Steam Turbine MRO Market to Grow with a CAGR of 5.19% through 2028
Rising power demand and technological advancements are
likely to drive the market in the forecast period.
According to TechSci Research report, “Steam
Turbine MRO Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Steam Turbine MRO Market
stood at USD 19.08 billion in 2022 and is anticipated to grow with a CAGR of 5.19%
in the forecast period. A prominent driver of the global Steam Turbine
Maintenance, Repair, and Overhaul (MRO) market is the aging infrastructure of
steam turbines worldwide. Many of these turbines have been in operation for
several decades and are now facing various operational challenges due to wear
and tear. In response, industries are increasingly investing in comprehensive
MRO services to extend the operational life of these turbines and enhance their
overall performance. Retrofitting initiatives are another crucial aspect of
this driver. These initiatives involve the incorporation of modern technologies
and components into older turbines to improve their efficiency, reduce
emissions, and align them with current environmental standards. As industries
strive to adapt to evolving energy needs and environmental regulations, the
demand for Steam Turbine MRO services remains robust. Retrofitting and
maintenance efforts are essential for ensuring that these ageing turbines
continue to meet energy demands efficiently and sustainably. Emerging
markets, particularly in regions such as Asia, are witnessing rapid
industrialization and urbanization. This economic growth drives an increasing
demand for electricity and power generation infrastructure. Steam turbines are
integral to meeting this growing energy demand. As a result, industries in
emerging markets are heavily investing in the construction and expansion of
power plants, many of which rely on steam turbines for electricity generation. The
growth of these industrial and energy sectors in emerging markets significantly
contributes to the Steam Turbine MRO market's expansion. To ensure the reliable
and efficient operation of these turbines, industries are increasingly seeking
maintenance, repair, and overhaul services. This trend underscores the importance
of Steam Turbine MRO services in supporting the development and sustainability
of energy infrastructure in these regions, making it a key driver in the global
market.
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The Global Steam Turbine MRO Market is segmented into service
type, service provider, fuel type, capacity, end user industry and region.
Based on fuel type, The Natural Gas segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. Natural gas is generally considered a cleaner-burning fuel compared to
coal and oil. It produces lower levels of greenhouse gas emissions, sulfur
dioxide, and particulate matter when burned. As global concerns about climate
change and air quality have intensified, there has been a growing shift toward
cleaner energy sources, including natural gas. This transition has led to the
expansion of natural gas-fired power plants, increasing the demand for Steam
Turbine MRO services in this sector.
Natural gas turbines are highly efficient, making them an attractive
choice for power generation. Combined-cycle power plants, which utilize both
gas and steam turbines, can achieve even higher levels of efficiency. Steam
turbines play a crucial role in converting waste heat from gas turbines into
additional electricity, further improving the overall efficiency of these power
plants. This efficiency has made natural gas a preferred option for many
utilities and industries. Natural gas power plants offer greater operational
flexibility compared to some other energy sources. They can quickly ramp up or
down in response to fluctuations in electricity demand, making them well-suited
for balancing the grid when integrating renewable energy sources like wind and
solar. This flexibility enhances the economic viability of natural gas plants
and encourages their deployment, driving the need for Steam Turbine MRO
services. Natural gas is widely available in many regions of the world, often
domestically sourced. This abundance and availability contribute to its
attractiveness as a fuel source. A reliable supply chain is essential for power
generation, and natural gas provides stability in this regard.
Based on end user industry, The power generation
segment had the largest market share in 2022 and is projected to experience
rapid growth during the forecast period. The power generation sector is
fundamentally linked to the production and distribution of electricity, a
critical and indispensable commodity in modern society. Steam turbines are
integral components of various types of power plants, including coal, natural
gas, nuclear, and renewable energy facilities. These turbines play a central
role in converting thermal energy into electricity, making them vital for
meeting the ever-growing global demand for electrical power. Many power plants
worldwide have aging steam turbine infrastructure, with turbines that have been
in operation for decades. As these turbines age, they require increasingly
frequent maintenance and occasional overhauls to ensure their continued and
reliable operation. The need to maintain and extend the lifespan of these
assets drives the demand for Steam Turbine MRO services. While the global
energy landscape is evolving towards cleaner and more sustainable sources of
power, traditional power generation remains a significant component. As
countries transition to cleaner energy sources, they often continue to operate
and maintain existing power plants, many of which rely on steam turbines. The
MRO market is essential in helping these facilities reduce emissions and
enhance efficiency while maintaining power generation capacity. Steam turbines
are highly complex machines with intricate components that require specialized
knowledge and skills for maintenance, repair, and overhaul. Ensuring the
reliable operation of these turbines demands the expertise of trained
professionals who can identify and address issues, optimize performance, and
adhere to stringent safety standards. The power generation industry relies on
experienced MRO providers to deliver these critical services. Governments and
regulatory bodies impose stringent standards and environmental regulations on
power plants to ensure safety and environmental responsibility. Compliance with
these standards often necessitates regular maintenance and adherence to
specific maintenance schedules, making Steam Turbine MRO services a requirement
for power generation facilities.
Major companies operating in the Global Steam
Turbine MRO Market are:
- Siemens
Energy AG
- General
Electric Company
- Mitsubishi
Power, Ltd.
- Ansaldo
Energia S.p.A.
- Toshiba
Energy Systems & Solutions Corporation
- Doosan
Heavy Industries & Construction Co. Ltd.
- Alstom
Power
- Hitachi
Ltd.
- Sulzer
Ltd.
- Elliott
Group
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“The Global Steam Turbine MRO market is expected to
rise in the upcoming years and register a significant CAGR during the forecast
period. A
significant portion of the world's steam turbine fleet is aging, requiring
regular maintenance and repairs to ensure optimal performance and reliability. The
growing demand for electricity is driving the construction of new power plants,
which is increasing the demand for steam turbine MRO services. Additionally, New
technologies are emerging to improve the efficiency and reliability of steam turbines,
which is creating new opportunities for the MRO market. Also, Governments
around the world are implementing stricter regulations to reduce emissions and
improve the efficiency of power plants. This is driving the demand for steam
turbine MRO services that can help power plants comply with regulations. Therefore, the
market of Steam Turbine MRO is expected to boost in the upcoming years.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Steam Turbine MRO Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented 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), By
Region, By Competition”, has evaluated the future growth potential of Global
Steam Turbine MRO Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Steam
Turbine MRO Market.
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