Global Steam Turbine MRO Market By Fuel Type (Coal, Natural Gas, Nuclear), By Service Type (Maintenance, Repair, Overhaul, Spare Parts), By Service Provider (Independent Service Providers, In-House, Original Equipment Manufacturers), By Capacity (Less than 300 MW, 300 MW to 599 MW, 600 MW and Above), By End-Use Industry (Power Generation, Oil and Gas, Others) , By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2025-2034

Report Overview

The Global Steam Turbine MRO Market size is expected to be worth around USD 44.5 Bn by 2034, from USD 25.1 Bn in 2024, growing at a CAGR of 5.9% during the forecast period from 2025 to 2034.

The Steam Turbine Maintenance, Repair, and Overhaul (MRO) market is an essential part of the global power generation and industrial sectors, focusing on the upkeep and optimization of steam turbines used in various energy production plants, including thermal, nuclear, and combined-cycle power plants. Steam turbines, known for their efficiency in converting thermal energy into mechanical energy, play a pivotal role in electricity generation worldwide.

As these turbines operate in critical and demanding environments, the need for regular maintenance and repair services is paramount to ensure optimal performance, prolong operational life, and prevent unscheduled downtimes. The Steam Turbine MRO market encompasses a wide range of services, including inspections, part replacements, overhauls, and upgrades.

Key driving factors for the Steam Turbine MRO market include the increasing demand for electricity, particularly in emerging economies, coupled with the aging of existing power plants. Older turbines, which are more prone to wear and tear, require frequent MRO services to maintain operational efficiency and meet stricter environmental regulations. Additionally, the rise in demand for renewable energy sources, such as biomass and geothermal, often involves the retrofitting of existing steam turbines to accommodate these new fuel types, creating additional opportunities for the MRO market.

Key Takeaways

• Global Steam Turbine MRO Market is expected to be worth USD 44.5 billion by 2034, growing from USD 25.1 billion in 2024.
• The market is projected to grow at a CAGR of 5.9% from 2025 to 2034.
• In 2024, Coal captured more than 53.3% share of the steam turbine MRO market.
• Maintenance services held over a 52.3% market share.
• Independent Service Providers held over a 44.2% market share.
• Turbines with a capacity of 600 MW and above captured more than 42.4% of the market.
• Power Generation Providers accounted for over 58.4% of the market share.
• North America held a dominant 46.8% market share in 2024, valued at approximately USD 11.7 billion.

By Fuel Type

In 2024, Coal held a dominant market position, capturing more than a 53.3% share of the steam turbine MRO (Maintenance, Repair, and Overhaul) market. This strong position can be attributed to the ongoing reliance on coal-based power plants for electricity generation in various regions across the globe. Despite the growing shift towards cleaner energy sources, coal remains a key fuel type due to its relatively low cost and availability.

The demand for steam turbine MRO services in coal-fired plants has remained robust over the years, with many plants continuing to operate beyond their expected life cycles. As a result, plant operators are investing in regular maintenance and repair services to optimize the efficiency and performance of their turbines. This trend is expected to continue throughout 2025, with coal maintaining its leadership in the market, though at a slightly reduced pace as other fuel types gain traction.

By Service Type

In 2024, Maintenance held a dominant market position, capturing more than a 52.3% share of the steam turbine MRO (Maintenance, Repair, and Overhaul) market. The need for regular maintenance services has remained a key driver, as plant operators focus on ensuring optimal performance and preventing unexpected breakdowns. Maintenance activities such as routine inspections, part replacements, lubrication, and monitoring of critical turbine components are essential to avoid costly repairs and ensure the smooth operation of steam turbines, especially in power plants where uptime is crucial.

The demand for maintenance services in the steam turbine MRO market is expected to grow steadily. The share of maintenance services will likely remain dominant, though there may be slight shifts in its percentage share as other service types like repair and overhaul also see increased demand. Maintenance services will continue to be the backbone of the market, as both new and existing turbines require consistent monitoring to maintain their efficiency over time. The emphasis on extending turbine life and optimizing performance will drive continued demand for these services throughout the year.

By Service Provider

In 2024, Independent Service Providers held a dominant market position, capturing more than a 44.2% share of the steam turbine MRO (Maintenance, Repair, and Overhaul) market. These providers have gained a significant foothold due to their specialized expertise and flexibility in delivering tailored services to a wide range of customers. Independent Service Providers are often preferred for their ability to offer competitive pricing, faster response times, and a more personalized approach compared to larger, more traditional service providers.

Independent Service Providers are expected to maintain their strong position in the market, although their market share may experience slight fluctuations due to the rising competition from OEMs (Original Equipment Manufacturers) and other players in the industry. However, the demand for independent services remains high as many plant operators continue to seek cost-effective and efficient solutions for turbine maintenance and repairs.

By Capacity

In 2024, 600 MW and Above held a dominant market position, capturing more than a 42.4% share of the steam turbine MRO (Maintenance, Repair, and Overhaul) market. The large capacity turbines, typically found in power plants with high electricity generation demands, continue to be the backbone of many utility and industrial operations. These high-capacity turbines require specialized MRO services due to their complexity and critical role in the power generation process.

The share of 600 MW and Above turbines in the steam turbine MRO market is expected to remain stable. While newer, smaller capacity turbines are gaining ground, the demand for MRO services for large-capacity turbines will continue to be a significant portion of the market. These turbines often require more intricate and advanced maintenance techniques, which contributes to the higher share of market demand. Furthermore, many older plants still rely on these high-capacity units, leading to continued investments in their upkeep and performance.

By End-Use Industry

In 2024, Power Generation Providers held a dominant market position, capturing more than a 58.4% share of the steam turbine MRO (Maintenance, Repair, and Overhaul) market. The power generation sector remains the largest end-use industry for steam turbines, driven by the essential role these turbines play in generating electricity for both industrial and residential needs. With the global demand for reliable and efficient power supply continuing to rise, the need for ongoing maintenance and repair services for power generation turbines is crucial to ensure optimal performance and minimize downtime.

The market share for power generation is expected to remain strong, though slight shifts may occur as alternative energy sources like wind and solar continue to expand. However, steam turbines in power plants, particularly in coal, gas, and nuclear facilities, will continue to require frequent MRO services to meet operational demands. Given that many power plants operate 24/7, regular maintenance is essential to keep turbines running efficiently and to extend their operational lifespans.

Key Market Segments

By Fuel Type

• Coal
• Natural Gas
• Nuclear

By Service Type

• Maintenance
• Repair
• Overhaul
• Spare Parts

By Service Provider

• Independent Service Providers
• In-House
• Original Equipment Manufacturers

By Capacity

• Less than 300 MW
• 300 MW to 599 MW
• 600 MW and Above

By End-Use Industry

• Power Generation
• Oil and Gas
• Others

Drivers

Increasing Demand for Reliable Power Generation

One of the key driving factors for the steam turbine MRO market is the growing demand for reliable and uninterrupted power generation. As industries and economies continue to expand globally, the need for stable electricity supply has become more critical than ever. Steam turbines, which are the cornerstone of many power plants, play a crucial role in ensuring that power generation remains consistent and efficient. The increasing demand for electricity, combined with the aging infrastructure of power plants worldwide, has made the maintenance, repair, and overhaul of steam turbines an essential part of plant operations.

In countries like the United States, the demand for power generation continues to rise. According to the U.S. Energy Information Administration (EIA), electricity consumption in the U.S. is projected to grow by around 1% per year through 2050. This consistent demand directly impacts the need for well-maintained turbines to avoid downtimes and ensure continuous power supply. Moreover, the International Energy Agency (IEA) highlights that global electricity demand is expected to grow by nearly 2.1% annually, with fossil fuels and nuclear still making up a significant portion of the energy mix, even as renewable energy sources expand. This makes the maintenance of steam turbines in these power plants all the more critical.

Governments around the world are also actively supporting energy infrastructure development, offering incentives for power plants to maintain and upgrade existing equipment. For example, the U.S. government has invested in programs like the “Grid Modernization Initiative,” which aims to improve the efficiency and reliability of the power grid, indirectly benefiting the steam turbine MRO market. Such initiatives highlight the importance of maintaining power generation systems to meet future energy demands.

Restraints

Rising Shift Towards Renewable Energy Sources

A significant restraining factor for the steam turbine MRO market is the global shift towards renewable energy sources. As the world moves away from fossil fuels to reduce carbon emissions and mitigate climate change, many countries are increasingly investing in solar, wind, and hydropower technologies. This transition directly impacts the demand for traditional steam turbines, particularly in power plants that rely on coal, gas, or nuclear energy. Consequently, the need for steam turbine maintenance, repair, and overhaul services may face pressure as fewer fossil fuel-based plants are built, and existing ones may eventually be phased out.

In 2023, global investments in renewable energy reached a record high of over $500 billion, with much of that going towards solar and wind energy projects. The International Renewable Energy Agency (IRENA) reports that renewable energy capacity worldwide grew by 9.1% in 2022, with wind and solar alone accounting for 80% of that growth. This surge in renewable energy projects is accompanied by a decline in investment in fossil fuel-based power generation, including coal-fired and natural gas plants, which are traditionally reliant on steam turbines.

Additionally, the U.S. government has set ambitious clean energy goals, such as achieving net-zero emissions by 2050. The Biden administration has pledged significant investments in renewable infrastructure, including $370 billion allocated through the Inflation Reduction Act to support clean energy initiatives. As more governments globally implement stringent environmental policies and incentives for renewable energy, the reliance on steam turbines in conventional power plants is expected to decrease.

Opportunity

Increasing Focus on Plant Upgrades and Retrofitting

One of the major growth opportunities for the steam turbine MRO market lies in the increasing focus on plant upgrades and retrofitting, especially in older power plants. As many traditional power generation facilities age, plant operators are looking for ways to extend the life and improve the efficiency of their existing turbines without the high cost of building new plants. This presents a significant opportunity for the steam turbine MRO sector, where services such as turbine refurbishment, performance optimization, and component upgrades can greatly enhance the longevity and efficiency of older turbines.

In the United States, for example, the average age of coal-fired power plants is about 39 years, according to the U.S. Energy Information Administration (EIA). With many of these plants expected to remain operational for the next several decades, operators are increasingly investing in retrofitting and upgrading their existing infrastructure. This trend is not limited to coal plants but extends across various types of energy generation, including natural gas and nuclear power plants. As energy regulations become more stringent and efficiency standards rise, plant owners are turning to MRO providers to retrofit turbines with the latest technology, making them more efficient, reliable, and compliant with environmental standards.

Government incentives are also driving this trend. For instance, the U.S. Department of Energy (DOE) has launched programs like the “Advanced Fossil Energy” initiative, which supports the modernization of existing power plants through technology upgrades. These types of programs help fund the cost of retrofitting turbines and improving their efficiency, providing plant owners with a financial incentive to continue using their existing assets.

Trends

Integration of Digital Monitoring and Predictive Maintenance

One of the latest trends shaping the steam turbine MRO market is the growing integration of digital monitoring and predictive maintenance technologies. As the industry moves toward more data-driven operations, the adoption of advanced digital tools for monitoring the health and performance of steam turbines has become a major focus. These technologies leverage sensors, machine learning algorithms, and real-time data analytics to predict failures before they occur, allowing plant operators to schedule maintenance only when necessary, rather than adhering to a rigid, time-based maintenance schedule.

This rapid growth is driven by industries, including power generation, increasingly seeking ways to reduce operational costs, improve efficiency, and prevent costly downtime. The integration of digital technologies into steam turbine MRO services is helping operators achieve these goals by using data to monitor critical components such as bearings, valves, and blades in real time.

Governments are also backing this shift toward digitalization. For example, the U.S. Department of Energy (DOE) has launched initiatives like the “Grid Modernization Initiative,” which promotes the adoption of advanced monitoring systems in power plants. Such technologies are not only improving operational efficiency but also contributing to the sustainability of older power plants, enabling them to operate more reliably with fewer resources.

As predictive maintenance becomes more widespread, steam turbine MRO service providers are adapting by offering new, data-driven solutions. These advancements are making it possible for turbines to run longer, with fewer unplanned outages, and with greater overall efficiency, which is crucial for meeting growing energy demands while reducing the environmental impact. The trend towards digitalization and predictive maintenance is set to continue, making it one of the key factors driving innovation and market growth in the steam turbine MRO industry.

Regional Analysis

In 2024, North America held a dominant position in the steam turbine MRO (Maintenance, Repair, and Overhaul) market, accounting for 46.8% of the total market share, valued at approximately USD 11.7 billion. The region’s strong market presence can be attributed to its extensive energy infrastructure, with a significant number of aging power plants, particularly those using coal, natural gas, and nuclear energy. These plants require ongoing MRO services to maintain operational efficiency, reduce downtime, and comply with stringent regulatory standards.

The U.S. and Canada are the key contributors to this market share, with the U.S. being the largest consumer of steam turbine MRO services. According to the U.S. Energy Information Administration (EIA), the U.S. power generation capacity was approximately 1,200 gigawatts in 2023, with a large portion still coming from traditional thermal power plants that rely on steam turbines. As a result, the demand for turbine maintenance services is expected to remain high, especially with older plants requiring upgrades and retrofits to meet evolving environmental standards.

Furthermore, North America’s regulatory environment plays a critical role in driving the market. The U.S. government’s initiatives, such as the Grid Modernization Initiative, have fostered the adoption of advanced MRO technologies, including predictive maintenance and digital monitoring, which have further boosted market demand. As the region continues to focus on enhancing the efficiency and longevity of existing power plants, North America is expected to retain its leadership in the steam turbine MRO market in the coming years, with steady growth anticipated through 2025.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

Ansaldo Energia is a prominent player in the steam turbine MRO market, offering a wide range of services including maintenance, repair, and upgrades for steam turbines across various power sectors. With extensive experience in both new installations and retrofit projects, the company focuses on enhancing efficiency and performance through advanced technology solutions. Ansaldo Energia has a strong global presence and is known for its high-quality services, particularly in the gas and steam power generation segments.

Doosan Enerbility, formerly Doosan Heavy Industries, is a key player in the steam turbine MRO market, providing high-performance turbines and extensive maintenance services worldwide. The company specializes in power generation solutions, offering expert turbine repairs, retrofits, and efficiency optimization. With a strong global network and advanced technical expertise, Doosan Enerbility caters to both conventional and renewable energy sectors, helping clients enhance operational uptime and reduce maintenance costs.

Elliott Group is a global leader in providing steam turbine solutions, including MRO services for a wide array of industries. Their comprehensive offerings include repair, inspection, upgrade, and performance optimization of steam turbines. Elliott is known for its innovative approach, employing cutting-edge technologies to improve turbine performance and extend service life. The company has a strong reputation in the power generation sector and provides services to both industrial and utility power plants worldwide.

General Electric (GE) is a major player in the steam turbine MRO market, offering a full range of services that include repair, modernization, and performance upgrades. With decades of experience in the power generation industry, GE leverages advanced digital tools and predictive maintenance technologies to enhance the reliability and efficiency of steam turbines. The company’s global presence and commitment to innovation make it a trusted partner for turbine MRO services in both fossil fuel and renewable energy sectors.

Top Key Players in the Market

• Ansaldo Energia
• Dongfang Electric Corporation Limited
• Doosan Enerbility Co., Ltd.
• Elliott Group
• General Electric
• Hyundai Heavy Industries Co., Ltd
• Kessels
• Mitsubishi Power
• Shanghai Electric
• Siemens AG
• Stork
• Sulzer
• Toshiba Energy Systems & Solutions Corporation

Recent Developments

 In 2024, Ansaldo Energia’s MRO services supported over 300 turbine units globally, with a focus on enhancing operational reliability in existing thermal power plants. Their services are increasingly driven by digital tools, including predictive maintenance technologies, which help in forecasting potential issues before they cause significant downtime.

In 2024, Elliott Group continues to maintain a strong market presence by offering comprehensive turbine maintenance solutions, including repairs, upgrades, and performance optimization. The company services over 1,200 turbines annually, with a particular focus on improving operational efficiency and minimizing downtime for its global customer base.

Report Scope