On the basis of geographical analysis, the global steam turbine MRO market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to occupy the largest share and witness noteworthy growth over the forecast period on the back of increasing establishment of thermal power plants and growing fleet of ageing turbines in the region. Apart from these, rise in demand for energy in developing countries of the region, high amount of energy generated by coal-fired power plants and rise in the number of industrial operations are also predicted to boost APAC’s market growth in the future. Another report by the IEA stated that the total electricity consumption in the Southeast Asia will double by the end of 2040, with an annual growth rate of about 4%, which is twice as fast as the rest of the world. Moreover, the market in Europe is also expected to witness notable growth during the forecast period owing to the large number of upcoming nuclear projects in Russia and increasing number of gas-fired power plants in Germany.
The global steam turbine MRO market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global steam turbine MRO market includes the following segments:
By Plant Fuel
By Service Provider
December 2020: Ansaldo Energia, 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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major growth drivers for the market are growing potential of thermal energy in emerging nations, and rapid industrialization and urbanization.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Ans: High maintenance and repairing costs of steam turbines is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for the market growth owing to the increasing establishment of thermal power plants and growing fleet of ageing turbines in the region.
Ans: 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, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by plant fuel, capacity, service provider, and by region.
Ans: The coal segment is anticipated to hold largest market size in value and is estimated to grow at a steady CAGR over the forecast period and display significant growth opportunities.