Steam Turbine Market Overview:

The global steam turbine market was worth USD 15,615.3 million in 2021. It is projected to grow at a CAGR of 3.1% between 2023 and 2032.

To compensate for the energy shortage, it is probable that more power plants will be built. This is expected to increase steam turbine demand in the future.

Global Steam Turbine Market Scope:

Capacity Analysis

More than 300 MW was the biggest revenue generator, accounting for more than 61.5% of total revenue in 2021. Due to the growing demand for industrial CHP units, steam turbines with a 150 MW capacity are likely to see significant growth over the forecast period.

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CHP units are becoming more popular in different industries due to their higher efficiency than single units. CHP is also a source of direct power, electricity, and heat and has seen a rise in demand in recent years. The market can be divided into three segments based on its capacity: 150 to 300 MW and more than 300 MW.

The segment 151-300 MW is expected to see the greatest growth due to the high demand for small steam engines in small and medium-sized combined cycle power stations (CCPP), combined heat power (CHP), and biomass. Due to high demand from steel and chemical industries, steam turbine manufacturers are more focused on small steam turbines. Due to the shift to renewable and cleaner energy technologies from the coal-based power technologies across the globe, the demand for large-capacity Steam Turbines will likely decline. However, the market value for large-capacity steam engines is expected to rise due to increased demand from developing countries like India and China for continuous power supply.

End-Use Analysis

The market leader in revenue was the power and utility segment, accounting for over 86.2% of the total. The market's dominant position is expected to continue during the forecast period. The steam turbine has been used in the generation of electricity for a long time.

The market is segmented based on end-use into power, utility, and industrial. Although steam turbine units can be used with any type of combustion fuel, coal was the preferred fuel in the past. The use of coal-fired power stations has been restricted due to environmental concerns. Instead, we have turned to clean energy sources like natural gas. The use of renewable energy is also a necessity.

The increase in industrial activity around the globe is responsible for the growth of the industrial sector. In industrial applications, steam turbines are used in the form of CHP units. These units are more efficient than single units and can produce multiple outputs. Additionally, the rising demand for steam turbines in industrial power plants has been fueled by frequent power outages and load limits.

Кеу Маrkеt Ѕеgmеntѕ

By Capacity

• 151 to 300 MW
• Up to 150 MW
• More than 300 MW

By End-Use

• Industrial
• Power & Utility

Market Dynamics:

In 2021, the United States was the largest North American market. The U.S. has a growing demand for steam turbines due to the increased number of combined-cycle natural gas plants. These plants are reliable energy sources and are one reason why the market is expanding. This will lead to an increase in steam turbine installations in America in the next few years.

CHP installations have risen in the United States due to the increased focus of the U.S. Government on the establishment of clean, energy-efficient power generation plants. The market is expected to grow due to the rising demand for heat and power in North America over the forecast period.

The U.K. is focusing its policymakers on reducing carbon emissions as well as generating energy efficiently. These efforts have led to the creation and strict implementation of numerous emission and environmental norms. CHP units use steam turbines in industrial applications.

Due to logistical issues and delayed production of steam turbine parts, the COVID-19 pandemic has impeded global steam turbine market growth. This causes delays in steam turbine installation projects. Due to the diversion by steam turbine buyers of funds to support the COVID-19 crisis, there has been a reduction in turbine installation orders. Manufacturers of steam turbines have made it a point to supply turbines to customers who are involved in ongoing projects. Vendors are choosing digital tools, following social distancing rules, and using PPE for new power plant installations.

Regional Analysis

In 2021, the Asia Pacific region accounted for 69.1% of all revenue. This region is expected to experience the fastest growth rate over the forecast period. As construction of many fossil and biomass power stations is ongoing in countries like Indonesia, South Korea, Thailand, Bangladesh, and Japan, the Asia Pacific will continue to be the dominant market in volume and value.

This will help support the market's growth during the forecast period. Due to rapid industrialization and a growing population, the demand for electricity in the region is increasing. This is driving the development of clean coal technology and thereby increasing the demand for steam turbines.

CHP applications in America are a common use of steam turbines. Steam turbine-based generators generate electricity by using heat, unlike reciprocating engine CHP systems and gas turbines. Because steam turbines are powered by separate heat sources, they do not convert fuel to electricity. High-pressure steam, which powers generators and turbines, transfers the energy from boilers to turbines.

Russia's demand for heat and power is increasing rapidly, pushing down the current production limits. In addition, the country's high-energy industrial users consider the benefits of both onsite and self-generation as a result of rising electricity prices and concerns about the uninterrupted and secure power supply.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Globalization is key to market competition, with international trade being an important part of sustainable growth. Many of these players have formed joint ventures with multiple customers and suppliers from different countries around the world that increase their market share, lower their costs, and allow them to access new markets.

The market's most prominent players are focusing their efforts on key assets such as product customization, the development of new product ranges, and inorganic growth ventures. Market players also offer services for maintenance and up-gradation to help them gain competitive advantages over their competitors. The following are some of the most prominent players in the global steam turbine market:

Маrkеt Кеу Рlауеrѕ:

• Ansaldo Energia S.p.A
• Bharat Heavy Electrics Limited
• Doosan Skoda Power
• Elliot Group
• Fuji Electric Co., Ltd.
• General Electric
• Kawasaki Heavy Industries, Ltd.
• MAN Energy Solutions
• Mitsubishi Power Ltd.
• Siemens Energy
• Other Key Players

For the Steam Turbine Market research study, the following years have been considered to estimate the market size: