Steam Turbine Service Market Trends

  • Report ID: 6695
  • Published Date: Nov 15, 2024
  • Report Format: PDF, PPT

Steam Turbine Service Market Trends

Growth Drivers

  • Industrial expansion in emerging markets: Rapid industrialization in emerging markets such as India, Brazil, and Indonesia drives energy consumption. Numerous industries rely on stream turbines for refining and chemical production. To avoid downtimes that can prove to be costly, industries invest in steam turbine services. For instance, in December 2024, WEG completed the repair of a 35 MW steam turbine. As governments in emerging markets continue to push for industrial growth to support economic progress, the demand for steam engine turbine services is poised to increase, positioning the global steam turbine service market to continue its robust growth.
  • Rising demands for emission reductions and aging power generation infrastructure: The global steam turbine services sector is set to benefit from rising demands for emission reductions. Governments across the world are tightening regulatory guidelines to cut carbon emissions. For instance, in September 2022, the U.S. Department of Energy (DOE) announced USD 24 million to advance solar-thermal and industrial decarbonization technologies. The trends boost demands for steam turbine services to retrofit existing infrastructure. Additionally, the proliferation of solar energy is poised to lead to a surge in demand for steam turbine services. Steam turbines are of vital importance in solar thermal power plants to maintain operations.
  • Adoption of digital maintenance solutions: The advent of digitalization is positioned to benefit the global steam turbine service market. Operators are investing in digital tools that can streamline maintenance through predictive analysis, reducing operation costs. Steam turbine service providers that can deliver digital maintenance solutions are poised to experience high demand. For instance, in March 2024, Ansaldo Energia announced attendance at the Steam Turbine and Generator User Group that will highlight new digital solutions for servicing and maintenance of steam turbines in cycling power plants. Additionally, the sector will benefit from a global push for Industry 4.0 that prioritizes data-driven decision-making.

Challenges

  • Supply chain disruptions and spare parts availability: The steam turbine services sector relies on a steady supply of high-quality spare parts and materials. These materials often have specialized suppliers and global events disrupting the supply chain can be detrimental to the sector’s growth. For instance, COVID-19 impacted the availability and cost of essential components leading to delays of service projects. Additionally, customized parts for aging turbines may not be readily available causing prolonged downtime in services.
  • Regulatory and environmental compliance: The steam turbine services sector can be affected by increasing pressure of environmental compliance. Steam turbine operators have to invest in continuous upgrades to ensure compliance with environmental regulations and it can drive the cost of operations. Additionally, the market can face challenges due to variations in regulations across various regions that prove to be a challenge for service providers in providing standardized offerings.

Steam Turbine Service Market: Key Insights

Base Year

2024

Forecast Year

2025-2037

CAGR

6.5%

Base Year Market Size (2024)

USD 19.7 billion

Forecast Year Market Size (2037)

USD 44.6 billion

Regional Scope

  • North America (U.S., and Canada) 
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia-Pacific) 
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) 
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America) 
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa) 
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Author Credits:  Dhruv Bhatia


  • Report ID: 6695
  • Published Date: Nov 15, 2024
  • Report Format: PDF, PPT

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.
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