO market" was valued at $22.6 billion in 2023, and is estimated to reach $37.4 billion by 2033, growing at a CAGR of 5.2% from 2024 to 2033.

Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A15867

Prime determinants of growth

An increase in power demand and the presence of aging infrastructure have led to a surge in the demand for steam turbine maintenance and repair options which drive the growth of the global steam turbine MRO market. However, the high cost and market saturation restricts the market growth. Moreover, a surge in demand for retrofit and upgrade services presents new opportunities in the coming years.

Report coverage & details:

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size in 2022

$22.6 billion

Market Size in 2032

$37.4 billion

CAGR

5.20 %

No. of Pages in Report

352

Segments covered

Service type, Service Provider, Fuel Type, Capacity, End-Use Industry, and Region.

Drivers

Aging infrastructure

Increase in power demand

Government regulations

Opportunities

Rise in demand in emerging market

Surge in the demand for retrofit and upgrade services

Restraints

High cost and market saturation

Shift toward renewable energy

The maintenance to maintain its leadership status throughout the forecast period.

By service type, the maintenance segment held the highest market share in 2023, accounting for nearly half of the global steam turbine MRO market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the repair segment is projected to manifest a CAGR of 5.6% from 2024 to 2033, owing to the increase in the adoption of advanced repair techniques and technologies. This includes the use of laser cladding, 3D printing, and advanced welding techniques to repair damaged components and extend the lifespan of steam turbines. These technologies offer improved efficiency, reduced downtime, and enhanced performance, driving the growth of the repair segment.

Procure Complete Report (352 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/steam-turbine-mro-market

The original equipment manufacturer segment to maintain its leadership status throughout the forecast period.

By service provider, the original equipment manufacturer segment held the highest market share in 2023, accounting for nearly three-fifths of the global steam turbine MRO market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the in-house segment is projected to manifest a CAGR of 5.7% from 2024 to 2033, owing to the increase in management and maintenance of steam turbines that are handled internally, using teams, workshops, and other resources.

The coal segment to maintain its leadership status throughout the forecast period.

By fuel type, the coal segment held the highest market share in 2023, accounting for more than three-fifths of the global steam turbine MRO market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the nuclear segment is projected to manifest a CAGR of 5.5% from 2024 to 2033, owing to the increase in demand for nuclear power generation, which is driven by its low-carbon footprint and baseload stability.

The 300 MW to 599 MW segment to maintain its leadership status throughout the forecast period.

By capacity, the 300 MW to 599 MW segment held the highest market share in 2023, accounting for more than two-fifths of the global steam turbine MRO market, and is estimated to maintain its leadership status throughout the forecast period. Retrofitting and upgrades are prominent trends as aging turbines in this range require improvements in efficiency and emissions compliance. Digitalization and data analytics are gaining traction, enabling proactive maintenance and optimized performance. However, the 600 MW and above segment is projected to manifest the highest CAGR of 5.6% from 2024 to 2033. The 600 MW and above capacity segment of the Steam Turbine MRO market has a notable trend focused on improving the efficiency of steam turbines in this segment, driven by the need for optimized power plant operations and reduced emissions.

For Purchase Inquiry: https://www.alliedmarketresearch.com/steam-turbine-mro-market/purchase-options

The power generation segment to maintain its lead position during the forecast period.

By end-use industry, the power generation segment accounted for the largest share in 2023, contributing to more than two-fifths of the global steam turbine MRO market revenue, and is projected to maintain its lead position during the forecast period. The growth factors for the steam turbine MRO market in the power end-use industry include the aging infrastructure of power plants, stringent regulations on emissions & energy efficiency, and the adoption of advanced MRO technologies for condition monitoring and predictive maintenance. However, the oil & gas segment is expected to portray the largest CAGR of 5.8% from 2024 to 2033. The growth opportunities in the oil and gas segment of the steam turbine MRO market arise from the expansion and modernization of oil and gas infrastructure, particularly in emerging markets. This includes the development of new refineries, LNG (liquefied natural gas) plants, and offshore exploration and production facilities that require reliable steam turbine systems. Retrofit and upgrade projects aimed at improving the efficiency and output of existing facilities also contribute to the demand for steam turbine MRO services in this industry.

Asia-Pacific to maintain its dominance by 2032.

By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for nearly half of the global steam turbine MRO market revenue, and is likely to dominate the market during the forecast period. The government initiatives in Asia-Pacific towards the construction of coal-based and nuclear power plants to generate power have created a demand for steam turbines which has a positive impact on the steam turbine MRO market. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 5.6% from 2024 to 2033. The region is characterized by a high demand for energy, rapid urbanization, and the presence of most of the developing countries. These factors, among others, are driving the construction of steam power generation which led to the demand for the steam turbine MRO industry in the Asia-Pacific.

Leading Market Players: -

  • First Solar, Inc.
  • Ansaldo Energia
  • Elliott Group
  • General Electric
  • Hyundai Heavy Industries Co., Ltd
  • Kessels
  • Mitsubishi Power
  • Shanghai Electric
  • Siemens AG
  • Stork
  • Sulzer Ltd

The report provides a detailed analysis of these key players in the global steam turbine MRO market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
Follow Us on: Facebook | LinkedIn | YouTube 

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

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