The global steam turbine market was valued at USD 27.93 billion in 2021 and is expected to reach over USD 36.2 billion by 2030 and poised to grow at a CAGR of 2.9% from 2021 to 2030.
Growth Factors:
An increased number of power plants are likely to be commissioned to compensate for the energy deficit and this is expected to propel the demand for steam turbines in the coming years. The U.S. emerged as the largest market for steam turbines 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 steam turbines in the U.S.
Policymakers in the country are focusing on developing sustainable energy generation plants. This is anticipated to surge the number of steam turbine installations in the U.S. in the coming years. The increasing focus of the Government of the U.S. on establishing energy-efficient and clean power generation plants is also contributing to the surge in the number of CHP installations in the country. Rising demand for combined heat and power across North America is expected to drive the market in the region over the forecast period. Policymakers in the U.K. are focusing on reducing carbon emissions and carrying out energy-efficient power generation. This has resulted in the formulation and stringent implementation of various environmental and emission norms in the country. Steam turbines are employed in industrial applications for use in CHP units.
The COVID-19 pandemic has hindered the growth of the market for steam turbines globally owing to the unavailability of steam turbine parts that delay their production and cause logistic issues. This further results in delays in ongoing steam turbine installation projects. A reduction in new orders for turbine installations is being witnessed owing to the diversion of funds by steam turbine buyers to sustain the COVID-19 crisis. Steam turbine manufacturers have taken subsequent steps to provide turbines to end-users with ongoing projects. Vendors are opting for digital tools and are following social distancing norms and using PPE to carry out new power plant installations.
Scope of the Steam Turbine Market
|
Report Coverage |
Details |
|
Market Size in 2021 |
USD 27.93 Billion |
|
Growth Rate from 2021 to 2030 |
2.9% |
|
Largest Market |
Europe |
|
Fastest Growing Market |
Asia Pacific |
|
Base Year |
2021 |
|
Forecast Period |
2021 to 2030 |
|
Segments Covered |
Design, Exhaust, Fuel, End Use, Region |
|
Companies Mentioned |
Toshiba Corporation, Fuji Electric Co. Ltd, Istom SA, Mitsubishi Hitachi Power Systems, Siemens AG, Man Diesel & Turbo SE, Bharat Heavy Electricals Ltd., Doosan Skoda Power, Kawasaki Heavy Industries, Ansaldo Energia |
End-use Insights
In terms of revenue, the power and utility segment led the steam turbine market and accounted for the largest revenue share of 85.3% in 2021. This segment is expected to maintain its dominance in the market over the forecast period as well. Steam turbines have been traditionally employed in electrical power generation applications. Steam turbine units can be paired with any combustion fuel, however; coal has been the preferred fuel from the past. 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 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. In addition, frequent load limits and power outages have contributed to the increasing demand for steam turbines in in-house power plants in the industrial sector.
Regional Insights
Steam turbines are widely used for CHP applications in the U.S. Unlike gas turbines and reciprocating engine CHP systems wherein heat is a byproduct of the power generation process, steam turbine-based generators normally generate electricity as a byproduct of heat (steam) generation. Steam turbines use separate heat sources and as such, fuel is not converted to electric energy by them. The energy is transferred from boilers to turbines through high-pressure steam that powers turbines and generators. Steam turbines are also 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.
There are a large number of Independent Power Producers (IPP) in Europe using combined-cycle power plants, which operate on natural gas to provide power to electric grids and steam to one or more industrial customers. In Russia, the demand for power and heat is rapidly increasing in the country, thereby pushing the limits of current production throughout the country. Moreover, high-energy industrial users in the country take into account the value of onsite power generation and self-generation in wake of rising electricity prices and concerns related to the uninterrupted and secure power supply.
Some of the prominent players in the Steam Turbine Market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Design
By Exhaust
By Fuel
By End Use
By Technology
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Steam Turbine Market Study:
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Steam Turbine Market
5.1. COVID-19 Landscape: Steam Turbine Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Steam Turbine Market, By Design Type
8.1. Steam Turbine Market, by Design Type, 2022-2030
8.1.1. Reaction
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Impulse
8.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Steam Turbine Market, By Exhaust Type
9.1. Steam Turbine Market, by Exhaust Type, 2022-2030
9.1.1. Condensing
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Non-condensing
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Steam Turbine Market, By Technology Type
10.1. Steam Turbine Market, by Technology Type, 2022-2030
10.1.1. Steam Cycle
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Combined Cycle
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Cogeneration
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Steam Turbine Market, By Fuel Type
11.1. Steam Turbine Market, by Fuel Type, 2022-2030
11.1.1. Fossil Fuel
11.1.1.1. Market Revenue and Forecast (2017-2030)
11.1.2. Biomass
11.1.2.1. Market Revenue and Forecast (2017-2030)
11.1.3. Geothermal
11.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 12. Global Steam Turbine Market, By End Use Type
12.1. Steam Turbine Market, by End Use, 2022-2030
12.1.1. Industrial
12.1.1.1. Market Revenue and Forecast (2017-2030)
12.1.2. Utility
12.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 13. Global Steam Turbine Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Design (2017-2030)
13.1.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.1.3. Market Revenue and Forecast, by Technology (2017-2030)
13.1.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.1.5. Market Revenue and Forecast, by End Use (2017-2030)
13.1.6. U.S.
13.1.6.1. Market Revenue and Forecast, by Design (2017-2030)
13.1.6.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.1.6.3. Market Revenue and Forecast, by Technology (2017-2030)
13.1.6.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.1.7. Market Revenue and Forecast, by End Use (2017-2030)
13.1.8. Rest of North America
13.1.8.1. Market Revenue and Forecast, by Design (2017-2030)
13.1.8.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.1.8.3. Market Revenue and Forecast, by Technology (2017-2030)
13.1.8.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.1.8.5. Market Revenue and Forecast, by End Use (2017-2030)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Design (2017-2030)
13.2.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.2.3. Market Revenue and Forecast, by Technology (2017-2030)
13.2.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.2.5. Market Revenue and Forecast, by End Use (2017-2030)
13.2.6. UK
13.2.6.1. Market Revenue and Forecast, by Design (2017-2030)
13.2.6.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.2.6.3. Market Revenue and Forecast, by Technology (2017-2030)
13.2.7. Market Revenue and Forecast, by Fuel (2017-2030)
13.2.8. Market Revenue and Forecast, by End Use (2017-2030)
13.2.9. Germany
13.2.9.1. Market Revenue and Forecast, by Design (2017-2030)
13.2.9.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.2.9.3. Market Revenue and Forecast, by Technology (2017-2030)
13.2.10. Market Revenue and Forecast, by Fuel (2017-2030)
13.2.11. Market Revenue and Forecast, by End Use (2017-2030)
13.2.12. France
13.2.12.1. Market Revenue and Forecast, by Design (2017-2030)
13.2.12.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.2.12.3. Market Revenue and Forecast, by Technology (2017-2030)
13.2.12.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.2.13. Market Revenue and Forecast, by End Use (2017-2030)
13.2.14. Rest of Europe
13.2.14.1. Market Revenue and Forecast, by Design (2017-2030)
13.2.14.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.2.14.3. Market Revenue and Forecast, by Technology (2017-2030)
13.2.14.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.2.15. Market Revenue and Forecast, by End Use (2017-2030)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Design (2017-2030)
13.3.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.3.3. Market Revenue and Forecast, by Technology (2017-2030)
13.3.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.3.5. Market Revenue and Forecast, by End Use (2017-2030)
13.3.6. India
13.3.6.1. Market Revenue and Forecast, by Design (2017-2030)
13.3.6.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.3.6.3. Market Revenue and Forecast, by Technology (2017-2030)
13.3.6.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.3.7. Market Revenue and Forecast, by End Use (2017-2030)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Design (2017-2030)
13.3.8.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.3.8.3. Market Revenue and Forecast, by Technology (2017-2030)
13.3.8.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.3.9. Market Revenue and Forecast, by End Use (2017-2030)
13.3.10. Japan
13.3.10.1. Market Revenue and Forecast, by Design (2017-2030)
13.3.10.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.3.10.3. Market Revenue and Forecast, by Technology (2017-2030)
13.3.10.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.3.10.5. Market Revenue and Forecast, by End Use (2017-2030)
13.3.11. Rest of APAC
13.3.11.1. Market Revenue and Forecast, by Design (2017-2030)
13.3.11.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.3.11.3. Market Revenue and Forecast, by Technology (2017-2030)
13.3.11.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.3.11.5. Market Revenue and Forecast, by End Use (2017-2030)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Design (2017-2030)
13.4.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.4.3. Market Revenue and Forecast, by Technology (2017-2030)
13.4.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.4.5. Market Revenue and Forecast, by End Use (2017-2030)
13.4.6. GCC
13.4.6.1. Market Revenue and Forecast, by Design (2017-2030)
13.4.6.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.4.6.3. Market Revenue and Forecast, by Technology (2017-2030)
13.4.6.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.4.7. Market Revenue and Forecast, by End Use (2017-2030)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Design (2017-2030)
13.4.8.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.4.8.3. Market Revenue and Forecast, by Technology (2017-2030)
13.4.8.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.4.9. Market Revenue and Forecast, by End Use (2017-2030)
13.4.10. South Africa
13.4.10.1. Market Revenue and Forecast, by Design (2017-2030)
13.4.10.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.4.10.3. Market Revenue and Forecast, by Technology (2017-2030)
13.4.10.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.4.10.5. Market Revenue and Forecast, by End Use (2017-2030)
13.4.11. Rest of MEA
13.4.11.1. Market Revenue and Forecast, by Design (2017-2030)
13.4.11.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.4.11.3. Market Revenue and Forecast, by Technology (2017-2030)
13.4.11.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.4.11.5. Market Revenue and Forecast, by End Use (2017-2030)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Design (2017-2030)
13.5.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.5.3. Market Revenue and Forecast, by Technology (2017-2030)
13.5.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.5.5. Market Revenue and Forecast, by End Use (2017-2030)
13.5.6. Brazil
13.5.6.1. Market Revenue and Forecast, by Design (2017-2030)
13.5.6.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.5.6.3. Market Revenue and Forecast, by Technology (2017-2030)
13.5.6.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.5.7. Market Revenue and Forecast, by End Use (2017-2030)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Design (2017-2030)
13.5.8.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.5.8.3. Market Revenue and Forecast, by Technology (2017-2030)
13.5.8.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.5.8.5. Market Revenue and Forecast, by End Use (2017-2030)
Chapter 14. Company Profiles
14.1. Toshiba Corporation
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. Fuji Electric Co. Ltd
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. Istom SA
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. Mitsubishi Hitachi Power Systems
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Siemens AG
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. Man Diesel & Turbo SE
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. Bharat Heavy Electricals Ltd.
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. Doosan Skoda Power
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. Kawasaki Heavy Industries
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
14.10. Ansaldo Energia
14.10.1. Company Overview
14.10.2. Product Offerings
14.10.3. Financial Performance
14.10.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers