Steam Turbine Market Poised for 2.3 % Growth, Set to Hit $248.39 Billion by 2029

What combination of drivers is leading to accelerated growth in the steam turbine market?
The burgeoning emphasis on renewable energy is anticipated to fuel the expansion of the steam turbine market. Renewable energy, also known as clean energy, offers constant power sources and diversifies fuel, thereby enhancing energy security and lessening the danger of fuel leaks. The primary purpose of focusing on renewable energy is to foster economic growth, bolster energy security, widen access to electricity, and counteract climate change. This intensified attention towards renewable energy stokes the demand for steam turbines, which are a form of clean energy that produce electricity with minimal or zero environmental harm. For instance, a report by the U.S. Energy Information Administration (EIA), a U.S.-based branch of the US Federal Statistical System, stated in April 2023 that renewable energy production and consumption reached all-time highs in 2022, contributing about 13% (13.40 quads) to overall energy production and 13% (13.18 quads) to total energy consumption. Furthermore, there was a 4% rise in hydropower generation and geothermal energy usage in 2022 when compared to 2021. Thus, the elevating focus on renewable energy will positively impact the growth of the steam turbine market.

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What is the projected compound annual growth rate (CAGR) of the steam turbine market from 2025 to 2034, and what factors influence it?
Over the past few years, the steam turbine market has seen a slight increase in size. It is expected to expand from a valuation of $17.09 billion in 2024 to $17.39 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 1.7%. This growth during the historic period can be accredited to factors such as industrialization, increased power demand, extension of power generation capacity, usage in thermal power plants, cogeneration, and combined heat and power (CHP) systems, as well as the reliability and durability of steam turbines.

The market size of the steam turbine is poised for consistent expansion in the forthcoming years, with an expected growth to $19.06 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 2.3%. The projected uptick during the forecast period is likely due to their integration into nuclear power operations, rising demand for district heating systems, concentration on industrial energy efficiency, renewal and enhancement of old infrastructure, along with the advent of compact and modular power plants. Furthermore, the future trend predicts the evolution of sophisticated steam turbine controls, emphasis on modernization and retrofitting of existing steam turbine facilities, escalation in small-scale and micro steam turbines, the launch of state-of-the-art steam turbine materials, as well as partnerships aimed at the research and development in the steam turbine sector.

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How are the latest trends influencing the growth of the steam turbine market?
Leading businesses within the steam turbine market are pushing the envelope with the creation of cutting-edge innovations like integrated production control systems. These systems are an amalgamation of diverse technologies, software, and procedures - all aimed at upgrading and perfecting varying components of industrial or manufacturing production. A prime exemplar of this would be the release of CENTUM VP R6.10 by Yokogawa Electric Corporation, an electrical engineering and software enterprise based in Japan, in December 2022. The standout aspect of the CENTUM VP R6.10 within the integrated production control system offered by Yokogawa lies within its ability to streamline the control of steam turbines for compressor drive, and simultaneously manage multiple compressor trains. It's not just about process control and turbomachinery control on the same CENTUM VP system; it further broadens the control spectrum achievable with a singular system. This expansion not only offers operational benefits but also boosts engineering, procurement, and maintenance processes. The distinguishing feature of the CENTUM VP R6.10 is its broader range of control designed specifically to bolster steam turbine control for compressor drive and streamline operations via the integrated control of various compressor trains.

What are the major segments of the steam turbine market and their role in driving growth?
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 (200MW)
3) By Technology: Steam Cycle, Combined Cycle, Cogeneration
4) By Design: Reaction, Impulse
5) By End-Use Industry: Power And Utility, Industrial

Subsegments:
1) By Gas: Combined Cycle Gas Plants, Simple Cycle Gas Plants
2) By Coal: Pulverized Coal Plants, Fluidized Bed Coal Plants
3) By Nuclear: Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR)
4) By Other Plant Types: Biomass Plants, Geothermal Plants, Waste-To-Energy Plants

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Which regions are key players in the growth of the steam turbine market?
Western Europe was the largest region in the steam turbine market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the steam turbine market?
Major companies operating in the steam turbine market include Hitachi Ltd., Siemens AG, General Electric Company, Toshiba Corporation, 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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What Is Covered In The Steam Turbine Global Market Report?

•Market Size Forecast: Examine the steam turbine market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the steam turbine market for a structured understanding.
•Key Players Overview: Analyze major players in the steam turbine market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the steam turbine market.
•Segment Contributions: Evaluate how different segments drive overall growth in the steam turbine market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the steam turbine market.
•Industry Challenges: Identify potential risks and obstacles affecting the steam turbine market.
•Competitive Landscape: Review strategic developments in the steam turbine market, including expansions, agreements, and new product launches.

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