Steam Turbine Service Market Analysis

Service (Maintenance, Repair, and Overhaul)

Maintenance segment is predicted to hold steam turbine service market share of more than 37.5% by 2037. The segment’s growth is attributed to rising demands for services to ensure the longevity of steam turbines in power plants. For instance, in February 2024, Doosan Škoda Power signed a contract to supply a steam turbine for a waste-to-energy power plant in the U.S. Regular maintenance of steam turbines minimizes the risk of unexpected failures and helps operators reduce costly downtimes. With advancements in predictive maintenance, service providers can use remote monitoring to detect potential issues before they escalate, boosting the efficacy of maintenance work.

The repair segment of the global steam turbine services sector is poised to register profitable market growth during the forecast period. The segment’s growth is owed to rising demands for steam turbine repair services as operators focus on cost-efficiency by choosing repair over replacement. Additionally, the segment is poised to find opportunities in aging power infrastructure globally, requiring repair services. Businesses are leveraging opportunities in the segment by expanding their services portfolio for steam turbines. For instance, in October 2024, Power Services Group (PSG) announced the expansion of the Gainesville, Georgia Campus to include a steam turbine repair center of excellence.

Design (Reaction, Impulse)

By design, the reaction segment of the steam turbine service market is poised to increase its revenue share by the end of the forecast period. The segment’s growth is attributed to smooth energy transfers and high efficiency at variable loads benefiting the adoption of reaction turbines. Additionally, reaction turbines are in demand from large-scale power plants, where stable energy output is essential. Regions with fluctuating energy demands drive demand for reaction turbines owing to their lower operating costs. For instance, in October 2020, GE announced the supply of reaction steam turbines for a new waste-to-energy plant in Australia.

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

Service	Maintenance Repair Overhaul Others
Design	Reaction Impulse
Capacity	≤ 3 MW > 3 MW - 100 MW > 100 MW
End use	Industrial Utility
Service Provider	OEM Non-OEM

Frequently Asked Questions (FAQ)

The global steam turbine service sector was valued at USD 19.7 billion in 2024 and is projected to expand at a profitable CAGR of 6.5% during the forecast period, i.e., 2025-2037.

The global steam turbine service sector registered a profitable valuation of USD 19.7 billion in 2024 and is poised to reach USD 44.6 billion by 2037 expanding at a CAGR of 6.5% during the forecast period, i.e., 2025-2037.

The major players in the market are GE Vernova, Siemens AG, Doosan Škoda, Ethos Energy, Toshiba Energy, Mitsubishi Heavy Industries, Shanghai Electric Group Co., Ltd., Triveni Turbines, Kessels, Söderqvist Engineering, Mitsubishi Heavy Industries, and others.

The maintenance segment of the global steam turbine service sector is poised to register the largest revenue share of 37.5% during the forecast period. The segment’s growth is owed to rising demands for steam turbine maintenance services to boost turbine longevity.

Asia Pacific registered the largest revenue share of 75.2% in the global steam turbine service sector. The region’s rapid growth curve is attributed to rising energy demands leading to an increase in output in power plants.

Steam Turbine Service Market Analysis