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
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Report Coverage |
Details |
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Market Size in 2021 |
USD 27.93 Billion |
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Growth Rate from 2021 to 2030 |
2.9% |
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Largest Market |
Europe |
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Fastest Growing Market |
Asia Pacific |
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Base Year |
2021 |
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Forecast Period |
2021 to 2030 |
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Segments Covered |
Design, Exhaust, Fuel, End Use, Region |
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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:
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