Steam Turbine Market To Reach USD 19.64 billion by 2031, CAGR: 2.2%. | General Electric (GE), Siemens Energy

Market Overview:

The global steam turbine market size was valued at US$ 16.27 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 2.2% from 2023 to 2030.

Market Dynamics:

Growing energy demand across the globe coupled with focus on cleaner energy sources are the major drivers propelling the growth of steam turbine market. Global energy demand is projected to increase by almost 50% by 2050, with most of the increase coming from countries that are not in the Organization for Economic Cooperation and Development (OECD). To meet this growing demand, investments in power generation capacity especially renewable and nuclear are increasing. Also, steam turbines provide stability and reliability in power generation from renewable sources making them suitable for integrating intermittent renewable power like solar and wind energy. Furthermore, steam turbines find increasing usage in petoleum refineries, gas processing plants, desalination plants, and district heating which is further augmenting the market growth.

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Ability to Provide Baseload Power Presents an Opportunity

While renewable energy capacity is growing rapidly, an opportunity exists for steam turbines to play a flexible role in powering sustainable energy infrastructure. Unlike variable renewable sources like solar and wind, steam turbines can provide critical baseload power generation required to balance intermittent supply. As more countries incorporate high levels of renewables into their grids, flexible plants like combined cycle gas turbines containing steam turbines will be needed to ensure power reliability when the sun is not shining or the wind is not blowing. These natural gas plants with steam turbines have an important role to play as a supporting technology that can ramp up or down output as needed to stabilize grids with large renewable shares. Their ability to reliably provide baseload power makes them well-positioned to partner with renewable energy for clean, stable electricity systems.

Trend Towards Higher Efficiency Drives Steam Turbine Innovation

A major trend influencing the steam turbine market is the push for ever greater efficiency. As environmental regulations tighten and the costs of fuel rise, there is pressure on steam turbine manufacturers to continuously improve the performance of their products. Utilities and power producers demand steam turbines that derive maximum output from each unit of fuel input. This has spurred innovative new designs featuring advanced materials, computational fluid dynamics modeling, and close-clearance technologies. The trend towards higher efficiency is benefitting the market as improved steam turbines allow plants to lower fuel costs and carbon intensity per unit of power generated. Ongoing efficiency gains through new designs, upgrades, and maintenance will be important for the long term viability and competitiveness of steam turbine technology.

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Top Companies Included in This Report:

★ General Electric (GE)
★ Siemens Energy
★ Mitsubishi Power Ltd.
★ Toshiba Corporation
★ Doosan Škoda Power
★ Ansaldo Energia S.p.A.
★ Bharat Heavy Electricals Limited (BHEL)
★ Fuji Electric Co., Ltd.,

Market Segmentation:

By Product Type:

★ By Capacity: Up to 150 MW, 151 MW to 300 MW, More than 300 MW
★ By End Use: Power & Utility, Industrial

Key Regions/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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The report offers insights on the following topics:

Chapter 1: Study Coverage

Chapter 2: Executive Summary

Chapter 3: Competitor Landscape of the Steam Turbine Market by Players

Chapter 4: Market Size of the Steam Turbine Market by Type and Application

Chapter 5: Global and Regional Analysis

Chapter 6: Company Profiles, Recent Developments, and Investments

Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors

Chapter 8: Analysis of Value Chain and Sales Channels, including notable product developments

Chapter 9: Research Findings and Conclusion

Chapter 10: Methodology/Research Approach

Ultimately, the Steam Turbine Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the Steam Turbine industry.

Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.

Author Bio:

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