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
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.
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.
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:
Our in-depth analysis of the global steam turbine MRO market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are growing potential of thermal energy in emerging nations, and rapid industrialization and urbanization.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
High maintenance and repairing costs of steam turbines is estimated to hamper the market growth.
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.
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.
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.
The market is segmented by plant fuel, capacity, service provider, and by region.
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.
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