Power Plant MRO - Hydro Turbine Refurbishment: Market Size & Forecast 2026

The global hydro turbine refurbishment market reached approximately USD 4.8 billion in 2025 (base year), held in a structurally tight balance between regulator-mandated relicensing cycles across North American and European fleets, ageing installed base averaging 30 to 50 years since original commissioning, and a stainless-steel feedstock environment that shifted meaningfully after the February 2026 US tariff regime reset. We project the market to reach USD 6.7 billion by 2032 at a 4.2% CAGR, but the composition of that growth is uneven: runner and blade refurbishment dominates at 32% of spend and grows closer to 6% as cavitation damage accelerates on 1970s and 1980s turbine runners still in service. > **Analyst Take.** The call is to front-load 2026-2027 contracting before the CBAM definitive-phase cost structure hardens and before Section 301 exposure forces a steel-origin reset. Buyers

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