Home Mining Minerals & Metals Steam Turbine Market Size & Share Analysis, Growth Segments, Trends Forecast-2031

Steam Turbine Market

Steam Turbine Market Size, Share & Trends Analysis Report By Component (Software, Service), By Deployment (On-Premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Applications (Sales and Marketing Analytics, Supply Chain Operations Management, Merchandising Analytics, Customer Analytics, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRMM355DR
Study Period 2019-2031 CAGR 2.9%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 22.3 Billion
Forecast Year 2031 Forecast Year Market Size USD 28.8 Billion
Largest Market Asia-Pacific Fastest Growing Market North America
The sample report only takes 30 secs to download, no need to wait longer.

Market Overview

The global steam turbine market size was valued at USD 22.3 billion in 2022. It is projected to reach USD 28.8 billion by 2031, growing at a CAGR of 2.9% during the forecast period (2023–2031).

Fundamentally, steam turbines are used in conjunction with gas turbines to increase plant efficiency by using the heat from exhaust gases to produce extra power. Strict emission regulations to reduce GHG emissions and falling natural gas prices will push the global market revenue share. Additionally, the government's ongoing efforts to promote domestic manufacturing over the forecast period will fuel the industry's potential. These efforts are in line with a favorable outlook for long-term political stability. These factors will help the market gain traction significantly over the forecast period. The use of numerous stages in the expansion of the steam, which results in an early iteration of the potential response expansion process, is a critical factor in the increase in the thermodynamic efficiency of the steam turbine. The turbine is especially well suited to drive an electrical generator because it generates rotating motion. Since renewable energy sources cannot provide energy continuously, many countries want to convert their coal-fired plants to gas-fired plants, which could lead to the utilization of more modest steam turbines. The growth in steam turbines is the better use of combined-cycle natural gas plants, a natural gas-fired plant. Therefore, interest in power-age steam turbines is anticipated during the forecast period.

Market Dynamics

What are The Key Factors Driving Industry Growth?

Rise In the Demand for Power

Along with the increase in power demand, an increase in the need for steam turbines is anticipated. The majority of the electricity produced globally comes from steam-electric power plants. Power demand is anticipated to soar as the world's population grows. The demand for steam turbines is anticipated to increase due to this factor. On the other hand, the potential of the global market has not yet been fully realized. Industry growth will also be fueled by rapid industrialization and rising electricity demand, particularly in developing economies. Escalating thermal power capacities and rising electricity consumption speed up market expansion. The annual additions to thermal capacity are rising along with the steadily rising electricity consumption. The expansion of the renewable energy industry, particularly in the biomass sector, is another factor driving demand for steam turbines. Frequent power outages, blackouts, and load shedding have increased the demand for steam turbines for power generation. An increase in combined cycle and co-generation activities globally is anticipated to fuel the growth of the steam turbine for the power generation market.

Rising Demand for Electricity

ISO collaborates closely with the International Electrotechnical Commission (IEC) on all electrotechnical advancements. The ISO collaborated with all related organizations throughout the analysis of the global market to increase market size, share, and growth for mechanical steam turbines and gas extension turbines. While natural gas plants use steam turbines indirectly, combined cycle plants, the most effective natural gas-fired plant, do not. Smaller megawatt turbines are used in combined cycle power plants. One of the key factors contributing to the rise in demand for steam turbines is the increasing use of combined-cycle natural gas plants as reliable energy sources.

What Are the Challenges For The Steam Turbine Market?

Restrictions and Regulations Regarding Climate Concerns

Due to policies at the regional and federal levels, such as limiting the number of emissions acceptable from these plants, existing plants have been retired, and new construction has been delayed in favor of other, more expensive options, raising concerns about the adverse effects of carbon emissions on the climate. The regulations and laws governing fossil fuel-fired power plants will also be a significant obstacle to the expansion of the global market. Steam electric power plants release a significant amount of wastewater into American waters and many pollutants. Toxic and bioaccumulative pollutants like arsenic, lead, mercury, selenium, chromium, and cadmium are among the pollutants. Today, all toxic pollutants released into surface waters by industrial categories covered by the Clean Water Act come from these discharges, which make up about 30% of total toxic pollutants.

What Are the Future Opportunities For Steam Turbines?

The Rise in Government Policies

Several government policies support the greener energy initiative. Numerous multinational corporations are making efforts to lessen their carbon footprint to contribute to a greener world and long-term sustainability. By 2050, Equinor (Norway), for instance, wants to cut its carbon emissions in half. One element of the strategy is an expansion of its renewable energy businesses, especially steam turbines, which could reach 6,000 megawatts in six years and 16,000 megawatts in fifteen. As a result, the market is presented with several opportunities due to the increase in various government policies and regulations linked to greener energy initiatives and reduction in carbon footprint.

Regional Analysis

Asia Pacific Dominates the Global Market.

The global market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

Asia Pacific is the most significant global steam turbine market shareholder and is expected to grow at a CAGR of 2.4% during the forecast period. China, India, Japan, Australia, and the rest of Asia-Pacific are all included in the Asia-Pacific steam turbine market analysis. The Asia Pacific region is anticipated to maintain its lead in terms of both volume and value throughout the forecast period because numerous fossil and biomass power plants are being built in countries like Indonesia, South Korea, Bangladesh, Thailand, and Japan, which will support the market's expansion during that time. The region's demand for power is rising due to the growing population and rapid industrialization. The India Brand Equity Foundation estimates India has the fifth-largest global power generation capacity. India's electricity production reached 1,201.543 billion units (BU), and by 2040, the country's electricity demand is expected to have tripled.

North America is expected to grow at a CAGR of 3.5% during the forecast period. The U.S. and Canada are included in the analysis of the steam turbine market in North America. In the United States, CHP applications frequently use steam turbines. Steam turbine-based generators typically produce electricity as a byproduct of heat (steam) generation, in contrast to gas turbines and reciprocating engine CHP systems, where heat is a byproduct of the power generation process. Steam turbines do not convert fuel into electricity because they use different heat sources. High-pressure steam that powers turbines and generators transfers energy from boilers to turbines. The demand for steam turbines in North America is anticipated to be driven by expansion in the manufacturing sector and an increase in the integration of combined cycle technologies for captive power generation.

Report Scope

Report Metric Details
By Component
  1. Software
  2. Service
By Deployment
  1. On-Premise
  2. Cloud
By Organization Size
  1. Large Enterprises
  2. SMEs
By Applications
  1. Sales and Marketing Analytics
  2. Supply Chain Operations Management
  3. Merchandising Analytics
  4. Customer Analytics
  5. Others
Company Profiles GEA U Siemens MANA Toshiba Mitsubishi Hitachi Power Systems Eliott Group Bharat Heavy Electricals Limited Harbin Turbine Kawasaki Heavy Industries TurboTech General Electric Mitsui Man Diesel & Turbo Ansaldo Energia Fuji Electric Doosan Skoda Power and Dongfang
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Segmental Analysis

The market is segmented by design, type, and application.

Based on the design, the global market is bifurcated into reaction and impulse.

The impulse segment is the highest contributor to the market and is expected to grow at a CAGR of 3.1% during the forecast period. High-velocity water or steam jets collide with the turbine's blades in this turbine, which rotates the turbine and uses this winding to generate electricity. The chemical and power industries make extensive use of impulse turbines. Impulse turbines are used in the chemical industry to turn the heat energy from hot vapors and gases into mechanical work. Impulse turbines are used in the power sector to produce electricity in hydroelectric plants and steam-based thermal power plants. The main benefit of ty is that it can start without the need for auxiliary equipment like compressors, which lowers the upfront and ongoing costs of producing electricity.

Based on type, the global market is bifurcated into condensing and non-condensing.

The condensing segment is the highest contributor to the market and is expected to grow at a CAGR of 2.86% during the forecast period. When consistent power generation and steam extraction at a static pressure are needed, condensation steam turbines are used. Steam can be used to extract the most energy possible because of the significant enthalpy difference between its initial and final conditions. Condensing steam turbines are frequently used for co-generation, in which the turbine generates both the process plant's central power and steam requirements. To meet the rising demand for power from industries, ongoing investments in new generating capacity expansions will drive the condensing steam turbine segment. A growing number of cogeneration systems are being installed, and the industrialization of developing countries is also accelerating. These are critical underlying factors that will increase product demand.

Based on application, the global market is bifurcated into power generation, petrochemical, oil and gas, and others.

The power generation segment is the highest contributor to the market and is expected to grow at a CAGR of 2.7% during the forecast period. The segment's dominance can be attributed to thermal power utilities' recent increase in electricity production. They come in various sizes up to 1.5 GW (2,000,000 hp) for electricity generation and are suitable for large thermal power plants. Electrical power generation applications have traditionally used steam turbines. The market has been divided into power and utility, and industrial segments based on end-use. Any combustion fuel can be used with steam turbine units, but historically coal has been the fuel of choice. The use of coal-fired power plants and clean energy sources like natural gas has been curtailed due to growing environmental concerns. Furthermore, it is now imperative to use renewable energy sources.

Market Size By Component

Recent Developments

  • October 2022, Carbon neutrality, or the reduction of greenhouse gases to zero, has become a popular concept in Europe and other parts of the world due to efforts to combat the global problem of climate change.
  • June 2022, GE Steam Power will supply three nuclear steam turbines under a USD 165 million agreement with state-run engineering company BHEL. To supply three of the six nuclear steam turbines for NPCIL's domestic nuclear program-phase 1, developed at Gorakhpur, Haryana, and Kaiga, Karnataka, GE Steam Power has signed a USD 165 million contract with BHEL.

Top Key Players

GEA U Siemens MANA Toshiba Mitsubishi Hitachi Power Systems Eliott Group Bharat Heavy Electricals Limited Harbin Turbine Kawasaki Heavy Industries TurboTech General Electric Mitsui Man Diesel & Turbo Ansaldo Energia Fuji Electric Doosan Skoda Power and Dongfang Others

Frequently Asked Questions (FAQs)

How big is the Steam Turbine market?
The global steam turbine market size was valued at USD 22.3 billion in 2022. It is projected to reach USD 28.8 billion by 2031, growing at a CAGR of 2.9% during the forecast period (2023–2031).
Asia Pacific has the highest growth in the global market.
Key verticals adopting the market include: GEA,U Siemens, MANA, Toshiba, Mitsubishi Hitachi Power Systems, Eliott Group, Bharat Heavy Electricals Limited, Harbin Turbine, Kawasaki Heavy Industries TurboTech, General Electric, Mitsui, Man Diesel & Turbo, Ansaldo Energia, Fuji Electric, Doosan Skoda Power and Dongfang
Rising Demand for Electricity is the key driver for the growth of the global market.
The Rise in Government Policies is one of the upcoming key trends in the global market.

We are featured on :