Steam Turbine MRO Market Share

North American Market Forecast

North America industry is expected to account for largest revenue share of 33% by 2037, The growth of the market can be attributed majorly to the growing number of steam turbines across the region. The growing applications in combined heat and power systems are also estimated to propel the market growth. The increasing use of steam turbines is attributed to the fact that the by-product of steam turbines generates electricity which increases the efficiency and benefits high electricity consumption of the region thereby it is estimated to propel the market growth during the forecast period. The worldwide steam turbine sector was worth more than USD 16 billion in 2021 and is expected to increase to USD 17 billion in 2022. The increasing preference for renewable energy sources across the region with rising government policies to reduce carbon footprint is estimated to hike the market growth in the coming years. The increasing structural deterioration of steam turbines with high-strain cycles owing to long working hours is estimated to drive the market growth of steam turbine MRO. The occurrence of corrosion caused by the mechanical load during the service period owing to environmental changes is also estimated to fuel the growth of the market.

APAC Market Statistics

The Asia Pacific steam turbine MRO market is estimated to be the second largest, registering a share of about 26% by the end of 2036. The growth of the market can be attributed majorly to the increasing presence of thermal coal plants across the region. Also, the loosening of bearings and blockage of nozzles over some time is driving the market growth in the coming years as per the market analysis. The rising adoption of combined cycle natural gas plants for energy sources in the region is anticipated to promote market growth in the coming years. Further, the preference for renewable sources of energy production among people and the government to develop a clean future for the upcoming generations of the region is also expected to have a huge positive impact on the growth of the market. The shift from coal plants to steam plants to decrease the release of carbon gas emissions in the region is estimated to hike the market growth during the forecast period.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the rising upgradation of systems to enhance power energy capacity and the performance of turbines in the region is estimated to have a positive impact on market growth. Other growth opportunities of the market in the region are estimated to be exposed to high-pressure environments and higher temperatures. The research and development to invent new technological projects to reduce investment costs are also driving the market growth. Wear and tear damages caused due to corrosion and aging of the steam turbines are estimated to propel the market growth during the forecast period. Breakage of shafts and blades owing to rapid rotations in conditions of high workload is estimated to cease the working of steam turbines which rises the demand for market growth. The increasing applications of steam turbines in wind power and hydropower stations to generate electricity in the region are anticipated to hike the market growth.