Steam Turbine MRO Market to Reach $35.7 Billion, Globally, by 2032 at 5.2% CAGR: Allied Market Research
The global steam turbine MRO market is driven by factors such as aging infrastructure, increasing power demand, technological advancements, and government regulations.
Portland, OR, June 01, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Steam Turbine MRO Market by Service Type (Maintenance, Repair, Overhaul), by Service Provider (Original Equipment Manufacturers, Independent Service Providers, In-House), by Fuel Type (Coal, Natural Gas, Nuclear), by Capacity (Less than 300 MW, 300 MW to 599 MW, 600 MW and Above), by End-Use Industry (Power Generation, Oil and Gas, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the Steam turbine MRO industry generated $21.6 billion in 2022 and is anticipated to generate $35.7 billion by 2032, witnessing a CAGR of 5.2% from 2023 to 2032.
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Prime determinants of growth
The global steam turbine MRO market is driven by factors such as aging infrastructure, increasing power demand, technological advancements, and government regulations. However, the high cost and market saturation restricts the market growth. Moreover, a surge in demand for retrofit and upgrade services presents new opportunities in the coming years.
Report coverage & details:
|Market Size in 2022||$21.6 billion|
|Market Size in 2032||$35.7 billion|
|No. of Pages in Report||357|
|Segments Covered||Service type, Service Provider, Fuel Type, Capacity, End-Use Industry, and Region.|
Increasing power demand
|Opportunities||Rise in demand in emerging market
Surge in the demand for retrofit and upgrade services
|Restraints||High cost and market saturation
Shift toward renewable energy
- The outbreak of the Covid-19 pandemic had a negative impact on the global steam turbine MRO market, owing to the widespread disruptions to industries, supply chains, and economic activities, which in turn affected the demand for steam turbine spare parts and execution of MRO services.
- However, the pandemic also created new opportunities for the steam turbine MRO market. As industries adjusted to remote work and digital solutions, with an increased focus on digitalization and remote monitoring technologies for maintenance and condition monitoring.
- The Russia-Ukraine war had a significant impact on the steam turbine MRO (Maintenance, Repair, and Overhaul) market, particularly in Ukraine. The conflict has resulted in a disruption of the country’s industrial operations, including power generation and manufacturing, which heavily rely on steam turbines.
The maintenance to maintain its leadership status throughout the forecast period
Based on service type, the maintenance segment held the highest market share in 2022, accounting for more than two-fifths of the global steam turbine MRO market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the repair segment is projected to manifest a CAGR of 5.7% from 2023 to 2032, owing to the increase in the adoption of advanced repair techniques and technologies. This includes the use of laser cladding, 3D printing, and advanced welding techniques to repair damaged components and extend the lifespan of steam turbines. These technologies offer improved efficiency, reduced downtime, and enhanced performance, driving the growth of the repair segment.
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The original equipment manufacturer segment to maintain its leadership status throughout the forecast period
Based on service provider, the original equipment manufacturer segment held the highest market share in 2022, accounting for nearly three-fifths of the global steam turbine MRO market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the in-house segment is projected to manifest a CAGR of 5.9% from 2023 to 2032, owing to the increase in management and maintenance of steam turbines are handled internally, using teams, workshops, and other resources.
The coal segment to maintain its leadership status throughout the forecast period
Based on fuel type, the coal segment held the highest market share in 2022, accounting for more than three-fifths of the global steam turbine MRO market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the nuclear segment is projected to manifest a CAGR of 5.8% from 2023 to 2032, owing to the increase in demand for nuclear power generation, which is driven by its low-carbon footprint and baseload stability.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global steam turbine MRO market revenue, and is likely to dominate the market during the forecast period. The government initiatives in Asia-Pacific towards the construction of coal-based and nuclear power plants to generate power have created a demand for steam turbines which has a positive impact on the steam turbine MRO market. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 5.6% from 2022 to 2032. The region is characterized by a high demand for energy, rapid urbanization, and the presence of most of the developing countries. These factors, among others, are driving the construction of steam power generation which led to the demand for the steam turbine MRO industry in the Asia-Pacific.
Leading Market Players: –
- Ansaldo Energia
- Elliott Group
- General Electric
- Hyundai Heavy Industries Co., Ltd
- Mitsubishi Power
- Shanghai Electric
- Siemens AG
The report provides a detailed analysis of these key players in the global steam turbine MRO market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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