The global steam turbine MRO market is projected to reach $33.8 billion by 2025, at a CAGR of 5.7% during 2019-2024. The growth of steam turbine MRO market is driven by increasing thermal power generation capacity in developing countries and aging fleet of steam turbines.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the steam turbine MRO market by type of service (maintenance, repair, and overhaul), service provider (original equipment manufacturers, independent service providers, in-house), plant fuel (coal, natural gas, nuclear), capacity (less than 300 MW, 300 MW to 599 MW, 600 MW and above), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the steam turbine MRO market?
Q.4 What are some changing demands of customers in the steam turbine MRO market?
Q.5 What are the new developments in the steam turbine MRO market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this steam turbine MRO area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this steam turbine MRO market?
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Market Segmentation:
Based on service provider, the steam turbine MRO market is segmented into original equipment manufacturers, independent service providers, and in-house. The original equipment manufacturers segment is accounted for the largest share of the market in 2020 and is expected to register the highest CAGR during the forecast period due to long-term service agreements between OEMs and power producers.
Asia Pacific is expected to be the largest region over the forecast period and witness the highest growth over the forecast period due to increasing fleet of aging turbines and growth in the commissioning of thermal power plants in the region.
Key Players in the Steam turbine MRO market are GE, Siemens, Shanghai Electric, MHI, Harbin Electric, Dongfang Electric, and some of the ISPs such as Sulzer, Stork Turbo Services, and Wood Group and others.
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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
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Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: [email protected]
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