Steam Turbine Industry Overview
The global steam turbine market size is expected to reach USD 19.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.3% from 2022 to 2030. The increasing deployment of combined heat and power (CHP) units in industrial and utility applications will boost market growth. Steam engines form an integral part of thermal power plants operating across the world. However, with increasing environmental concerns, the focus has been shifted from coal-fired thermal power stations to clean energy sources, including natural gas, fuel cells, and renewable energy generation plants.
The growth of 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. Steam turbines are 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.
The increasing installations of thermal power generation units in China and Southeast Asian countries are expected to fuel the growth of the market in coming years due to increase in energy demand. China, being rich in coal reserves, still focuses on coal-fired power plants despite their hazardous impact on the environment. In India, the market is anticipated to witness promising growth once the internal issues related to coal reserves in the country get resolved.
Steam Turbine Market Segmentation
Grand View Research has segmented the global steam turbine market on the basis of capacity, end-use, and region:
Based on the Capacity Insights, the market is segmented into Up to 150 MW, 151 to 300 MW, and More than 300 MW.
- Due to the high demand for small steam turbines in small- and mid-sized Combined Cycle Power Plants (CCPP), Combined Heat and Power (CHP), petrochemicals, biomass, and Concentrated Solar Power(CSP) solutions, the segment is expected to have the highest growth over the forecast period. In addition, vendors manufacturing steam turbines are more focused on the small steam turbines category due to high demand from steel, cement, chemical, and other industries.
- The more than 300 MW segment accounted for the largest revenue share of 63.5% in 2021. Up to 150 MW capacity steam turbines are expected to witness significant growth over the forecast period on account of increasing demand for industrial CHP units. CHP units are getting popular across various process industries on account of their superior efficiencies than single units.
- The demand for large capacity steam turbines is expected to see a decline due to the transition to renewable and clean energy technologies from coal-based power technologies in countries across the globe.
Based on the End-use Insights, the market is segmented into Up to 150 MW, 151 to 300 MW, and More than 300 MW.
- 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.
- 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.
Steam Turbine Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Ongoing globalization is the key to market competition with international trade forming an important aspect of sustainable growth. Most of the players have established joint ventures with several customers and suppliers in various countries globally that help increase their market shares, decrease their costs, and enable them to gain access to new markets.
Some of the prominent players in the steam turbine market include:
- General Electric
- Mitsubishi Power Ltd.
- Siemens Energy
- Toshiba Corporation
- Doosan Škoda Power
- Ansaldo Energia S.p.A
- Bharat Heavy Electricals Limited,
- MAN Energy Solutions
- Fuji Electric Co., Ltd.
- Harbin Electric Corporation
Order a free sample PDF of the Steam Turbine Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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