Global Steam Turbine Market

Global Steam Turbine Market Size, Share, Growth Analysis, By Capacity(Up to 150 MW, 151 to 300 MW), By End-use(Power & Utility, and Industrial) - Industry Forecast 2023-2030


Report ID: SQMIG20E2046 | Region: Global | Published Date: July, 2030 | Pages: 202 | Tables: 62 | Figures: 75

Global Steam Turbine Market Insights

Global Steam Turbine Market size was valued at USD 16.27 Billion in 2022 and is poised to grow from USD 16.68 Billion in 2023 to USD 20.32 billion by 2031, at a CAGR 2.5% during the forecast period (2024-2031).

An increase in the number of nuclear power plants is projected to be commissioned to make up for the energy shortfall, which is expected to drive demand for turbines that generate steam in the future years. In 2022, the United States will overtake Canada as the biggest market in North America. One of the primary causes for increased demand for steam turbines is an increase in the amount of combined-cycle natural gas power plants in the country, as they are reliable sources of energy. Policymakers in the nation are working on creating sustainable energy producing plants. This is expected to boost the amount of steam turbine installation in the United States in the future years.

The growing focus of the government in the United States on developing energy-efficient and environmentally friendly power generation plants is also helping to increase the number of CHP installations in the country. The growing need for thermal power and heat in North America is likely to boost the region's market growth during the forecast period.

Policymakers in the United Kingdom are working on lowering carbon emissions and implementing energy-efficient electricity generation. As a result, different environmental and emission rules in the country have been developed and strictly enforced. In industrial applications, steam turbines are used in CHP units.

Due to a dearth of steam turbine parts, the COVID-19 pandemic has hampered the global growth of the steam turbine business, causing manufacturing delays and logistical issues. This causes additional delays in current steam turbine construction projects. The diversion of finances by steam turbine purchasers to sustain the COVID-19 issue has resulted in a decrease in orders for turbine installations.

Manufacturers of steam turbines have made additional steps to offer turbines to stop users with ongoing initiatives. To establish new power plants, vendors use digital tools, adhere to social distance rules, and use PPE.

Market snapshot - 2024-2031

Global Market Size

USD 16.27 Billion

Largest Segment

Power & Utility

Fastest Growth

Industrial

Growth Rate

al Steam Turbine Market size was valued at USD 16.27 Billion in 2022 and is poised to grow from USD 16.68 Billion in 2023 to USD 20.32 billion by 2031, at a CAGR 2.5% CAGR

Global Steam Turbine Market ($ Bn)
Country Share for North America Region (%)
Global Steam Turbine Market By End User ($ Bn)
Global Steam Turbine Market By End User (%)

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Global Steam Turbine Market Segmental Analysis

The global steam turbine market is segmented on the basis of capacity, end user, and region. Based on capacity, the market is segmented into up to 150 MW, 151 to 300 MW, more than 300 MW. Based on end-use, the market is segmented into power & utility, industrial. Based on region the global steam turbine market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Steam Turbine Market Analysis by Capacity

The market for steam turbines has been divided into three categories based on capacity: up to 150 MW, 151 to 300 MW, and those larger than 300 MW. In terms of revenue, greater than 300 MW made up 61.61% of the global market in 2022. The need for commercial CHP units is predicted to drive significant growth in steam turbines with capacities of up to 150 MW. CHP units are becoming increasingly used in a variety of process industries due to their higher efficiency than single units. CHP also provides direct power, power, and heat, so it has seen an increase in demand recently.

The market is predicted to expand the most throughout the projection period due to strong demand for small steam turbines in small and mid-sized combined cycle power plants (CCPP), combined heat and power (CHP), petrochemicals, biomass, & concentrated solar power (CSP) solutions. Furthermore, due to increased demand from the steel, cement, chemical in nature, and other industries, vendors producing steam turbines are focusing more on the small turbo turbines category.

The demand for big capacity steam turbines is predicted to fall as countries throughout the world migrate from coal-based power sources to clean and sustainable energy technologies. Increasing need for consistent power supply from developing nations such as China and India, on the other hand, is predicted to boost the market value of big capacity turbines that generate steam over the forecast period.

Steam Turbine Market Analysis by End User

The market has been divided into two segments based on end-use: power & utility and industrial. Power & utilities led the industry in terms of revenue in 2022, accounting for 85.55% of the overall market this year. This sector is projected to maintain its market dominance during the projection period. Steam turbines have traditionally been used in power generation applications.

Although steam turbine units can be used with any burning fuel, coal has historically been the primary fuel. As environmental concerns have grown, the use of power plants powered by coal alongside alternative energy sources like natural gas has been prohibited. Furthermore, the use of sources of clean energy has become an urgent necessity.

The increased industrial activity around the world can be linked to the market's rise in the industrial segment. Steam turbines are used in industrial applications such as CHP units. These units are more efficient than single units and generate outputs in a variety of ways. Furthermore, frequent load constraints and power interruptions have contributed to an increase in demand for turbines that generate steam in industrial in-house power plants.

Global Steam Turbine Market By End User (%), 2022 (%)

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Global Steam Turbine Market Regional Insights

North America led the market and is further projected to continue dominating the global market during the forecast period. In the United States, steam turbines are commonly employed in CHP applications. Unlike gas turbines & reciprocating engine CHP systems, heat is produced as a result of the power production process, heat turbine-based generators produce electricity as a byproduct of heat (steam) production. Because steam turbines employ different heat sources, they do not convert fuel to electric energy. High-pressure steam powers turbines and generators, transferring energy from boilers to turbines.

In Europe, steam turbines are often used in CHP applications. In big industrial CHP applications, extraction-condensing steam turbines are used. These turbines are used in combined-cycle plants to extract a part of the process's steam. In Europe, there are several independent power producers (IPPs) that use combined-cycle power plants that run on natural gas to deliver power to electric grids & steam to one or more industrial clients.

Global Steam Turbine Market By Region, 2024-2031
  • Largest
  • Fastest

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Global Steam Turbine Market Dynamics

Steam Turbine Market Drivers

Increasing Energy Demand

  • The global demand for electricity continues to rise due to population growth, urbanization, and industrialization. Steam turbines play a vital role in power generation, particularly in thermal power plants, as they efficiently convert thermal energy into electrical energy. The increasing energy demand is a significant driver for the steam turbine market.

Steam Turbine Market Restraints

High Initial Investment

  • Steam turbine installations involve significant capital investments, including the cost of equipment, infrastructure, and installation. The high initial investment required for steam turbine projects can be a barrier, particularly for small-scale power generation projects or projects in regions with limited access to financing. The capital-intensive nature of steam turbine installations can restrain market growth.

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Global Steam Turbine Market Competitive Landscape

The rise of globalization is a key to market rivalry, and international trade is a vital component of long-term growth. The majority of the firms have formed joint ventures with a variety of customers and vendors in various nations across the world, which helps them raise their market shares, lower their costs, and get access to new markets.

As part of their strategy, well-known industry players in the steam turbine market are focused on many important planned assets such as product customization, the development of innovative product lines, and inorganic growth initiatives. Additionally, market participants are giving services for upgradation and maintenance in order to acquire a competitive advantage above other market players.

Steam Turbine Market Top Player’s Company Profiles

  • General Electric Company
  • Siemens AG
  • Mitsubishi Hitachi Power Systems, Ltd.
  • Toshiba Energy Systems & Solutions Corporation
  • Ansaldo Energia S.p.A.
  • Bharat Heavy Electricals Limited (BHEL)
  • Doosan Škoda Power
  • Harbin Electric Corporation
  • Dongfang Electric Corporation Limited
  • Elliott Group
  • MAN Energy Solutions SE
  • Shanghai Electric Group Co., Ltd.
  • Fuji Electric Co., Ltd.
  • Hangzhou Steam Turbine Co., Ltd.
  • Power Machines
  • Turboden S.p.A.
  • Triveni Turbine Limited
  • Fuji Electric India Pvt. Ltd.
  • Shin Nippon Machinery Co., Ltd.
  • Peter Brotherhood Ltd

Steam Turbine Market Recent Developments

  • In January 2024, GE Vernova, a specialized global energy company headquartered in the US, declared the successful completion of the modernization project for four gas turbines at the Sabiya Combined Cycle Power Plant in Kuwait. This attempt has brought in improved efficiency and increased yield for the plant.

  • In February 2024, Siemens Energy unveiled a global innovation center at Khalifa University of Science and Technology in Abu Dhabi. The company's commitment to accelerating the transition to net zero emissions in the region and globally includes this initiative. The center aims to increase the development of new partnerships, technologies, and collaborative research opportunities. It will increase knowledge transfer, and capacity building, and create employment prospects.

  • In March 2024, ONE Store, the second-largest app market in Korea, surpassing global competitors, uncovered a significant agreement.  It made the news that a platform and service agreement had been made with HAPPYTUK, Taiwan's largest game publishing company. This agreement plans to offer an app market service customized for the Taiwanese market.

Global Steam Turbine Key Market Trends

  • Growing Focus on Renewable Energy: There is a global shift towards renewable energy sources as countries strive to reduce greenhouse gas emissions and mitigate climate change. Steam turbines play a crucial role in renewable energy applications such as concentrated solar power (CSP), biomass, geothermal, and waste-to-energy plants. The increasing adoption of these renewable energy sources is driving the demand for steam turbines in the market.
  • Increasing Efficiency and Performance: Continuous advancements in steam turbine technology are focused on improving efficiency and performance. Manufacturers are developing advanced blade designs, optimized steam paths, and innovative control systems to enhance turbine efficiency and power output. Improved efficiency helps reduce fuel consumption, operational costs, and environmental impacts.
  • Cogeneration and Combined Heat and Power (CHP) Systems: The implementation of cogeneration and CHP systems is gaining momentum across various industries. Steam turbines are integral components of these systems, as they efficiently generate electricity while simultaneously harnessing waste heat for heating or industrial processes. The emphasis on energy efficiency and resource optimization is driving the adoption of cogeneration systems, leading to increased demand for steam turbines.
  • Replacement and Modernization of Aging Infrastructure: Many steam turbines in power plants worldwide are aging and require replacement or modernization to enhance efficiency and operational flexibility. Upgrading existing steam turbines with advanced technologies can help improve power generation capacity, reduce emissions, and extend the operational life of power plants. The need to replace and modernize aging infrastructure drives market growth.

Global Steam Turbine Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global steam turbine market analysis, an increase in the number of nuclear power plants is projected to be commissioned to make up for the energy shortfall, thereby boosting In 2022, the United States will overtake Canada as the biggest market in North America. One of the primary causes for increased demand for steam turbines in the United States is an increase in the amount of combined-cycle natural gas power plants in the country, as they are reliable sources of energy. Policymakers in the nation are working on creating sustainable energy producing plants. This is expected to boost the amount of steam turbine installation in the United States in the future years.

Report Metric Details
Market size value in 2022 USD 16.27 Billion
Market size value in 2031 USD 20.32 billion
Growth Rate al Steam Turbine Market size was valued at USD 16.27 Billion in 2022 and is poised to grow from USD 16.68 Billion in 2023 to USD 20.32 billion by 2031, at a CAGR 2.5%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Capacity
    • Up to 150 MW, 151 to 300 MW, and more than 300 MW
  • End-use
    • Power & Utility, and Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • General Electric Company
  • Siemens AG
  • Mitsubishi Hitachi Power Systems, Ltd.
  • Toshiba Energy Systems & Solutions Corporation
  • Ansaldo Energia S.p.A.
  • Bharat Heavy Electricals Limited (BHEL)
  • Doosan Škoda Power
  • Harbin Electric Corporation
  • Dongfang Electric Corporation Limited
  • Elliott Group
  • MAN Energy Solutions SE
  • Shanghai Electric Group Co., Ltd.
  • Fuji Electric Co., Ltd.
  • Hangzhou Steam Turbine Co., Ltd.
  • Power Machines
  • Turboden S.p.A.
  • Triveni Turbine Limited
  • Fuji Electric India Pvt. Ltd.
  • Shin Nippon Machinery Co., Ltd.
  • Peter Brotherhood Ltd
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Steam Turbine Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Steam Turbine Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Steam Turbine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Steam Turbine Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Steam Turbine Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Steam Turbine Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQ's

Global Steam Turbine Market size was valued at USD 16.27 Billion in 2022 and is poised to grow from USD 16.68 Billion in 2023 to USD 20.32 billion by 2031, at a CAGR 2.5% during the forecast period (2024-2031).

The rise of globalization is a key to market rivalry, and international trade is a vital component of long-term growth. The majority of the firms have formed joint ventures with a variety of customers and vendors in various nations across the world, which helps them raise their market shares, lower their costs, and get access to new markets. 'General Electric Company', 'Siemens AG', 'Mitsubishi Hitachi Power Systems, Ltd.', 'Toshiba Energy Systems & Solutions Corporation', 'Ansaldo Energia S.p.A.', 'Bharat Heavy Electricals Limited (BHEL)', 'Doosan Škoda Power', 'Harbin Electric Corporation', 'Dongfang Electric Corporation Limited', 'Elliott Group', 'MAN Energy Solutions SE', 'Shanghai Electric Group Co., Ltd.', 'Fuji Electric Co., Ltd.', 'Hangzhou Steam Turbine Co., Ltd.', 'Power Machines', 'Turboden S.p.A.', 'Triveni Turbine Limited', 'Fuji Electric India Pvt. Ltd.', 'Shin Nippon Machinery Co., Ltd.', 'Peter Brotherhood Ltd'

The global demand for electricity continues to rise due to population growth, urbanization, and industrialization. Steam turbines play a vital role in power generation, particularly in thermal power plants, as they efficiently convert thermal energy into electrical energy. The increasing energy demand is a significant driver for the steam turbine market.

Growing Focus on Renewable Energy: There is a global shift towards renewable energy sources as countries strive to reduce greenhouse gas emissions and mitigate climate change. Steam turbines play a crucial role in renewable energy applications such as concentrated solar power (CSP), biomass, geothermal, and waste-to-energy plants. The increasing adoption of these renewable energy sources is driving the demand for steam turbines in the market.

North America led the market and is further projected to continue dominating the global market during the forecast period. In the United States, steam turbines are commonly employed in CHP applications. Unlike gas turbines & reciprocating engine CHP systems, heat is produced as a result of the power production process, heat turbine-based generators produce electricity as a byproduct of heat (steam) production. Because steam turbines employ different heat sources, they do not convert fuel to electric energy. High-pressure steam powers turbines and generators, transferring energy from boilers to turbines.

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Global Steam Turbine Market

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