Rising Electricity Demand Fueling The Growth Of The Market Due To Increasing Need For Efficient And Reliable Power Generation: The Driving Engine Behind Steam Turbine Aftermarket Market Evolution in 2025

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What Is the Expected CAGR for the Steam Turbine Aftermarket Market Through 2025?
In the past few years, the steam turbine aftermarket market has experienced robust growth. The market value will escalate from $4.02 billion in 2024 to an estimated $4.28 billion in 2025, with a remarkable compound annual growth rate (CAGR) of 6.6%. Factors contributing to this growth during the historical period include increased integration of renewable energy, heightened demand for power generation capacity, burgeoning industrialization and urbanization, a growing investment in refurbishing aging power infrastructure, and an intensified focus on operational efficiency in turbines.

What's the Projected Size of the Global Steam Turbine Aftermarket Market by 2029?
Expectations for the steam turbine aftermarket market size foresee a robust growth in the upcoming years. The ambition is to reach $5.45 billion by 2029, escalating at a compound annual growth rate (CAGR) of 6.2%. The magnified growth during the predicted period is due to the escalating trend of substituting obsolete turbines with more efficient ones, elevated investments in combined cycle power plants, an increasing demand for adaptable power generation, a mounting need for curtailed carbon emissions, as well as the rising acceptance of predictive maintenance technologies. The prevalent trends for the forecast period encompass the progression in digital twin technology for turbine supervision, advanced resources for enhanced turbine operation, the creation of aftermarket service kits, breakthroughs in rotor blade configurations for aptitude, alongside advancements in remote condition monitoring systems.

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Top Growth Drivers in the Steam Turbine Aftermarket Industry: What's Accelerating the Market?
The growth of the market is being driven by the increasing demand for electricity, which has led to a heightened need for efficient and reliable power generation.

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What Are the Main Segments in the Steam Turbine Aftermarket Market?
The steam turbine aftermarket market covered in this report is segmented

1) By Type of Service: Spare Parts, Repair, Services
2) By Technology: Combined Cycle, Fossil, Nuclear, Thermal Renewable
3) By Capacity: Less Than 50 MW, 50 MW To 100 MW, 100 MW To 300 MW, 300 MW To 600 MW, 600 MW And Above
4) By Service Provider: Original Equipment Manufacturers (OEMs), Independent Service Providers (ISPs)
5) By End-User: Power Generation, Oil And Gas, General Industries

Subsegments:
1) By Spare Parts: Replacement Blades, Bearings, Seals, Casings, Control Systems
2) By Repair: Turbine Overhaul, Rotor Alignment, Blade Repair, Bearing Replacement, Seal Repair
3) By Services: Performance Monitoring, Predictive Maintenance, Installation Services, Commissioning Services, Technical Consulting

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Which Top Companies are Driving Growth in the Steam Turbine Aftermarket Market?
Major companies operating in the steam turbine aftermarket market are Sumitomo Heavy Industries Ltd., Siemens Energy AG, Mitsubishi Heavy Industries Ltd., NTPC Limited, Shanghai Electric Group Co. Ltd., Doosan Enerbility Co. Ltd., Kawasaki Heavy Industries Ltd., Dongfang Electric Corporation Limited, Fincantieri S.p.A., Fuji Electric Co. Ltd., Ebara Corporation, Babcock International Group Plc, Voith GmbH & Co. KGaA, Sulzer Ltd., Bharat Heavy Electricals Limited, Triveni Turbine Limited, SIFCO Industries Inc., Toshiba Energy Systems & Solutions Corporation, Turtle Turbines Private Limited, and Allied Power Group LLC.

Which Regions Will Dominate the Steam Turbine Aftermarket Market Through 2029?
Asia-Pacific was the largest region in the steam turbine aftermarket market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in steam turbine aftermarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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