Steam Turbine Market Overview 2024-2033 - Market Research, Insights, Demand, and Outlook

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Steam Turbine Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The steam turbine market size has grown steadily in recent years. It will grow from $16.89 billion in 2023 to $17.23 billion in 2024 at a compound annual growth rate (CAGR) of 2.0%. The growth in the historic period can be attributed to industrialization and power demand, expansion of power generation capacity, utilization in thermal power plants, cogeneration and combined heat and power (CHP) systems, reliability and longevity of steam turbines.

The steam turbine market size is expected to see marginal growth in the next few years. It will grow to $18.64 billion in 2028 at a compound annual growth rate (CAGR) of 2.0%. The growth in the forecast period can be attributed to integration in nuclear power plants, increasing demand for district heating systems, focus on energy efficiency in industries, replacement and upgradation in aging infrastructure, emergence of small-scale and modular power plants. Major trends in the forecast period include development of advanced steam turbine controls, focus on upgrading and retrofitting existing steam turbine plants, growth in small-scale and micro steam turbines, introduction of advanced steam turbine materials, collaborations for research and development in steam turbine technology.

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Market Segmentation:
The steam turbine market covered in this report is segmented -
1) By Plant Type: Gas, Coal, Nuclear, Other Plant Types
2) By Capacity: Rated Power (< 60MW), Rated Power (60-200MW), Rated Power (200MW)
3) By Technology: Steam Cycle, Combined Cycle, Cogeneration
4) By Design: Reaction, Impulse
5) By End-Use Industry: Power And Utility, Industrial

Major Driver - The Role Of Steam Turbines In Meeting The Rising Demand For Renewable Energy
The increase in focus on renewable energy is expected to propel the growth of the steam turbine market. Renewable energy, also identified as clean energy, provides consistent power supplies and fuel diversification, improving energy security and reducing the risk of fuel spills. The primary focus on renewable energy is to advance economic development, improve energy security, enhance access to power, and mitigate climate change. The increasing focus on renewable energy creates demand for steam turbines as these are a source of clean energy to produce electricity with no/less environmental impact. For instance, according to the renewable energy industry report by the India Brand Equity Foundation (IBEF), as of January 2022, India's installed renewable energy capacity stood at 152.36 GW, accounting for 38.56% of total installed power capacity. Power generation from renewable energy sources reached 13.15 billion units (BU) in January 2022, increasing from 11.51 BU in January 2021. Therefore, increasing focus on renewable energy will drive the growth of the steam turbine market.

Competitive Landscape:
Major companies operating in the steam turbine market report are Hitachi Ltd., Siemens AG, General Electric Company, Toshiba Corporation, Alstom Power Inc., Shanghai Electric Group Corp, Kawasaki Heavy Industries Ltd., Doosan Enerbility Co Ltd., Dongfang Electric Corporation Ltd., Fuji Electric Ltd., Weg SA, Black & Veatch Corporation, MAN Energy Solutions SE, Harbin Electric Company Limited, Solar Turbines Incorporated, Bharat Heavy Electricals Limited, Ansaldo Energia SpA, Power Machines Ltd., Babcock & Wilcox Enterprises Inc., NPO Saturn PJSC, Elliot Group Corp, Triveni Turbine Limited, Turboden S.p.A., L&T-MHI Power Turbine Generators Pvt Ltd., Vericor Power Systems LLC, Arani Power Systems Ltd., Turbine Technology Services Corporation, Beijing Beizhong Steam Turbine Generator Co Ltd., CMI Energy India Pvt Ltd,, Dresser-Rand Group Inc.

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Top Trend - Strategic Collaborations In The Steam Turbine Market
Major companies operating in the steam turbine market are adopting a strategic partnership approach to maximize the utilization and harness the energy content of syngas through the generation of steam. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in June 2023, Imerys S.A., a France-based mining company, partnered with E.ON SE, a Germany-based electric utility company. Through this partnership, E.ON is set to construct an advanced energy recovery facility at the Imerys site. The primary objective is to maximize and harness the energy content of syngas through steam production. The plant will employ a high-efficiency steam turbine with a capacity of up to 29 MWel to generate electricity. In addition to fulfilling Imerys' local energy requirements, the produced electricity will be fed into the public grid, catering to the energy needs of approximately 40,000 households. E.ON also envisions exploring the prospect of utilizing the residual heat from the power plant as a potential source for a district heating network in the future.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Steam Turbine Market Characteristics
3. Steam Turbine Market Trends And Strategies
4. Steam Turbine Market - Macro Economic Scenario
5. Steam Turbine Market Size And Growth
…..
27. Steam Turbine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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