Steam Turbine MRO Market Trends

Growth Drivers

• Increasing Demand for Power with Rising Power Consumption –

The rising population across the world is propelling the need for power generation which increases the demand for steam plants. The increasing use of power by many households and other electronic appliances in and out of the homes by many people is driving the power consumption rate around the world. The demand for electricity across the world increase by 2% every year and is estimated to rise by 50% by the end of 2050.

• Rising Number of Chemical Industries owing to Industrialization across the World – The growth of the chemical industry in India was estimated to reach USD 300 billion by the end of 2025 with a growth rate of over 10%.
• Growing Expansion of the Biomass Sector with a Rise in Demand for Renewable Sources – The market value of biomass power generation across the world was anticipated to reach USD 47000 million as of 2022 stats.
• Increasing Government Policies to Promote Carbon-Free Green Energy – As per research, the Indian government planned to reach a target of 175 GW worth of renewable energy at the end of 2022 and is estimated to spread out up to 500 GW by the end of 2030.
• Power Outrages and Frequent Load Limits are Increasing the Demand for Steam Turbines – The U.S. electricity consumers reported 20 minutes more power outrage in 2022 increasing from 2017.

Challenges

• Stringent Regulations and Strict Rules for Climate Concerns
• Dearth in Labor Availability and Shut Down of the Manufacturing Industries
• Increasing the Use of Solar Energy for the Generation of Power – The high investment in solar energy owing to the increasing adoption of natural energy sources is estimated to hamper the market growth. The rising installations of solar power plants in many residential and commercial buildings are hindering market growth in the coming years.