(MENAFN- America News Hour) Research Nester published a report titled“Steam Turbine MRO Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global steam turbine MRO market in terms of market segmentation by plant fuel, capacity, service provider, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global steam turbine MRO market is estimated to occupy a large revenue by growing at a CAGR of ~6% during the forecast period, i.e., 2022 – 2030, owing to the escalating potential of thermal energy in emerging nations, and ageing fleet of steam turbines globally. Apart from these, rapid rate of urbanization and industrialization around the world is also expected to drive market growth in the coming years.
The global steam turbine MRO market is segmented by plant fuel, capacity and service provider. Based on plant fuel, the coal segment is anticipated to grab the largest market share during the forecast period on the back of high usage of coal in steam power plants for the conversion of energy to electricity. Additionally, based on service provider, the original equipment manufacturers segment is projected to garner the largest share over the forecast period ascribing to the growing number of long-term service agreements between OEMs and service providers.
Geographically, the market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific is evaluated to grab the largest share and witness noteworthy growth in the market during the forecast period attributing to the increasing number of thermal power plants and growing demand for energy in the region.
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High Potential of Thermal Energy in Emerging Economies to Boost Market Growth
Over the coming years, a surge in population growth is expected all around the world. The energy demand in the developing countries is estimated to rise by twice the amount in developed nations. This is projected to give rise to the amount of energy generated in thermal power plants in order to fulfil the growing requirement, which in turn is assessed to drive market growth in the future.
However, high cost of maintaining and repairing steam turbines is expected to operate as key restraint to the growth of the global steam turbine MRO market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global steam turbine MRO market which includes company profiling of GENERAL ELECTRIC COMPANY, HYUNDAI HEAVY INDUSTRIES TURBOMACHINERY Co., Ltd., Mitsubishi Power, Ltd., Ansaldo Energia S.p.A., Elliott Group, Kessels, Shanghai Electric, Stork Technical Services Holding B.V., Sulzer Ltd, Siemens AG, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global steam turbine MRO market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
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