Steam turbine mro Global Market Report 2025

The steam turbine maintenance, repair, and overhaul (MRO) market size has grown strongly in recent years. It will grow from $20.34 billion in 2024 to $21.7 billion in 2025 at a compound annual growth rate (CAGR) of 6.7%. The growth during the historic period is attributed to the increasing adoption of predictive maintenance in power plants, rising demand for reliable electricity generation, growing refurbishment of aging power infrastructure, expansion of industrialization in emerging economies, and heightened focus on energy efficiency and performance optimization.

The steam turbine maintenance, repair, and overhaul (MRO) market size is expected to see strong growth in the next few years. It will grow to $27.72 billion in 2029 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rising investment in renewable energy integration, increasing need for life extension of existing turbines, growing adoption of digital monitoring and diagnostics, expansion of service contracts and long-term maintenance agreements, and higher demand for operational cost optimization. Key trends in the forecast period include advancements in turbine blade design and material technology, innovations in digital twins and AI-based monitoring systems, developments in remote maintenance and automation tools, research and development in high-efficiency turbine systems, and technological improvements in predictive analytics and condition-based maintenance.

The rising use of renewable energy may support growth in the steam turbine maintenance, repair, and overhaul market. Renewable energy is derived from sources such as sunlight, wind, water, and biomass for sustainable power generation. Global investments in clean power projects are increasing to reduce carbon emissions and reliance on fossil fuels. Steam turbine maintenance, repair, and overhaul ensures turbine efficiency and reliability, supporting stable power generation in hybrid and biomass plants. For instance, in March 2025, the Solar Energy Industries Association reported that the US solar industry installed nearly 50 gigawatts of solar capacity in 2024, marking a 21 percent increase over 2023 and the second consecutive year of record-breaking growth. Therefore, growing renewable energy adoption is supporting growth in the steam turbine maintenance, repair, and overhaul market.

Major companies in the steam turbine maintenance, repair, and overhaul market are developing advanced turbine performance enhancement solutions to improve operational efficiency, power output, and reliability while reducing maintenance costs and downtime. Advanced turbine performance enhancement involves modern technologies and design upgrades to increase turbine efficiency, output, and reliability. In April 2025, GE Vernova, Inc., a US-based electric services company, launched the AGP XPAND upgrade to boost turbine efficiency, increase power output, and extend maintenance intervals. The upgrade features improved turbine designs that enhance fuel efficiency, increase power output, and extend operational flexibility for 9E.03 gas turbines globally.

In January 2025, OEP Capital Advisors, L.P., a US-based private equity firm, acquired Ethos Energy Group Limited for an undisclosed sum. OEP Capital Advisors seeks to expand its portfolio in energy services and support Ethos Energy’s global growth in turbine maintenance and repair solutions. Ethos Energy Group is a US-based energy services company specializing in steam and gas turbine maintenance, repair, overhaul, and upgrades.

Major companies operating in the steam turbine mro market are GE Vernova Inc., Siemens Energy AG, Mitsubishi Power Ltd, Toshiba Energy Systems & Solutions Corporation, Howden Group Holdings Ltd., Doosan Enerbility Co Ltd, EthosEnergy Group Limited, Bharat Heavy Electricals Limited, Harbin Electric Co Ltd, Dongfang Electric Corporation Limited, Shanghai Electric Group Co Ltd, Sulzer Ltd, Kawasaki Heavy Industries Ltd, Hyundai Heavy Industries Co Ltd, Ansaldo Energia SpA, Fuji Electric Co Ltd, Everllence, Triveni Turbines Limited, Nanjing Turbine & Electrical Machinery Plant, Marmen Inc, Curtiss Wright Corporation, Doosan Skoda Power, Brush Turbogenerators, TGM Kanis Turbinen GmbH, and Kessels Steam Turbines Pvt Ltd.

North America was the largest region in the steam turbine maintenance, repair, and overhaul (MRO) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine maintenance, repair, and overhaul (MRO) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the steam turbine mro market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the utilities sector, particularly in power generation, grid infrastructure, and renewable energy projects. Higher duties on imported equipment such as turbines, transformers, solar panels, and battery storage systems have increased capital and operational costs for utility providers, forcing them to reconsider project timelines or pass on expenses to consumers through higher energy rates. The water and waste management segments are also affected, with tariffs driving up the cost of essential machinery, piping, and treatment technologies. Additionally, retaliatory tariffs have disrupted global supply chains for critical raw materials like rare earth metals used in clean energy technologies, further complicating the transition to sustainable energy sources. The sector must now prioritize domestic sourcing, digitalization, and efficiency-driven innovations to manage escalating costs while ensuring energy security and regulatory compliance.

The steam turbine mro market research report is one of a series of new reports that provides steam turbine mro market statistics, including steam turbine mro industry global market size, regional shares, competitors with a steam turbine mro market share, detailed steam turbine mro market segments, market trends and opportunities, and any further data you may need to thrive in the steam turbine mro industry. This steam turbine mro market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Steam turbine maintenance, repair, and overhaul refers to services aimed at ensuring the optimal performance, reliability, and longevity of steam turbines used in power generation and industrial applications. It includes inspection, component replacement, performance testing, and system upgrades. These services help minimize downtime, improve operational efficiency, and extend the service life of turbines while maintaining safety and regulatory compliance.

The main service types of steam turbine maintenance, repair, and overhaul are maintenance, repair, overhaul, and spare parts. Maintenance includes proactive activities to ensure reliable and efficient turbine operation, such as scheduled inspections, lubrication, cleaning, minor adjustments, and condition monitoring to prevent failures. Components covered include blades, bearings, seals, governors, and generators, available in large capacity (over 300 MW), medium capacity (50 MW to 300 MW), and small capacity (under 50 MW). These services cater to end-user industries such as power generation, oil and gas, industrial, marine, and others.

The steam turbine maintenance, repair, and overhaul (MRO) market includes revenues earned by entities through turbine inspection, rotor balancing, performance testing, refurbishment, alignment and calibration, and preventive maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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