Global Steam Turbine Market, By Design (Reaction, Impulse), Exhaust (Condensing, Non-condensing), Fuel (Fossil Fuel, Biomass, Geothermal), Capacity (≤3 MW, >3 MW - 100 MW, >100 MW), By Technology (Steam Cycle, Combined Cycle, Cogeneration), End Use Industry (Power Generation, Petrochemical, Oil and Gas, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Steam turbines are fundamentally used in conjunction with gas turbines to improve plant efficiency by harnessing exhaust gas heat to generate additional power. Steam turbine market revenue share will be thrusted by strict emission regulations to decrease GHG emissions and lowering natural gas prices. Additionally, over the forecast period, the industry's potential will be fueled by the government's continuous efforts to boost domestic manufacturing, which are aligned with a favorable prognosis for long-term political stability. These determinants will significantly aid the market traction over the forecast timeframe.
Global Steam Turbine Market was valued at USD 25,200.00 million in 2021 and is expected to reach USD 33183.59 million by 2029, registering a CAGR of 3.50% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.
Market Definition
A steam turbine is a mechanical device that uses thermal energy to perform mechanical work from a rotating output shaft. A steam turbine is made up of a boiler, turbine, condenser, feed pump, and numerous other components. Steam turbines are powered by a heated, gaseous stream that flows from the turbine's revolving blades. The steam spins the blades continually, transforming the bulk of the steam's energy into kinetic energy. It is used to generate electricity by powering a generator. Thermal energy, which is the most frequently used source of energy for electricity generation worldwide and has the biggest installed capacity of any other source, is used to power steam turbines.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Design (Reaction, Impulse), Exhaust (Condensing, Non-condensing), Fuel (Fossil Fuel, Biomass, Geothermal), Capacity (≤3 MW, >3 MW - 100 MW, >100 MW), By Technology (Steam Cycle, Combined Cycle, Cogeneration), End Use Industry (Power Generation, Petrochemical, Oil and Gas, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Poland, Norway, Finland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa
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Market Players Covered
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General Electric (U.S.), Siemens (Spain), Shanghai Electric (China), ABB (Switzerland), Doosan Corporation (South Korea), Alstom (France), Hitachi Ltd. (Japan), Ming Yang Smart Energy Group Co (China), Rockwell Automation Inc., (U.S.), Toshiba Corporation (Japan), Hyundai Motor Company (South Korea), Schneider Electric (France), Elliott Group (U.S.), Taiyuan Heavy Industry Co., (China), Fuji Electric Co., Ltd. (Japan) and Man Diesel & Turbo SE (Germany)
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Market Opportunities
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Steam Turbine Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Surge in Demand for Power
The need for steam turbines is projected to expand in tandem with the rise in power demand. Around the world, steam-electric power plants generate the majority of electric electricity. As the world's population expands, the demand for power is expected to skyrocket. This factor is expected to drive up demand for steam turbines even further. On the other hand, the worldwide steam turbine market has yet to realize its full potential.
Furthermore the factors such as the rapid industrialization and rising electricity demand, particularly in developing economies will drive industry growth. Moreover, increasing electricity consumption and surging thermal power capacities also accelerates the market growth. With ever-growing electricity consumption, annual thermal capacity additions are increasing. Another factor increasing demand for steam turbines is the growth of the renewable energy market, notably in biomass. The rising need for steam turbines for power generation has been fueled by frequent power outages, blackouts, and load shedding. The expansion of the steam turbine for power generation market is predicted to be fueled by an increase in combined cycle and co-generation activities all over the world.
Opportunities
- Surging Developments and Research
Furthermore, various developments and technological advancements of steam turbines by the market players further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the consistent research to produce clean coal technology offers lucrative growth opportunities for the market.
- Increasing Government Policies
Several government policies are in place to support the greener energy initiative. Many multinational corporations are taking steps to reduce their carbon footprint in order to contribute to a greener world and long-term sustainability. For instance, Equinor (Norway), aims to cut carbon emissions in half by 2050. One component of the strategy is to expand its renewable energy businesses, particularly steam turbine, which could reach 6,000 megawatts in six years and 16,000 megawatts in fifteen years. As a result, the boost in various government policies as well as the regulations associated with greener energy initiative and reduction in carbon footprint generates various opportunities for the market.
Restraints/Challenges
- High Capital Costs
The high capital cost is preventing the implementation of steam turbine which can further become a major disadvantage for the steam turbine market. This factors is anticipated hamper the overall growth of the market.
- Surging Restrictions due to Climate Concerns
There has been growing concerns about carbon emissions' negative impact on the climate, as well as policies at the regional and national levels such as capping the amount of emissions acceptable from these plants, have led to the retirement of existing plants and the postponement of future construction in favor of other, more expensive options. The regulatory and legislative restrictions on fossil-fuel-fired power plants will further pose as a serious challenge to the growth of the steam turbine market.
This steam turbine market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the steam turbine market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Steam turbine Market
The recent outbreak of coronavirus had a negative impact on the steam turbine market, because of the enforcement of lockdowns and a large decrease in capital spending in terms of improvements and growth of power production activities, the COVID-19 pandemic has only a minor impact on the steam turbine industry. Government initiatives to restart operations in significant enterprises, manufacturing facilities, and infrastructure projects, on the other hand, will boost market growth. The government's increasing investment in various power production facilities as a result of the increased importance of self-sufficiency during the pandemic breakout led to the expansion of the steam turbine market. During the epidemic, there was a drop in infrastructure and construction development operations, which had a detrimental impact on market development.
Global Steam Turbine Market Scope
The steam turbine market is segmented on the basis of design, exhaust, fuel, capacity, technology and end use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Design
- Reaction
- Impulse
Exhaust
- Condensing
- Non-condensing
Fuel
- Fossil Fuel
- Biomass
- Geothermal
Capacity
- ≤3 MW
- >3 MW - 100 MW
- >100 MW
Technology
- Steam Cycle
- CombinedCycle
- Cogeneration
End Use Industry
- Power Generation
- Petrochemical
- Oil and Gas
- Others
Steam Turbine Market Regional Analysis/Insights
The steam turbine market is analyzed and market size insights and trends are provided by country, design, exhaust, fuel, capacity, technology and end use industry as referenced above.
The countries covered in the steam turbine market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the steam turbine market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the rising integration of combined cycle technologies for captive power generation within the region.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029. This is due to the strict government regulations imposed in countries such as China to decrease greenhouse gas emissions from key industries.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Steam turbine Market Share Analysis
The steam turbine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to steam turbine market.
Some of the major players operating in the steam turbine market are
- General Electric (U.S.)
- Siemens (Spain)
- Shanghai Electric (China)
- ABB (Switzerland)
- Doosan Corporation (South Korea)
- Alstom (France)
- Hitachi Ltd. (Japan)
- Ming Yang Smart Energy Group Co (China)
- Rockwell Automation Inc., (U.S.)
- Toshiba Corporation (Japan)
- Hyundai Motor Company (South Korea)
- Schneider Electric (France)
- Elliott Group (U.S.)
- Taiyuan Heavy Industry Co., (China)
- Fuji Electric Co., Ltd. (Japan)
- Man Diesel & Turbo SE (Germany)
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