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Steam Turbine Service Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034

Publisher Global Market Insights
Published Mar 19, 2025
Length 146 Pages
SKU # GMI19996917

Description

The Global Steam Turbine Service Market was valued at USD 19.4 billion in 2024 and is estimated to grow at a CAGR of 5% to reach USD 31.7 billion by 2034, driven by the rising demand for thermal power generation, the aging turbine fleet requiring upgrades, and increased focus on optimizing operational efficiency. Steam turbine service encompasses maintenance, repair, and overhaul (MRO) activities designed to enhance the lifecycle and performance of turbines across industries such as power generation, oil and gas, and industrial manufacturing. With a growing emphasis on reducing downtime and improving energy output, companies are increasingly investing in predictive maintenance, digital monitoring, and advanced repair solutions to ensure optimal turbine functionality.

Government initiatives promoting energy efficiency and stricter emission standards are further encouraging power producers and industrial operators to invest in the regular servicing of their steam turbines. Modernization of aging coal- and gas-based plants, along with the emergence of combined heat and power (CHP) projects, is fueling the demand for comprehensive service solutions. Service providers are also offering customized contracts, including long-term service agreements (LTSA) and performance-based contracts, to meet the evolving operational requirements of end-users.

The Steam Turbine Service Market is primarily segmented by capacity, with turbines rated >100 MW leading the market in 2024, generating USD 14.4 billion. Large-capacity turbines are predominantly used in utility-scale thermal power plants, nuclear facilities, and industrial cogeneration plants, where operational reliability and high efficiency are critical. The demand for servicing these high-capacity turbines is being propelled by the need for periodic refurbishment, parts replacement, and performance upgrades to extend operational life and maintain compliance with changing grid regulations and efficiency norms.

By design, the reaction steam turbine segment dominated the service market in 2024 with a valuation of USD 13.1 billion. Reaction turbines, known for their efficiency at handling high-pressure steam conditions, are widely deployed in large-scale thermal and nuclear power generation. The complex operating environments of reaction turbines necessitate frequent inspections, precision repairs, and advanced diagnostic services to prevent costly failures and sustain output levels. Service providers are increasingly leveraging technologies such as 3D scanning, remote monitoring, and additive manufacturing to deliver faster and more precise maintenance solutions for reaction turbine fleets globally.

In terms of service type, the repair segment held the largest market share in 2024, accounting for USD 8.2 billion. As many steam turbines are reaching or surpassing their design lifespans, demand for repair services — including blade refurbishment, rotor welding, casing restoration, and efficiency retrofits — is rising. Timely repairs not only prevent major breakdowns but also restore performance, optimize fuel consumption, and defer the capital expenditure associated with complete turbine replacements. Service providers are expanding their repair capabilities with mobile service units, in-situ repairs, and digital twin technologies to minimize downtime and improve customer service.

Asia Pacific led the global Steam Turbine Service Market in 2024, generating USD 9.6 billion, supported by its large installed base of thermal power plants and robust industrial activity. Countries like China, India, Japan, and South Korea are driving regional growth, as governments and utilities invest heavily in maintaining and upgrading existing turbine assets to meet surging electricity demand and sustainability goals. The push for grid stability, modernization of coal-fired power infrastructure, and rising investments in clean coal technologies are creating lucrative opportunities for service providers across the region. Additionally, the presence of major OEMs and third-party service providers offering competitive, localized services further strengthens Asia Pacific’s dominance in the market.

Leading companies such as Siemens Energy, General Electric (GE), Mitsubishi Power, EthosEnergy, and Sulzer Ltd. are reinforcing their market position through strategic service offerings, digitalization initiatives, and regional service center expansions. These players are increasingly focused on providing comprehensive service portfolios — encompassing field services, condition monitoring, upgrade solutions, and remote diagnostics — to cater to the evolving needs of utilities and industrial clients. Innovations such as AI-powered predictive maintenance platforms, modular repair techniques, and flexible service agreements are becoming pivotal for companies seeking to capitalize on the steady growth of the global Steam Turbine Service Market.

Table of Contents

146 Pages
Chapter 1 Research Methodology
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Market estimates & forecast parameters
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Exclusive Summary
2.1 Industry snapshot
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Capacity trends
2.1.4 Design trends
2.1.5 Service trends
2.1.6 End use trends
2.1.7 Service provider trends
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.2.1 ISO Standards
3.2.2 North America
3.2.2.1 U.S.
3.2.2.1.1 New Source Performance Standards (NSPS)
3.2.2.1.2 U.S. EPA CHP Partnership
3.2.2.1.3 American Recovery and Reinvestment Act
3.2.2.1.4 Energy Policy Act
3.2.3 Europe
3.2.3.1 European Union
3.2.3.1.1 Directive 2010/75/EU
3.2.3.2 UK
3.2.3.2.1 CHP Quality Assurance Programme (CHPQA)
3.2.3.3 Germany
3.2.3.3.1 Overview of CHP support in Germany
3.2.3.3.2 German CHP Act- KWKG 2016
3.2.3.3.3 Ambient Air Quality Legislations
3.2.4 Asia Pacific
3.2.4.1 India
3.2.4.1.1 The Environment (Protection) Amendment
3.2.4.1.2 Water Consumption
3.2.4.1.3 Emissions
3.2.4.2 China
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Effective measures to improve the performance of power plants
3.3.1.2 Surging modernization of existing steam turbines
3.3.1.3 Rising industrialization & implementation of environmental regulations
3.3.2 Industry pitfalls & challenges
3.3.2.1 Growing penetration of other emerging technologies
3.4 Growth potential analysis
3.5 Porter's Analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyer
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL Analysis
Chapter 4 Competitive Landscape, 2025
4.1 Introduction
4.2 Strategy dashboard
4.2.1 Siemens Energy
4.2.1.1 Installation/supply
4.2.2 Sulzer Ltd.
4.2.2.1 Business expansion
4.2.2.2 Partnership
4.2.3 WEG
4.2.3.1 Installation/supply
4.2.4 Ethos Energy Group Limited
4.2.4.1 Business expansion
4.2.4.2 Joint venture
4.2.5 Fortum
4.2.5.1 Agreement
4.2.6 General Electric
4.2.6.1 Installation/supply
4.2.7 Power Services Group
4.2.7.1 Business expansion
4.2.8 Mitsubishi Power
4.2.8.1 Installation/supply
4.3 Innovation & sustainability landscape
4.3.1 Ethos Energy Group Limited
4.3.2 Power Services Group
Chapter 5 Market, By Capacity
5.1 Key trends
5.2 ≤ 3 MW
5.3 > 3 MW - 100 MW
5.4 > 100 MW
Chapter 6 Market, By Design
6.1 Key trends
6.2 Reaction
6.3 Impulse
Chapter 7 Market, By Service
7.1 Key trends
7.2 Maintenance
7.3 Repair
7.4 Overhaul
7.5 Others
Chapter 8 Market, By End Use
8.1 Key trends
8.2 Industrial
8.3 Utility
Chapter 9 Market, By Service Provider
9.1 Key trends
9.2 OEM
9.3 Non-OEM
Chapter 10 Market, By Region
10.1 Key trends
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East & Africa
10.6 Latin America
Chapter 11 Company Profiles
11.1 Ethos Energy Group Limited
11.1.1 Global Overview
11.1.2 Market/Business Overview
11.1.3 Financial Data
11.1.4 Product Landscape
11.1.5 Strategic Outlook
11.1.6 SWOT Analysis
11.2 FINCANTIERI S.p.A.
11.2.1 Global Overview
11.2.2 Market/Business Overview
11.2.3 Financial Data
11.2.4 Product Landscape
11.2.5 SWOT Analysis
11.3 Fortum
11.3.1 Global Overview
11.3.2 Market/Business Overview
11.3.3 Financial Data
11.3.4 Product Landscape
11.3.5 Strategic Outlook
11.3.6 SWOT Analysis
11.4 GE Vernova
11.4.1 Global Overview
11.4.2 Market/Business Overview
11.4.3 Financial Data
11.4.4 Product Landscape
11.4.5 Strategic Outlook
11.4.6 SWOT Analysis
11.5 Goltens Worldwide Management Corporation
11.5.1 Global Overview
11.5.2 Market/Business Overview
11.5.3 Financial Data
11.5.4 Product Landscape
11.5.5 SWOT Analysis
11.6 Mechanical Dynamics & Analysis LLC
11.6.1 Global Overview
11.6.2 Market/Business Overview
11.6.3 Financial Data
11.6.4 Product Landscape
11.6.5 SWOT Analysis
11.7 Metalock Engineering
11.7.1 Global Overview
11.7.2 Market/Business Overview
11.7.3 Financial Data
11.7.4 Product Landscape
11.7.5 SWOT Analysis
11.8 Mitsubishi Power, Ltd.
11.8.1 Global Overview
11.8.2 Market/Business Overview
11.8.3 Financial Data
11.8.4 Product Landscape
11.8.5 SWOT Analysis
11.9 Power Services Group
11.9.1 Global Overview
11.9.2 Market/Business Overview
11.9.3 Financial Data
11.9.4 Product Landscape
11.9.5 Strategic Outlook
11.9.6 SWOT Analysis
11.10 S.T. Cotter Turbine Services, Inc.
11.10.1 Global Overview
11.10.2 Market/Business Overview
11.10.3 Financial Data
11.10.4 Product Landscape
11.10.5 SWOT Analysis
11.11 Siemens Energy
11.11.1 Global Overview
11.11.2 Market/Business Overview
11.11.3 Financial Data
11.11.4 Product Landscape
11.11.5 Strategic Outlook
11.11.6 SWOT Analysis
11.12 Söderqvist Engineering Sweden AB
11.12.1 Global Overview
11.12.2 Market/Business Overview
11.12.3 Financial Data
11.12.4 Product Landscape
11.12.5 SWOT Analysis
11.13 Sulzer Ltd.
11.13.1 Global Overview
11.13.2 Market/Business Overview
11.13.3 Financial Data
11.13.4 Product Landscape
11.13.5 Strategic Outlook
11.13.6 SWOT Analysis
11.14 Toshiba Energy Systems & Solutions Corporation
11.14.1 Global Overview
11.14.2 Market/Business Overview
11.14.3 Financial Data
11.14.4 Product Landscape
11.14.5 SWOT Analysis
11.15 TRILLIUM FLOW TECHNOLOGIES
11.15.1 Global Overview
11.15.2 Market/Business Overview
11.15.3 Financial Data
11.15.4 Product Landscape
11.15.5 SWOT Analysis
11.16 Triveni Turbine Ltd
11.16.1 Global Overview
11.16.2 Market/Business Overview
11.16.3 Financial Data
11.16.4 Product Landscape
11.16.5 SWOT Analysis
11.17 Turbine Services, Ltd.
11.17.1 Global Overview
11.17.2 Market/Business Overview
11.17.3 Financial Data
11.17.4 Product Landscape
11.17.5 SWOT Analysis
11.18 WEG
11.18.1 Global Overview
11.18.2 Market/Business Overview
11.18.3 Financial Data
11.18.4 Product Landscape
11.18.5 Strategic Outlook
11.18.6 SWOT Analysis
11.19 Research Practices

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