Menu ×

ENERGY & POWER

Steam Turbine MRO Market Segmentation by Plant Fuel (Coal, Natural Gas, and Nuclear); by Capacity (Less than 300 MW, 300 MW to 599 MW, and 600 MW and Above); by Service Provider (Original Equipment Manufacturers, Independent Service Providers, and In-House) – Global Demand Analysis & Opportunity Outlook 2030

  • Text Size:

Extensive insights into the Growth of Steam Turbine MRO Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

Read More

IN THE NEWS

  • 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.  

Global Steam Turbine MRO Market Highlights 2022 – 2030

The global steam turbine MRO market is estimated to garner a sizeable revenue and grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing potential of thermal energy in emerging economies, and ageing fleet of steam turbines across the world. In addition, steam turbines are more powerful as compared to other electricity generation systems. In 2018, a total of almost 1,145 gigawatts of power was generated by thermoelectric plants in China, out of which Shandong alone generated a total power of about 103 gigawatts. This is another crucial factor expected to fuel the progress of the market in the forthcoming years. Furthermore, growing environmental concerns is giving rise to the higher demand for cleaner energy from steam turbines, which is also projected to drive the growth of the market. In addition, rising rate of industrialization and urbanization worldwide is also assessed to provide ample growth opportunities to the market in the near future. CLICK TO DOWNLOAD SAMPLE REPORT 

Global-Steam-Turbine-MRO-Market-Size-Overview

The market is segmented by service provider into original equipment manufacturers, independent service providers, and in-house, out of which, the original equipment manufacturers (OEMs) segment is anticipated to hold the largest share in the global steam turbine MRO market on account of the increasing number of long-term service agreements between power producers and OEMs. Along with this, OEM products are extremely beneficial in reducing costs and offer higher return on investment, which are also projected to drive the growth of the market segment by the end of 2030. Additionally, on the basis of plant fuel, the segment for coal is evaluated to gather the largest market share over the forecast period, which can be credited to the high usage of coal in steam power plants around the globe to convert enormous amounts of energy available in coal to energy. According to a report by the International Energy Agency (IEA), the total amount of coal fired power generation in the world increased up to more than 10,000 TWh in 2018.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Research-and-Development-Expenditure

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.

Global Steam Turbine MRO Market Regional Synopsis

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:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global steam turbine MRO 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

Growth Drivers

  • Growing Potential of Thermal Energy in Emerging Nations
  • Rapid Industrialization and Urbanization

Challenges

  • High Maintenance and Repairing Costs of Steam Turbines

Top Featured Companies Dominating the Market

  • 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

 

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions

Copyright © 2021 Research Nester. All Rights Reserved