Steam Turbine MRO Market Size & Share, by Plant Fuel (Coal, Natural Gas, Nuclear); Capacity (Less than 300 MW, 300 MW to 599 MW, 600 MW, Above); Service Provider (Original Equipment Manufacturers, Independent Service Providers, In-House) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3326
  • Published Date: Apr 28, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Steam Turbine MRO Market size is poised to surpass USD 31 billion by the end of 2035, growing at a CAGR of 3% during the forecast period, i.e., 2023-2035. In the year 2022, industry size of steam turbine MRO was over USD 22 billion. The growth of the market can be attributed to the increasing thermal plant constructions across the world. Also, the replacement or repair of old and aging thermal plants is estimated to propel market growth. The rising need for thermal energy in many nations around the world is expected to hike the market growth during the forecast period. The generated electricity from geothermal plants is estimated to raise from 15 billion kWh in 2021 to 45 billion kWh by 2050.

Additionally, rising internal issues, repairs, and maintenance need for steam turbine plants all around the world is estimated to propel the market growth. The increasing regulations on greenhouse gas emissions are estimated to rise the steam turbine plants which are expected to rise the opportunities for market growth. The rising dependency on coal-fired plants for energy to promote renewable resources is estimated to hike market growth. As per estimations in 2020, more than 30% of electricity across the world was generated from coal sources with 8700 TWh.


Steam Turbine MRO Market
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Steam Turbine MRO Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Demand for Power with Rising Power Consumption –

The rising population across the world is propelling the need for power generation which increases the demand for steam plants. The increasing use of power by many households and other electronic appliances in and out of the homes by many people is driving the power consumption rate around the world. The demand for electricity across the world increase by ~2% every year and is estimated to rise by 50% by the end of 2050.

  • Rising Number of Chemical Industries owing to Industrialization across the World – The growth of the chemical industry in India was estimated to reach USD 300 billion by the end of 2025 with a growth rate of over 10%.
  • Growing Expansion of the Biomass Sector with a Rise in Demand for Renewable Sources – The market value of biomass power generation across the world was anticipated to reach USD 47000 million as of 2022 stats.
  • Increasing Government Policies to Promote Carbon-Free Green Energy – As per research, the Indian government planned to reach a target of 175 GW worth of renewable energy at the end of 2022 and is estimated to spread out up to 500 GW by the end of 2030.
  • Power Outrages and Frequent Load Limits are Increasing the Demand for Steam Turbines – The U.S. electricity consumers reported 20 minutes more power outrage in 2022 increasing from 2017.

Challenges

  • Stringent Regulations and Strict Rules for Climate Concerns
  • Dearth in Labor Availability and Shut Down of the Manufacturing Industries
  • Increasing the Use of Solar Energy for the Generation of Power – The high investment in solar energy owing to the increasing adoption of natural energy sources is estimated to hamper the market growth. The rising installations of solar power plants in many residential and commercial buildings are hindering market growth in the coming years.

Steam Turbine MRO Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~3%

Base Year Market Size (2022)

~ USD 22 Billion

Forecast Year Market Size (2035)

~ USD 31 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Steam Turbine MRO Segmentation

Plant Fuel (Coal, Natural Gas, Nuclear)

The global steam turbine MRO market is segmented and analyzed for demand and supply by plant fuel into coal, natural gas, and nuclear. Out of the three types, the natural gas segment is estimated to gain the largest market share of about ~38% in the year 2035. The growth of the segment can be attributed to the rising adoption of sustainable energy production. The increasing concern about greenhouse emissions across the world is expected to fuel market growth in the coming years. Also, the escalating use of natural gas for power generation is fueling the growth of the market. The applications of natural gas turbines for water heating in industries are propelling the market segment growth. The rising oil and gas industry is estimated to increase the use of small steam turbines fueling the market growth. The worldwide oil and gas industry was estimated to increase from USD 7000 billion in 2022 to USD 7300 billion in 2023 as per the reports.

Service Provider (Original Equipment Manufacturers, Independent Service Providers, In-House)

The market is also segmented and analyzed for demand and supply by the service provider into original equipment manufacturers, independent service providers, and in-house. Amongst these three segments, the original equipment manufacturers segment is expected to garner a significant share of around ~46% in the year 2035. The growth of the market segment is attributed to the long-term agreements made with original equipment manufacturers (OEMs) and power producers. The high knowledge of the OEMs as they develop the equipment part by part is estimated to hike the market segment growth. The OEMs have more concentration on business-to-business sales rather than other general public is expected to propel the market segment growth. The quick response and less time to identify and repair any damage are also anticipated to hike the growth of the market segment. The availability and use of original parts for a good value are projected to have a positive impact on the market segment growth.

Our in-depth analysis of the global market includes the following segments:

        By Plant Fuel

  • Coal
  • Natural Gas
  • Nuclear

        By Capacity

  • Less than 300 MW
  • 300 MW to 599 MW
  • 600 MW and Above

        By Service Provider

  • Original Equipment Manufacturers
  • Independent Service Providers
  • In-House

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Steam Turbine MRO- Regional Synopsis

North American Market Forecast

The market share of steam turbine MRO in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~33% by the end of 2035. The growth of the market can be attributed majorly to the growing number of steam turbines across the region. The growing applications in combined heat and power systems are also estimated to propel the market growth. The increasing use of steam turbines is attributed to the fact that the by-product of steam turbines generates electricity which increases the efficiency and benefits high electricity consumption of the region thereby it is estimated to propel the market growth during the forecast period. The worldwide steam turbine sector was worth more than USD 16 billion in 2021 and is expected to increase to USD 17 billion in 2022. The increasing preference for renewable energy sources across the region with rising government policies to reduce carbon footprint is estimated to hike the market growth in the coming years. The increasing structural deterioration of steam turbines with high-strain cycles owing to long working hours is estimated to drive the market growth of steam turbine MRO. The occurrence of corrosion caused by the mechanical load during the service period owing to environmental changes is also estimated to fuel the growth of the market.

APAC Market Statistics

The Asia Pacific steam turbine MRO market is estimated to be the second largest, registering a share of about ~26% by the end of 2035. The growth of the market can be attributed majorly to the increasing presence of thermal coal plants across the region. Also, the loosening of bearings and blockage of nozzles over some time is driving the market growth in the coming years as per the market analysis. The rising adoption of combined cycle natural gas plants for energy sources in the region is anticipated to promote market growth in the coming years. Further, the preference for renewable sources of energy production among people and the government to develop a clean future for the upcoming generations of the region is also expected to have a huge positive impact on the growth of the market. The shift from coal plants to steam plants to decrease the release of carbon gas emissions in the region is estimated to hike the market growth during the forecast period.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the rising upgradation of systems to enhance power energy capacity and the performance of turbines in the region is estimated to have a positive impact on market growth. Other growth opportunities of the market in the region are estimated to be exposed to high-pressure environments and higher temperatures. The research and development to invent new technological projects to reduce investment costs are also driving the market growth. Wear and tear damages caused due to corrosion and aging of the steam turbines are estimated to propel the market growth during the forecast period. Breakage of shafts and blades owing to rapid rotations in conditions of high workload is estimated to cease the working of steam turbines which rises the demand for market growth. The increasing applications of steam turbines in wind power and hydropower stations to generate electricity in the region are anticipated to hike the market growth.

Research Nester
Steam Turbine MRO Market Size
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Companies Dominating the Global Steam Turbine MRO Landscape

top-features-companies
    • GENERAL ELECTRIC COMPANY
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • HYUNDAI HEAVY INDUSTRIES TURBOMACHINERY Co., Ltd.
    • Mitsubishi Power, Ltd.
    • Ansaldo Energia S.p.A.
    • Elliott Group
    • Kessels
    • Shanghai Electric
    • Stork Technical Services Holding B.V.
    • Sulzer Ltd
    • Siemens AG

In-the-news

In The News

  • GENERAL ELECTRIC COMPANY signed a contract with BHEL worth USD 165 million to supply three nuclear steam turbines.  Out of six units of NPCIL’s domestic nuclear program-phase 1 only three of the units are equipped with nuclear turbines where 1 to 4 units were developed at Gorakhpur, Haryana, and the remaining 5 and 6 units at Kaiga, Karnataka of India.
  •  Ansaldo Energia S.p.A. the Italian power engineering magnate, signed a contract worth around USD 64 million with the Polish chemical company Synthos to install a new gas turbine to satisfy all different needs of customers, from producing electricity to generating heat for local district heating.  

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3326
  • Published Date: Apr 28, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major growth drivers for the market are the growing potential of thermal energy in emerging nations, and rapid industrialization and urbanization.

The market size of steam turbine MRO is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2023 – 2035.

High maintenance and repair costs of steam turbines are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are GENERAL ELECTRIC COMPANY, HYUNDAI HEAVY INDUSTRIES TURBOMACHINERY Co., Ltd., Mitsubishi Power, Ltd., Ansaldo Energia S.p.A., Elliott Group, others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by plant fuel, capacity, service provider, and by region.
Steam Turbine MRO Market Report Scope
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