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Steam Turbine MRO Market Size (2024 - 2029)

The steam turbine market for power generation is anticipated to experience growth, driven by the development of new natural gas combined-cycle and thermal coal plants. However, the increasing shift towards renewable energy sources may pose challenges to market expansion. Despite this, advancements in thermal plants utilizing thorium as a primary fuel could present substantial opportunities for steam turbine service providers, potentially revitalizing the thermal power sector. The Asia-Pacific region is projected to lead in market size, with significant demand originating from countries like China and India.

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Market Size of Steam Turbine MRO Industry

Steam Turbine MRO Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 6.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Steam Turbine MRO Market Major Players

*Disclaimer: Major Players sorted in no particular order

Steam Turbine MRO Market Analysis

The steam turbine market for power generation is expected to register a CAGR of above 6% during the forecast period.

  • Over the medium term, the market is expected to be driven by upcoming natural gas combined-cycle plants and thermal coal plants.
  • On the other hand, increasing adoption of renewable energy is expected to hinder market growth during the forecast period.
  • Nevertheless, a new thermal plant is under study that uses thorium as its primary fuel. The progress in this field can lead to a renaissance in thermal power plants as thorium creates much less waste, is cheaper, and is more abundant than uranium. This, in turn, is expected to create a significant opportunity for steam turbine service providers to tap into this market.
  • Asia-Pacific is expected to dominate the market, with most of the demand coming from countries such as China and India.

Steam Turbine MRO Industry Segmentation

A steam turbine is a machine that uses compressed steam to collect heat energy and turn a rotating shaft to do mechanical work.Steam turbines are spread all over the world and are also used to drive generators and generate electricity. On the steam turbine MRO market, maintenance, repair, and overhaul services are offered by the original equipment manufacturers, independent service providers (ISP), and internal maintenance departments.

The steam turbine MRO market is segmented by type of service, type of service provider, end user industry, and plant fuel. By type of service, the market is segmented into maintenance, repair, overhaul, and spare parts. By type of service provider, the market is segmented by original equipment manufacturers, independent service providers, and in-house. By end-user industry, the market is segmented by power, oil and gas, and others; and by capacity, the market is segmented by less than 300 MW, 300 MW to 599 MW, and 600 MW and above. The report also covers the market size and forecasts for the steam turbine MRO market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (value in USD billion).

Type of Service
Maintenance
Repair
Overhaul
Spare Parts
Type of Service Provider
Original Equipment Manufacturers
Independent Service Providers
In-House
End-User Industry
Power
Oil & Gas
Other End-User Industries
Plant Fuel
Coal
Natural Gas
Nuclear
Capacity
less than 300 MW
300 MW to 599 MW
600 MW and above
Geography
North America
United States of America
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle East & Africa
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Steam Turbine MRO Market Size Summary

The steam turbine maintenance, repair, and overhaul (MRO) market is poised for growth, driven by the increasing demand for power generation from natural gas combined-cycle plants and thermal coal plants. Despite the challenges posed by the rising adoption of renewable energy sources, the market is expected to benefit from innovations such as thorium-based thermal plants, which could revitalize the thermal power sector. This presents a significant opportunity for steam turbine service providers. The Asia-Pacific region, particularly China and India, is anticipated to dominate the market, fueled by the ongoing construction of thermal power plants and the need for regular maintenance services to ensure operational efficiency and longevity.

The market landscape is characterized by a moderate level of fragmentation, with key players like Siemens Energy AG, General Electric Company, and Mitsubishi Power Asia Pacific Pte. Ltd. leading the charge. The demand for steam turbine MRO services is further bolstered by long-term service agreements that encompass a wide range of maintenance activities, ensuring the reliable operation of power plants. As countries transition from coal-fired to natural gas-fired power plants, the need for regular maintenance of steam turbines becomes critical, supporting the market's expansion. The ongoing development of new power plants and the maintenance of existing ones are expected to sustain the growth of the steam turbine MRO market in the coming years.

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Steam Turbine MRO Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type of Service

      1. 2.1.1 Maintenance

      2. 2.1.2 Repair

      3. 2.1.3 Overhaul

      4. 2.1.4 Spare Parts

    2. 2.2 Type of Service Provider

      1. 2.2.1 Original Equipment Manufacturers

      2. 2.2.2 Independent Service Providers

      3. 2.2.3 In-House

    3. 2.3 End-User Industry

      1. 2.3.1 Power

      2. 2.3.2 Oil & Gas

      3. 2.3.3 Other End-User Industries

    4. 2.4 Plant Fuel

      1. 2.4.1 Coal

      2. 2.4.2 Natural Gas

      3. 2.4.3 Nuclear

    5. 2.5 Capacity

      1. 2.5.1 less than 300 MW

      2. 2.5.2 300 MW to 599 MW

      3. 2.5.3 600 MW and above

    6. 2.6 Geography

      1. 2.6.1 North America

        1. 2.6.1.1 United States of America

        2. 2.6.1.2 Canada

        3. 2.6.1.3 Rest of North America

      2. 2.6.2 Europe

        1. 2.6.2.1 Germany

        2. 2.6.2.2 United Kingdom

        3. 2.6.2.3 France

        4. 2.6.2.4 Italy

        5. 2.6.2.5 Rest of Europe

      3. 2.6.3 Asia-Pacific

        1. 2.6.3.1 China

        2. 2.6.3.2 India

        3. 2.6.3.3 Japan

        4. 2.6.3.4 Rest of Asia-Pacific

      4. 2.6.4 South America

        1. 2.6.4.1 Brazil

        2. 2.6.4.2 Argentina

        3. 2.6.4.3 Rest of South America

      5. 2.6.5 Middle-East and Africa

        1. 2.6.5.1 Saudi Arabia

        2. 2.6.5.2 United Arab Emirates

        3. 2.6.5.3 South Africa

        4. 2.6.5.4 Rest of Middle East & Africa

Steam Turbine MRO Market Size FAQs

The Steam Turbine MRO Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Siemens Energy AG, General Electric Company, Dongfang Turbine Company Limited, Bharat Heavy Electricals Limited and Mitsubishi Power Asia Pacific Pte. Ltd. are the major companies operating in the Steam Turbine MRO Market.

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Steam Turbine MRO Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)