Steam Turbine MRO Market Analysis

Plant Fuel (Coal, Natural Gas, Nuclear)

The global steam turbine MRO market is segmented and analyzed for demand and supply by plant fuel into coal, natural gas, and nuclear. Out of the three types, the natural gas segment is estimated to gain the largest market share of about 38% in the year 2037. The growth of the segment can be attributed to the rising adoption of sustainable energy production. The increasing concern about greenhouse emissions across the world is expected to fuel market growth in the coming years. Also, the escalating use of natural gas for power generation is fueling the growth of the market. The applications of natural gas turbines for water heating in industries are propelling the market segment growth. The rising oil and gas industry is estimated to increase the use of small steam turbines fueling the market growth. The worldwide oil and gas industry was estimated to increase from USD 7000 billion in 2022 to USD 7300 billion in 2023 as per the reports.

Service Provider (Original Equipment Manufacturers, Independent Service Providers, In-House)

The market is also segmented and analyzed for demand and supply by the service provider into original equipment manufacturers, independent service providers, and in-house. Amongst these three segments, the original equipment manufacturers segment is expected to garner a significant share of around 46% in the year 2037. The growth of the market segment is attributed to the long-term agreements made with original equipment manufacturers (OEMs) and power producers. The high knowledge of the OEMs as they develop the equipment part by part is estimated to hike the market segment growth. The OEMs have more concentration on business-to-business sales rather than other general public is expected to propel the market segment growth. The quick response and less time to identify and repair any damage are also anticipated to hike the growth of the market segment. The availability and use of original parts for a good value are projected to have a positive impact on the market segment growth.

Our in-depth analysis of the global market includes the following segments: