Steam turbine mro Market Report 2026

The steam turbine mro market size has grown strongly in recent years. It will grow from $21.7 billion in 2025 to $23.11 billion in 2026 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to aging global steam turbine fleet, expansion of thermal power generation assets, rising need for operational reliability, increasing use of scheduled maintenance practices, availability of specialized turbine service providers.

The steam turbine mro market size is expected to see strong growth in the next few years. It will grow to $29.41 billion in 2030 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increasing focus on asset performance optimization, rising investments in digital mro solutions, growing demand for efficiency upgrades, expansion of industrial steam applications, increasing regulatory compliance requirements. Major trends in the forecast period include increasing adoption of predictive maintenance services, rising demand for life extension of aging turbines, growing use of digital monitoring and diagnostics, expansion of efficiency restoration programs, enhanced focus on planned overhaul services.

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, Triveni Turbines Limited, Nanjing Turbine & Electrical Machinery Plant, Marmen Inc, Curtiss Wright Corporation.

North America was the largest region in the steam turbine maintenance, repair, and overhaul (MRO) market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine mro market report are Asia-Pacific, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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