Steam Turbine Market | Growth, Statistics, Competitor Landscape, Key Players Analysis, Trends 2023
Global Steam Turbine Market Highlights
The global steam turbine market is expected to reach approximately USD 19.21 million by the end of 2023, growing at a CAGR more than 4.2% between 2017 and 2023. Steam Turbines use thermal energy, which is the most commonly used source of energy for electricity generation, globally, and has a greater installed capacity than any other source of energy. Industrial uses such as Generators at power plants and large ships run on steam turbines, while smaller steam turbines are used to drive pumps and fans at petrochemical plants.
Thermal energy plays a vital role in generating electricity from sources such as coal, nuclear, and biomass. Increasing demand for electricity, rapid industrialization, and development of more efficient turbines & technology, help Steam turbines secure a larger footprint in large and high growth in market. They require less space, have a large capacity, and are designed for a greater range of speed, which act as major drivers for the growth of the market.
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Steam turbine installations can significantly lead to incremental improvements in single power stations' operations due to which various power generation companies are investing in steam turbines to leverage the opportunity. Steam turbines are also key in the nuclear sector. Establishment of nuclear sector in developing countries is likely to propel the demand for steam turbines over the forecast period. Growing niche applications of steam turbines in concentrated solar power (CSP) where they contribute to emission-free energy facilities have been instrumental in driving the steam turbine market. Steam turbines are also used in geothermal power plants which are commonplace in US, Iceland, Italy and east Africa.
Competitive Landscape
ABB (Switzerland), Alstom SA (France), General Electric (U.S.), Man Diesel & Turbo SE (Germany), Mitsubishi Hitachi Power Systems (Japan), Siemens AG (Germany), Elliott Group (U.S.), Fuji Electric Co., Ltd., (Japan), and Toshiba Corporation (Japan) are the leading players in the global steam turbine market.
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Segmentation
The global steam turbine market has been segmented based on plant fuel, capacity, exhaust type, and end user.
By plant fuel, the steam turbine market has been segmented into coal, Gas, Nuclear and others.
By capacity, the steam turbine market has been segmented into Up to 120 MW, 121-750 MW and Above 750 MW.
By exhaust type, the steam turbine market has been segmented into condensing steam turbines and non-condensing steam turbines.
By end user, the steam turbine market has been segmented into Power & Utility, Industrial and others.
Regional Analysis
By region, the steam turbine market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
Asia Pacific is the largest market for steam turbine and is anticipated to capture the highest CAGR over the forecast period. Augmenting need for generation of electricity in the region has catapulted the demand for steam turbines. Continued development of coal-fired electricity power generation in the APAC region along with estimated rebound in in orders for combined-cycle gas turbine (CCGT) power stations is likely to propel the market growth over the forecast period. However, thermal power generation in Japan has witnessed a slowdown and power generation companies have drastically reduced their investment in equipment which might affect the market growth. Moreover, the region is making a transition towards cleaner energy resources which might affect the growth of the market.
The Europe steam turbine market is anticipated to exhibit sluggish growth rate over the forecast period. This can be attributed to shifting focus from traditional to cleaner and renewable energy sources.
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