Steam Turbine Market Forecast Highlights Rising Power Generation Needs

According to a new report published by Allied Market Research, the steam turbine market size was valued at $17.5 billion in 2022 and is projected to reach $22.4 billion by 2032, growing at a CAGR of 2.6% from 2023 to 2032. The market growth is primarily driven by increasing demand for thermal power generation, rapid industrialization, and rising electricity consumption across developing economies.

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Overview of the Steam Turbine Market

A steam turbine is a mechanical device that converts thermal energy from steam into mechanical energy, which is then transformed into electrical energy. Steam is generated by heating water using various energy sources such as coal, natural gas, nuclear power, biomass, or solar thermal energy. As high-pressure steam passes over turbine blades, it expands and cools, causing the turbine shaft to rotate and generate power.

Steam turbines play a crucial role in large-scale electricity generation and are widely used in power plants, oil & gas facilities, petrochemical units, and industrial cogeneration systems. The steam turbine market continues to remain relevant despite the growth of renewable energy due to its reliability, efficiency, and ability to operate at large capacities.

Key Drivers Fueling Market Growth

The growth of the global steam turbine market is largely attributed to the rising demand for electricity and the expansion of thermal power generation capacity. Developing countries are witnessing rapid urbanization and industrial growth, which has led to increased energy consumption. As a result, governments are investing heavily in power infrastructure to bridge the energy demand-supply gap.

In addition, the growing oil & gas sector and the expansion of petrochemical facilities are contributing to steam turbine market growth. Steam turbines are extensively used in refineries and processing plants for power generation and mechanical drive applications. Continuous investments in the power sector, particularly in Asia-Pacific, are expected to create significant growth opportunities for the market.

Impact of Energy Optimization and Low-Emission Fuels

Another key factor supporting the steam turbine market is the growing focus on energy optimization and efficiency improvements. Industries are increasingly adopting advanced turbine technologies to reduce fuel consumption and operational costs. Regulatory standards promoting the use of low-emission fuels such as natural gas and biomass are also driving demand for modern steam turbines.

Furthermore, cogeneration systems, especially in industries such as sugar, steel, and paper, are gaining popularity. These systems use steam turbines to simultaneously produce electricity and useful thermal energy, improving overall efficiency and reducing carbon emissions. Such trends are expected to positively influence steam turbine market opportunities during the forecast period.

Market Restraints and Challenges

Despite steady growth prospects, the steam turbine market faces certain challenges. Stringent government regulations aimed at reducing reliance on coal-based power generation and increasing the adoption of renewable energy sources may hinder market expansion. The declining cost of renewable technologies such as solar and wind power has intensified competition for traditional thermal power systems.

Additionally, environmental concerns and carbon emission regulations have limited the development of new coal-fired power plants in several regions. These factors are expected to restrain steam turbine market growth to some extent over the forecast period.

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Steam Turbine Market Segmentation Analysis

The global steam turbine market analysis is segmented based on design, end-use industry, forging capacity, and region.

By Design

Based on design, the market is bifurcated into impulse and reaction turbines. The impulse segment dominated the steam turbine market share in 2022 and is expected to register the highest growth rate during the forecast period. Impulse turbines are widely used due to their simple design, high efficiency, and suitability for a wide range of applications.

Reaction turbines are also witnessing increasing adoption in power generation owing to their high efficiency, smooth operation, and low noise levels. Rising investments in coal, gas, and nuclear power plants, particularly in Asia-Pacific, are expected to boost demand for reaction turbines.

By End-Use Industry

On the basis of end-use industry, the steam turbine market is segmented into power generation, oil & gas, petrochemical, and others. The power generation segment accounted for the largest market share in 2022 and is projected to maintain its dominance throughout the forecast period.

According to the Central Electricity Authority (CEA), total power generation from thermal, hydro, and nuclear plants reached approximately 1,381.83 million units during 2020-2021. With power demand expected to grow significantly, the requirement for steam turbines in power plants is anticipated to rise steadily, supporting steam turbine industry growth.

By Forging Capacity

By forging capacity, the market is divided into large forging and ultra-large forging. The large forging segment dominated the market in 2022 and is expected to continue its dominance. Large forgings are used to manufacture critical turbine components such as rotor shafts, casings, blades, and diaphragms.

These components require high strength, resistance to fatigue, and precise dimensional accuracy. Large forgings made from low-alloy steels and high-temperature alloys provide the necessary durability to withstand extreme operating conditions, making them essential for steam turbine manufacturing.

Regional Outlook

Region-wise, the steam turbine market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific emerged as the leading region in 2022 and is expected to grow at the fastest CAGR of 3.1% during the forecast period. The region's growth is driven by rising electricity demand, large coal and gas reserves, and continuous investments in power generation infrastructure in countries such as China and India.

Competitive Landscape

The global steam turbine market is moderately competitive, with several key players focusing on product innovation, capacity expansion, and strategic partnerships. Major companies operating in the market include General Electric (GE) Co., Toshiba Corporation, Siemens AG, Mitsubishi Power, Triveni Turbines, Elliott Group, Doosan Škoda Power, TURBOCAM, Arani Power Systems, and Chola Turbo Machinery International Pvt. Ltd.

Market players are adopting strategies such as mergers, acquisitions, expansions, and new product launches to strengthen their market position. For instance, Mitsubishi Hitachi Power Systems expanded its service facilities in the Philippines, while Elliott Group strengthened its portfolio through strategic mergers.

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Conclusion

In conclusion, the steam turbine market is expected to witness steady growth over the next decade, driven by rising power generation demand, industrial expansion, and advancements in turbine manufacturing technologies. While renewable energy adoption presents challenges, continued investments in thermal power plants and cogeneration systems will ensure sustained demand for steam turbines worldwide.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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