Steam Turbine Market on Track for Strong Growth, Estimated to Grow at 1.9% CAGR Through 2029

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What Is the Expected CAGR for the Steam Turbine Market Through 2025?
In recent times, there has been a slight enlargement in the steam turbine market size. There will be a growth from $17.09 billion in 2024 to $17.11 billion in 2025 with a compound annual growth rate (CAGR) of 0.1%. The earlier growth experienced can be credited to factors such as industrialization, power requirement, enlargement of power generation abilities, usage in thermal power plants, cogeneration, and combined heat and power (CHP) systems, along with the reliability and durability of steam turbines.

What's the Projected Size of the Global Steam Turbine Market by 2029?
In the coming years, the steam turbine market size is anticipated to experience a slight growth, reaching $18.44 billion by 2029, with a compound annual growth rate (CAGR) of 1.9%. The growth over the forecast period can be attributed to its integration in nuclear power plants, the rising demand for district heating systems, a focus on energy efficiency within industries, the replacement and upgrade of outdated infrastructure, and the emergence of small-scale and modular power plants. The main trends expected during the forecast period are the creation of advanced steam turbine controls, emphasis on updating and retrofitting existing steam turbine plants, the proliferation of small-scale and micro steam turbines, the launch of advanced steam turbine materials, and partnerships for research and development in steam turbine technology.

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Top Growth Drivers in the Steam Turbine Industry: What's Accelerating the Market?
Expectations for growth in the steam turbine market are being driven by the intensifying focus on renewable energy. Often referred to as clean energy, renewable energy offers a reliable source of power and diversification of fuel, enhancing energy security and minimizing the threat of fuel spills. The central aim of this increased emphasis on renewable energy is to foster economic growth, reinforce energy security, expand access to power, and combat climate change. The enhanced their commitment to renewable energy is sparking a demand for steam turbines, given their capacity to generate electricity with minimal to no environmental toll. For example, the U.S. Energy Information Administration (EIA), a U.S.-based agency of the US Federal Statistical System, published a report in April 2023 stating that renewable energy production and consumption reached unprecedented levels in 2022, making up roughly 13% (13.40 quads) of the entire energy production and the same percentage (13.18 quads) of the total energy consumption. Furthermore, both hydropower and geothermal energy experienced a 4% growth in 2022 compared to 2021. Consequently, the escalating focus on renewable energy is set to propel the growth of the steam turbine market.

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Which Emerging Trends Are Transforming the Steam Turbine Market in 2025?
Major corporations in the steam turbine industry are innovating and utilizing cutting-edge advancements like integrated production control systems, aiming to reach a larger clientele, boost sales, and thereby expand revenues. Integrated production control systems are an exhaustive and interlinked network of technologies, applications, and methodologies aimed at improving and regulating diverse aspects of production in an industry or a manufacturing setup. For example, in December 2022, the Yokogawa Electric Corporation, an electrical engineering and software establishment based in Japan, launched the CENTUM VP R6.10. The notable aspect of the CENTUMVP R6.10 in Yokogawa's integrated production control system within OpreX Control and Safety System offering is its ability to enable steam turbine control for compressor drive and coordinate management of multiple compressor trains. This incarnation doesn't only ensure process control and turbomachinery control on the familiar CENTUM VP system but also broadens the control spectrum within a single system. This broadening goes beyond just operational improvements but also embraces enhancements in the arenas of engineering, procurement, and maintenance processes. The CENTUM VP R6.10 comes with an advantage of its wide-ranging control potential, tailor-made to support steam turbine control for compressor drive and streamline operations through integrated management of multiple compressor trains.

What Are the Main Segments in the Steam Turbine Market?
The steam turbinemarket 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 Top Companies are Driving 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.

Which Regions Will Dominate the Steam Turbine Market Through 2029?
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.

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