Global Steam Turbine Market Trends, Growth, and Opportunities (2023-2030)

Market overview:

The global steam turbine market was valued at $ 16,543.80 Million in 2022, and is projected to reach $ 20,747.68 Million by 2030, growing at a CAGR of 2.87% from 2023 to 2030.

Steam turbines are a type of rotating heat engine that converts thermal energy into mechanical energy, which is then used to generate electricity or drive other machinery. Steam turbines are used in a wide range of applications, including power generation, industrial processes, and marine propulsion.

The worldwide steam turbine market is predicted to grow considerably over the forecast period, owing to increased energy demand and consistent expenditures for capacity expansions. Steam turbines absorb thermal energy from steam and convert it to mechanical effort via a rotating output shaft.

Furthermore, the growth of marine excavation will substantially influence the steam turbine business. Furthermore, the market is expected to grow due to increased efforts to alleviate energy demand, supply gaps, and current thermal power project development.

The worldwide steam turbine market will be propelled by strong economic growth and regulatory policies that promote low-emission fuels such as natural gas and biomass. The growing interest in energy optimization and the emphasis on cogeneration will benefit the business landscape. Regulations to reduce carbon emissions and increase expenditures in constructing large-scale thermal power projects will help drive the steam turbine industry.

 The global pandemic caused by the outbreak of COVID-19 has had a substantial impact on the global steam turbine business. Government policies aiming at preserving social distance have resulted in the closure of virtually all business premises, resulting in a significant decline in energy demand. Furthermore, the industry and the Steam Turbine Market Key Players are suffering from a labor shortage due to the global recession, which has hampered the production capacity of leading manufacturers in the market.

Key Players:

·         General Electric (US)

·         Siemens AG (Germany)

·         Mitsubishi Heavy Industries Ltd (Japan)

·         Shanghai Electric (China)

·         Dongfang Electric Corp Ltd (China)

·         Harbin Electric Corporation (China)

·         Bharat Heavy Electricals Limited (India)

·         Toshiba (Japan)

·         Doosan (South Korea)

·         Ansaldo Energia (Italy)

·         MAN Energy Solutions (Germany)

·         Fuji Electric Co., Ltd. (Japan)

·         WEG (Brazil)

Market segmentation:

The worldwide steam turbine market has been divided into the following categories:

According to the Type:

●       Combined Cycle

●       Steam Cycle

According to the Application:

●       Coal

●       Biomass

●       Nuclear

●       Others

According to the Rated Capacity:

●       351-750 MW

●       121-350 MW

●       1-120 MW

●       Above 750 MW

According to the Exhaust Type:

●       Non-condensing

●       Condensing

Regional analysis:

The worldwide Turbine generator market size is divided into America, Asia-Pacific, Europe, the Middle East and Africa based on region.

In terms of revenue, Europe led the worldwide steam turbine market in 2020 and is expected to maintain its dominance over the projected period. This is due to a change in emphasis away from conventional energy sources and toward renewable energy sources.

During the projection period, Asia-Pacific is expected to be the most opportunistic segment. The Asia-Pacific region is expected to continue its market leadership because of the large number of fossil fuel and biomass-powered power facilities. The fast industrial expansion in both China and India has spurred demand for steam turbines.

Recent developments:

In July 2021, Bharat Heavy Electricals Limited (BHEL) announced that the Nuclear Power Corporation of India Limited (NPCIL) had awarded it a contract to supply 12 steam generators for indigenously developed 700 MWe pressurized heavy water reactors (PHWRs) to be built in four locations across the country.

General Electric and Harbin Electric Corporation announced in December 2021 that Guangdong Energy Group Co. Ltd, a Chinese state-owned power provider, had bought two GE 9HA.01 gas turbines for its Guangdong Huizhou combined-cycle power plant in Guangdong province, in the Greater Bay Area.

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