The global steam turbine market size is expected to reach USD 19.64 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.4% from 2022 to 2030. The increasing deployment of combined heat and power (CHP) units in industrial and utility applications will boost the market growth.
Steam Turbine Market Report Highlights
- The power and utility segment emerged as the largest segment and accounted for a revenue share of 85.3% in 2021. Increasing environmental concerns have restricted the usage of coal-fired power plants and clean energy sources such as natural gas. Moreover, the usage of renewable energy resources has become the need of the hour
- The U.S. emerged as the largest market in North America in 2021. An increase in the number of combined-cycle natural gas plants in the country as they are reliable sources of energy is one of the prominent reasons for the rising demand for in steam turbines the U.S.
- The Asia Pacific is expected to maintain its dominance in terms of both volume and value during the forecast period as the construction of a number of fossil and biomass power plants is under development in countries, which, will support the growth of the market
- The growth of the market in India is driven by the rapidly rising investments in the country’s power generation infrastructure, coupled with growing concerns about environmental degradation
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Steam engines form an integral part of thermal power plants operating across the world. However, with increasing environmental concerns, the focus has been shifted from coal-fired thermal power stations to clean energy sources, including natural gas, fuel cells, and renewable energy generation plants.
The growth of the industrial segment of the market can be attributed to the increased industrial activities across the world. Steam turbines are employed in industrial applications in the form of CHP units. These units offer better efficiency than single units and produce outputs in multiple ways. Steam turbines are widely used for CHP applications in Europe. Extraction-condensing type steam turbines are used in large industrial CHP applications. These turbines are deployed in combined-cycle plants wherein they extract a portion of the steam for the process.
The increasing installations of thermal power generation units in China and Southeast Asian countries are expected to fuel the growth of the market in the coming years due to the increase in energy demand. China, being rich in coal reserves, still focuses on coal-fired power plants despite their hazardous impact on the environment. In India, the market is anticipated to witness promising growth once the internal issues related to coal reserves in the country get resolved.
The global spread of the COVID-19 disrupted supply chains and sharply curtailed demand for commodities worldwide. The restrictions imposed on the supply and transportation owing to slowing down or halting of operations of factories due to partial or complete lockdowns in different countries to contain the spread of coronavirus negatively impacted the growth of the market worldwide.
List of Key Players of the Steam Turbine Market
- Ansaldo Energia S.p.A
- Bharat Heavy Electricals Limited
- Doosan Škoda Power
- Elliot Group
- Fuji Electric Co., Ltd.
- General Electric
- Kawasaki Heavy Industries, Ltd.
- MAN Energy Solutions
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Steam Turbine Market Segmentation
Grand View Research has segmented the global steam turbine market based on capacity, end-use, and region:
Capacity Outlook
- Up to 150 MW
- 151 to 300 MW
- More than 300 MW
End-use Outlook
- Power & Utility
- Industrial
Regional Outlook
- North America
- U.S.
- Europe
- U.K.
- Russia
- Asia Pacific
- China
- India
- Central and South America
- Middle East and Africa
- Mitsubishi Power Ltd.
- Siemens Energy
- Toshiba Corporation
- Trillium Flow Technologies
Research Methodology
We employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. We utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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