According to a new market report published by Lucintel, the future of the steam turbine MRO market looks promising with opportunities in the coal, gas fired, and nuclear energy based power generation market. The global steam turbine MRO market is expected to reach an estimated $33.8 billion by 2024 with a CAGR of 5.7% from 2019 to 2024. The major growth drivers for this market are increasing thermal power generation capacity in developing countries and aging fleet of steam turbines.
In this market, maintenance, repair, and overhaul services are offered by OEMs, Independent Service Providers (ISPs) as well as done by in-house maintenance department. MRO services provided by OEMs are expected to remain the largest segment and witness the highest growth during the forecast period due to long-term service agreements between OEMs and power producers.
Within the steam turbine MRO market, coal fired power plant is expected to remain the largest segment. Lucintel predicts that MRO services for nuclear energy based power plant are expected to witness the highest growth over the forecast period supported by its growing installation base.
Asia Pacific is expected to remain the largest region 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.
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 are among the major suppliers of steam turbine MRO.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global steam turbine MRO market by type of service, service provider, plant fuel, turbine capacity, and region and has come up with a comprehensive research report, “Growth Opportunities in the Global Steam Turbine MRO Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for growth opportunities in the global steam turbine MRO market by type of service, service provider, plant fuel, turbine capacity, and region as follows:
By Type of Service [Value ($ Billion) from 2013 to 2024]:
• Maintenance
• Repair
• Overhaul
By Type of Service Provider [Value ($ Billion) from 2013 to 2024]:
• Original Equipment Manufacturers
• Independent Service Providers
• In-House
By Plant Fuel [Value ($ Billion) from 2013 to 2024]:
• Coal
• Natural Gas
• Nuclear
By Capacity [Value ($ Billion) from 2013 to 2024]:
• Less than 300 MW
• 300 MW to 599 MW
• 600 MW and Above
By Region [Value ($ Billion) from 2013 to 2024]:
• North America
• Europe
• Asia Pacific
• Rest of the World
This 144-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/steam-turbine-mro-market.aspx#/ or [email protected]
About Lucintel
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

This report answers following 11 key questions:

Q. 1. What are some of the most promising, high-growth opportunities for steam turbine MRO market to 2023 by resin type (fluoropolymer, cyanate ester, cyclic olefin copolymer, m-PPE, polyimide, PET, and others), application (PCB, wire & cable, antenna, microelectronics, radome, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2.Which segment will grow at a faster pace and why?
Q. 3.Which region will grow at a faster pace and why?
Q.4.What are the key factors affecting market dynamics? What are the drivers and challenges, and business risks in this market?
Q.5.What are the business risks and competitive threats in this market?
Q.6.What are emerging trends in this market and reasons behind them?
Q.7.What are some of the changing demands of customers in the market?
Q.8.What are the new developments in the market and which companies are leading these developments?
Q.9.Who are the major players in this market? What strategic initiatives are being taken by key players for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?
Q. 11. What M & A activity has occurred in the last 5 years and what has its impact been on the industry?