Steam Turbine MRO Market Size

Steam Turbine MRO Market size was valued at USD 22.7 Billion in 2023 and is anticipated to reach USD 34.19 Billion by 2036, expanding at around 3.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of steam turbine mro is assessed at USD 23.4 Billion. The growth of the market can be attributed to the increasing thermal plant constructions across the world. Also, the replacement or repair of old and aging thermal plants is estimated to propel market growth. The rising need for thermal energy in many nations around the world is expected to hike the market growth during the forecast period. The generated electricity from geothermal plants is estimated to raise from 15 billion kWh in 2021 to 45 billion kWh by 2050.

Additionally, rising internal issues, repairs, and maintenance need for steam turbine plants all around the world is estimated to propel the market growth. The increasing regulations on greenhouse gas emissions are estimated to rise the steam turbine plants which are expected to rise the opportunities for market growth. The rising dependency on coal-fired plants for energy to promote renewable resources is estimated to hike market growth. As per estimations in 2020, more than 30% of electricity across the world was generated from coal sources with 8700 TWh.