Power Generation Equipment MRO Market size was valued at USD 25.6 Billion in 2024 and is projected to reach USD 38.2 Billion by 2033, exhibiting a CAGR of 4.9% from 2026 to 2033.
In 2022, the global Power Generation Equipment Maintenance, Repair, and Overhaul (MRO) market was valued at approximately USD 45 billion, with a compound annual growth rate (CAGR) of 6.5% projected from 2024 to 2032. North America led the market, accounting for around 35% of total revenue, driven by mature power infrastructure and stringent regulatory requirements. The Asia Pacific region followed closely with a 30% share, fueled by rapid industrialization and significant investments in power generation capacity, particularly in countries like China and India. Europe held a 25% share, supported by the transition to cleaner energy sources and the need to upgrade aging infrastructure. Latin America and the Middle East & Africa each contributed 5% to the global market, reflecting ongoing developments in their power sectors.The markets growth is underpinned by the increasing demand for reliable power generation and the necessity to extend the operational lifespan of existing equipment. Opportunities are particularly prominent in the Asia Pacific region, which is projected to be the fastest growing market due to expanding energy needs and infrastructure investments. Additionally, the adoption of advanced monitoring and diagnostic technologies is enhancing MRO efficiency, offering avenues for service providers to deliver value added solutions. As the global energy landscape evolves, the emphasis on maintaining and upgrading power generation equipment is expected to drive sustained demand for MRO services across all regions.
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Siemens
General Electric
Sulzer
MAN Energy Solutions
MHPS
Ansaldo Energia
KSB
ABB
Dongfang Turbine
Grundfos
Shanghai Electric
Elliot
Atlas Copco
Arcline
Wolong
EthosEnergy
Kawasaki Heavy Industries
Toshiba Energy
Stork
Hangzhou Steam Turbine
Flowserve
Kobelco
Howden
Conhagen Rotating Equipment Specialists
Houghton International
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Power Generation Equipment MRO Market
Gas Turbines
Steam Turbines
Hydro Turbines
Generators
Transformers
Boilers
Routine Maintenance
Predictive Maintenance
Preventive Maintenance
Corrective Maintenance
Emergency Repairs
Power Generation Utilities
Manufacturing Companies
Oil and Gas Industry
Aerospace and Defense
Mining Industry
Renewable Energy Sector
OEM Service Providers
Independent Service Providers
In-House Maintenance Teams
Consultants and Experts
Online Maintenance Platforms
Spare Parts
Tools and Equipment
Consumables
Monitoring and Diagnostic Equipment
Software Solutions
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Power Generation Equipment MRO Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Power Generation Equipment MRO Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Power Generation Equipment MRO Market, By Type
6. Global Power Generation Equipment MRO Market, By Application
7. Global Power Generation Equipment MRO Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Power Generation Equipment MRO Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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