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2023

Steam Turbine Mro Market

Steam Turbine MRO Market Size, Share, Competitive Landscape and Trend Analysis Report 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

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Author's: Marpu Vinod| Prakhar Jain | Eswara Prasad
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Steam Turbine MRO Market Research, 2032

The global steam turbine MRO market size was valued at $21.6 billion in 2022, and steam turbine MRO industry is projected to reach $35.7 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.

Steam Turbine MRO Market

The steam turbine MRO market represents a distinct economic segment within the broader power generation industry. It encompasses businesses and organizations involved in providing MRO services for steam turbines, including original equipment manufacturers (OEMs), independent service providers (ISPs), and in-house maintenance teams of power plant operators. The market includes the revenue generated from MRO activities such as maintenance contracts, spare parts sales, engineering services, and retrofit projects related to steam turbines.

The steam turbine MRO market is expected to experience significant growth due to the rise in global demand for electricity and the reliance on steam turbines for power generation. Regular inspections, preventive maintenance, and necessary repairs are crucial to mitigate the risk of equipment failure, improve efficiency, and extend the lifespan of steam turbines. Technological advancements and the introduction of new materials and methods in steam turbine design have led to more complex and sophisticated equipment, making MRO services essential.

In addition, stringent government regulations and standards regarding safety, emissions, and energy efficiency drive the need for regular inspections and maintenance of steam turbines. Challenges to the steam turbine MRO market include the cost associated with maintenance and repair activities and the availability of skilled technicians and engineers with expertise in steam turbine maintenance.

Efforts to train and develop a skilled workforce in steam turbine MRO are crucial to meet the surge in demand and ensure the quality and reliability of maintenance services.  According to the Central Electricity Authority India, power generation demand from thermal, hydro, and nuclear plants is expected to grow by 9.83% in 2025 in India. Total generation from thermal, hydro, and nuclear plants is expected to be around 1,874 BU in 2026-2027. As demand for power increases, the requirement for steam turbines is anticipated to escalate significantly, as they help in power generation. This factor is likely to contribute to the growth of the steam turbine industry. The growth in the steam turbine industry is expected to have a positive impact on the steam turbine MRO market.

Emerging Trends in the Steam Turbine MRO Market:

The steam turbine MRO (Maintenance, Repair, and Overhaul) market has witnessed several emerging trends that are shape its landscape and present new opportunities for industry players. These trends are driven by advancements in technology, change in customer expectations, and the need for improved efficiency & sustainability in steam turbine operations.

One of the prominent emerging trends is the adoption of digitalization and data analytics in steam turbine MRO. The integration of sensors, Internet of Things (IoT) devices, and advanced analytics enables real-time monitoring of turbine performance, predictive maintenance, and proactive identification of potential issues. This data-driven approach helps in optimizing maintenance schedules, reducing downtime, and improving overall turbine efficiency. Another significant trend is the shift toward condition-based maintenance (CBM). Rather than following fixed maintenance schedules, CBM leverages real-time data and condition monitoring to determine the optimal timing for maintenance activities. This trend allows for better resource allocation, reduces unnecessary maintenance, and maximizes the operational life of steam turbines.

Furthermore, there is a rise in focus on sustainability and environmental stewardship in the steam turbine MRO market. As governments and industries strive to reduce carbon emissions and increase energy efficiency, MRO providers have implemented green practices and offer eco-friendly solutions. This includes the use of advanced coatings & materials, energy-efficient components, and recycling & waste reduction initiatives.

In addition, the emergence of new business models, such as outcome-based contracts and performance guarantees, has gained traction in the steam turbine MRO market. These models align the interests of MRO service providers with the operational performance and reliability of steam turbines, offering customers increased value and peace of mind.

The steam turbine MRO market forecast is segmented into service type, service provider, fuel type, capacity, end-use industry, and region. By service type, the market is segregated into maintenance, repair, and overhaul. By service provider, the market is classified into original equipment manufacturers, independent service providers, and in-house. By fuel type, the market is divided into coal, natural gas, and nuclear. By capacity, the market is categorized into less than 300 MW, 300 MW to 599 MW, and 600 MW and above. In terms of the end-use industry, it is fragmented into power, oil & gas, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Steam Turbine MRO Market by Service Type

By service type, the maintenance segment is estimated to display the highest market share, in terms of revenue. The maintenance segment of the Steam turbine MRO market plays a crucial role in ensuring the continuous and efficient operation of steam turbines. Key market trends in the maintenance segment include a shift toward proactive and predictive maintenance strategies. This trend is driven by the adoption of advanced technologies such as condition monitoring, data analytics, and remote monitoring, which enable real-time monitoring of turbine health & performance and facilitate timely maintenance interventions.  

Steam Turbine MRO Market by Service Provider

By service providers, the original equipment manufacturers segment has market share about three-fifths of the global market in 2022. The OEM segment has experienced growth due to the rise in demand for new turbines, aftermarket services, and the adoption of digitalization in various power generation & end-use industries. These developments provide chances to improve turbine performance and set their products apart from the competition. OEMs spend money on R&D to improve the performance, effectiveness, and dependability of steam turbines, which have a positive impact on the steam turbine MRO market growth.

Steam Turbine MRO Market by Fuel Type

By fuel type, the coal segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.0% from 2023 to 2032. The coal fuel type segment within the steam turbine MRO market has its own set of key market trends, growth factors, and opportunities. Despite the increase in focus on renewable energy sources, coal-fired power plants continue to play a significant role in power generation, especially in countries with abundant coal reserves.

Steam Turbine MRO Market by Capacity

By capacity, the 300 MW to 599 MW segment has half of the global steam turbine MRO market share in 2022. The 300 MW to 599 MW capacity segment in the steam turbine MRO market is characterized by several key market trends, growth factors, and opportunities. Retrofitting and upgrades are prominent trends as aging turbines in this range require improvements in efficiency and emissions compliance. Digitalization and data analytics are gaining traction, enabling proactive maintenance and optimized performance.

Steam Turbine MRO Market by End-Use Industry

On the basis of the end-use industry, the power generation segment is anticipated to exhibit the highest market share till 2032. The power generation end-use industry segment plays a crucial role in driving the steam turbine MRO market. Key market trends in this segment include rise in demand for electricity worldwide, the surge in share of renewable energy in the power generation mix, and the need to optimize the performance & efficiency of existing power plants. 

Steam Turbine MRO Market by Region

Asia-Pacific garnered half of the market share in 2022, in terms of revenue, and is expected to grow at a CAGR of 5.6%. The Asia-Pacific steam turbine MRO market is experiencing key market trends and growth factors that present significant opportunities for industry players. The growing emphasis on renewable energy sources and the integration of steam turbines in clean energy generation, such as geothermal and biomass power plants. This trend opens avenues for MRO services in maintaining and upgrading steam turbines used in these emerging sectors.

Impact of Covid-19 on Global Steam Turbine MRO Market

The pandemic created opportunities in certain aspects of the steam turbine MRO market. As industries adjusted to remote work and digital solutions, there was an increased focus on digitalization and remote monitoring technologies for maintenance and condition monitoring. This shift toward remote and predictive maintenance is expected to potentially enhance the efficiency and effectiveness of MRO services.

Furthermore, as the world recovers from the pandemic, there is a surge in recognition of the importance of resilient and sustainable infrastructure. Governments and industries may invest in upgrading and modernizing existing steam turbines to improve their performance, efficiency, and environmental impact. This is projected to lead to increased demand for MRO services in the future.

Impact of Russia-Ukraine War on Global Steam Turbine MRO Market

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. Infrastructure damage, loss of skilled personnel, and limited access to spare parts and equipment have hindered the ability to carry out regular maintenance and repairs on steam turbines.

Moreover, the geopolitical tensions and uncertainties surrounding the war have deterred investments in the Ukrainian market, leading to a slowdown in MRO activities. On the other hand, neighboring countries and international players have seen increased demand for steam turbine MRO services as they seek alternatives to Ukrainian suppliers.

Competitive Landscape

The key players operating in the global steam turbine MRO market include Ansaldo Energia, Elliott Group, General Electric, Hyundai Heavy Industries Co Ltd., Kessels, Mitsubishi Power Ltd., Shanghai Electric, Siemens AG, Stork, and Sulzer hold significant share of the market. Among these, General Electric (GE) Co., Siemens AG, Mitsubishi Power Ltd., and Ansaldo Energia.

These players have adopted various strategies to gain a higher share or to retain leading positions in the market. The merger is the key strategy majorly adopted by companies to strengthen their foothold in the competitive market. For instance, Elliott Group announced the merger of Ebara International Corporation, which is based in Sparks, Nevada. Effective from April 1, 2020, the merged entity became one of the four business units within Elliott Group.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the steam turbine mro market analysis from 2022 to 2032 to identify the prevailing steam turbine mro market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the steam turbine mro market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global steam turbine mro market trends, key players, market segments, application areas, and market growth strategies.

Steam Turbine MRO Market Report Highlights

Aspects Details
Market Size By 2032
Market Size By 2032

USD 35.7 billion

Growth Rate
Growth Rate

CAGR of 5.2%

Forecast period
Forecast period

2022 - 2032

Report Pages
Report Pages

357

Steam Turbine MRO Market By Capacity
By Capacity
  • Less than 300 MW
  • 300 MW to 599 MW
  • 600 MW and Above
Steam Turbine MRO Market By End-Use Industry
By End-Use Industry
  • Power Generation
  • Oil and Gas
  • Others
Steam Turbine MRO Market By Service Type
By Service Type
  • Maintenance
  • Repair
  • Overhaul
Steam Turbine MRO Market By Service Provider
By Service Provider
  • Independent Service Providers
  • In-House
  • Original Equipment Manufacturers
Steam Turbine MRO Market By Fuel Type
By Fuel Type
  • Coal
  • Natural Gas
  • Nuclear
Steam Turbine MRO Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players
Key Market Players

Hyundai Heavy Industries Co., Ltd, General Electric, Elliott Group, Siemens AG, Stork, Mitsubishi Power, Sulzer, Kessels, Shanghai Electric, Ansaldo Energia

Analyst Review

According to the insights of CXO of leading companies, the steam turbine MRO market is seen as a highly promising sector with significant growth potential in the coming years. The surge in the supply-demand gap of electricity, rapid industrialization, and urbanization foster the need for reliable and efficient power generation solutions, which in turn increases the demand for steam turbines. In addition, the rise in demand for captive power systems further contributes to the market's expansion.

CXOs acknowledge the advantages associated with steam turbines, such as the steady decline in their costs, higher efficiency compared to reciprocating engines, and reduced fuel utilization. These advantages make steam turbines an attractive option for energy generation. Furthermore, ongoing developments in the market aim to enhance the efficiency of steam turbines, with efforts to expand efficiencies by up to 48%. Notably, collaborations between the U.S. Department of Energy and manufacturers are focused on manufacturing improved ultra-supercritical steam turbines capable of achieving efficiencies of 55-60% with the use of advanced materials, which is expected to have a positive impact on the market growth.

CXOs highlight the importance of research and development in the steam turbine MRO market, particularly in the area of materials. Ongoing advancements in steam valve technology are being pursued, and research aims to restore and enhance the efficiency of existing steam turbines through improved burning frameworks and boilers. Market players demonstrate a strong interest in waste heat recovery, biomass-fueled power, and combined heat & power (CHP) plants, further driving the demand for MRO services in the steam turbine sector.

 

Author Name(s) : Marpu Vinod| Prakhar Jain | Eswara Prasad
Frequently Asked Questions?

Aging infrastructure and increasing power demand are the key factors boosting the Steam turbine MRO market growth.

Oil and gas application is projected to increase the demand for Steam turbine MRO Market

Ansaldo Energia, Elliott Group, General Electric, Hyundai Heavy Industries Co Ltd., Kessels, Mitsubishi Power Ltd., Shanghai Electric, Siemens AG, Stork, and Sulzer hold significant share of the market. Among these, General Electric (GE) Co., Siemens AG, Mitsubishi Power Ltd., and Ansaldo Energia.

The market value of Steam turbine MRO in 2032 is expected to be $35.7 billion

The steam turbine MRO market is segmented into service type, service provider, fuel type, capacity, end-use industry, and region. By service type, the market is segregated into maintenance, repair, and overhaul. By service provider, the market is classified into original equipment manufacturers, independent service providers, and in-house. By fuel type, the market is divided into coal, natural gas, and nuclear. By capacity, the market is categorized into less than 300 MW, 300 MW to 599 MW, and 600 MW and above. In terms of end-use industry, it is fragmented into power, oil & gas, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Surge in the demand for retrofit and upgrade services is the Main Driver of Steam turbine MRO Market.

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Steam Turbine Mro Market

Global Opportunity Analysis and Industry Forecast, 2023-2032