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Steam Turbine Service Market Trends

Report ID: GMI8976
Published Date: Apr 2024
Report Format: PDF

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Steam Turbine Service Market Trends

Ongoing technological advancements comprising of internet of things and predictive analytics are shifting providers to adopt smart maintenance techniques, which in turn will drive the industry potential. Stringent norms to meet emission targets along with surging focus toward digital platforms and software solutions will fuel the business growth. Growing demand for retrofitting and upgrading existing steam turbines coupled with aging grid infrastructure will augment the industry landscape.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of steam turbine service was reached USD 18.5 billion in 2023 and is anticipated to grow at 5.9% CAGR up to 2032, driven by increasing focus towards improving the efficiency of existing turbines through upgrades and retrofits including advanced blade designs and control systems.

Impulse steam turbine service market is likely to grow at 6% CAGR up to 2032, owing to heightened awareness regarding environmental concerns and energy security along with the rising adoption of advanced auxiliary technologies.

The Asia Pacific steam turbine service market will exceed USD 24.5 billion by 2032, attributed to favorable governmental policies in emerging economies along with initiatives and funding aimed at infrastructure development.

EthosEnergy, Fincantieri, Fortum, General Electric, Goltens, MD&A Turbines, METALOCK ENGINEERING, Mitsubishi Power, Power Services Group, S.T. Cotter Turbine Services, Inc., Siemens Energy, Söderqvist Engineering and Steam Turbine Services among others.