Market Size of Steam Turbine MRO Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
