MRO market for steam turbines to grow almost 10% annually
Las Colinas, TX - The global steam turbine MRO market is estimated to grow with a compound annual growth rate (CAGR) of 9.6% during 2012-2017, to reach US $35.4 billion by 2017. The Asia Pacific (APAC) region anticipated to have 50% of the...
Las Colinas, TX – The global steam turbine MRO market is estimated to grow with a compound annual growth rate (CAGR) of 9.6% during 2012-2017, to reach US $35.4 billion by 2017. The Asia Pacific (APAC) region anticipated to have 50% of the global share.
The market is currently in its growth stage and is projected to nearly double in size over the next five years. Several emerging players are entering the small- and medium-sized turbine industry, whereas the servicing of large turbines is still dominated by OEMs.
Lucintel, a management consulting and market research firm, has conducted a competitive analysis of the steam turbine MRO service market and presents its findings in Global Steam Turbine MRO Market Trend and Forecast 2012-2017.
The study analyzes the market size, revenues, market share, average price, and the regulations of industry.
The industry witnessed certain challenges during its growing period, one of which is the worldwide environmental concern. A number of coal plants have shut down in Europe because they are a major source of greenhouse gases, which has decreased the revenue generated from MRO expenditures. Coal, one of the oldest sources of electricity generation, also is being phased out in some areas, resulting in a downturn of steam turbine demand as coal plants are the major source in the deployment of steam turbines.
Huge replacement market
The healthy growth in industrial activities worldwide has spurred demand for power, accelerating the market for steam turbines. Advancement in steam turbine components has encouraged the replacement of old components with the new ones, creating a huge replacement market.
The steam turbine MRO market is expected to witness considerable growth almost across the world. The CAGR varies in different regions due to the number of turbines installed in the past. Lucintel’s report identifies the emerging trends in the steam turbine MRO market that have an impact on how the market operates. The study is a blueprint for industry leaders surveying the dynamics of the market and enhancing business development, strategic planning, and investment decisions.
For details, visit http://www.lucintel.com.