Steam Turbine Market Set for Remarkable Growth, Reaching US$32 Billion by 2030
The global steam turbine market is poised for significant expansion, with projected revenue surging from US$21.9 billion in 2022 to a staggering US$32 billion by the end of 2030, indicating a robust Compound Annual Growth Rate (CAGR) of 5.6% during the period between 2023 and 2030. These insights come from a comprehensive market analysis conducted by leading experts in the field.
Key Market Trends Driving Growth
Digital Technologies Revolutionizing Steam Turbine Maintenance and Repair: The adoption of digital technologies such as sensors, IoT, and data analytics is transforming the landscape of steam turbine Maintenance, Repair, and Overhaul (MRO). These innovations enable real-time turbine health monitoring, facilitating predictive maintenance to prevent unexpected failures and minimize...