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Steam Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global steam turbine market reached a value of US$ 23.13 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 31.07 Billion by 2027, exhibiting a CAGR of 4.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

A steam turbine is a machine that relies on steam to extract thermal energy and convert it into mechanical work on a rotating output shaft. It is a technological component with advanced design and operational procedures that offer enhanced efficiency, maximum power output per unit, improved power densities, and the highest mean times between failure. Apart from this, it is highly reliable, with less vibrations and a high power-to-weight ratio compared to reciprocating engines. As a result, it finds extensive applications in power generation, petrochemical, and oil and gas industries.

Steam Turbine Market Trends:

At present, there is a rise in the number of power plants across the globe to compensate for the energy deficit. This, along with the growing focus of policymakers in several countries to establish energy-efficient and clean power generation plants, represents one of the key factors driving the market. Moreover, there is an increase in the demand for combined heat and power plants (CHP) to use the waste heat from electricity production for various purposes. This, coupled with the introduction of advanced technologies, such as cryptocurrency and 5G technology, which requires high power for their operation, is positively influencing the market. In addition, governments of several countries are undertaking climate change mitigation initiatives to stabilize greenhouse gas levels in the environment by allowing ecosystems to adapt naturally to climatic change. In line with this, the rising utilization of electric vehicles (EVs) to replace fossil fuels in the transportation sector is offering lucrative growth opportunities to industry investors. Besides this, the increasing employment of geothermal energy for desalination of water, heavy water production, and extraction of minerals from geothermal fluids is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global steam turbine market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on exhaust type, capacity, technology and application.

Breakup by Exhaust Type:

  • Condensing
  • Non-Condensing
     

Breakup by Capacity:

  • Less than 120 MW
  • 121-350 MW
  • 351-750 MW
  • More than 750 MW
     

Breakup by Technology:

  • Steam Cycle
  • Combined Cycle
  • Cogeneration
     

Breakup by Application:

  • Power Generation
  • Petrochemicals
  • Oil & Gas
  • Others
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Arani Power Systems Limited, Doosan Škoda Power, Elliott Company (Ebara Corporation), Fuji Electric Co. Ltd., General Electric Company, MAN Energy Solutions SE (Volkswagen AG), Mitsubishi Heavy Industries Ltd, Shanghai Electric Group Company Limited, Siemens Energy AG, Toshiba Corporation, Turbine Generator Maintenance Inc. and Turbocam Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Exhaust Type, Capacity, Technology, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Arani Power Systems Limited, Doosan Škoda Power, Elliott Company (Ebara Corporation), Fuji Electric Co. Ltd., General Electric Company, MAN Energy Solutions SE (Volkswagen AG), Mitsubishi Heavy Industries Ltd, Shanghai Electric Group Company Limited, Siemens Energy AG, Toshiba Corporation, Turbine Generator Maintenance Inc. and Turbocam Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Key Questions Answered in This Report:

  • How has the global steam turbine market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global steam turbine market?
  • What are the key regional markets?
  • What is the breakup of the market based on the exhaust type?
  • What is the breakup of the market based on the capacity?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the application?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global steam turbine market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction
    4.1    Overview
    4.2    Key Industry Trends
5    Global Steam Turbine Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Exhaust Type
    6.1    Condensing
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Non-Condensing
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Capacity
    7.1    Less than 120 MW
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    121-350 MW
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    351-750 MW
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    More than 750 MW
        7.4.1 Market Trends
        7.4.2 Market Forecast
8    Market Breakup by Technology
    8.1    Steam Cycle
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Combined Cycle
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Cogeneration
        8.3.1 Market Trends
        8.3.2 Market Forecast
9    Market Breakup by Application
    9.1    Power Generation
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Petrochemicals
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Oil & Gas
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Others
        9.4.1 Market Trends
        9.4.2 Market Forecast
10    Market Breakup by Region
    10.1    North America
        10.1.1 United States
           10.1.1.1 Market Trends
           10.1.1.2 Market Forecast
        10.1.2 Canada
           10.1.2.1 Market Trends
           10.1.2.2 Market Forecast
    10.2    Asia-Pacific
        10.2.1 China
           10.2.1.1 Market Trends
           10.2.1.2 Market Forecast
        10.2.2 Japan
           10.2.2.1 Market Trends
           10.2.2.2 Market Forecast
        10.2.3 India
           10.2.3.1 Market Trends
           10.2.3.2 Market Forecast
        10.2.4 South Korea
           10.2.4.1 Market Trends
           10.2.4.2 Market Forecast
        10.2.5 Australia
           10.2.5.1 Market Trends
           10.2.5.2 Market Forecast
        10.2.6 Indonesia
           10.2.6.1 Market Trends
           10.2.6.2 Market Forecast
        10.2.7 Others
           10.2.7.1 Market Trends
           10.2.7.2 Market Forecast
    10.3    Europe
        10.3.1 Germany
           10.3.1.1 Market Trends
           10.3.1.2 Market Forecast
        10.3.2 France
           10.3.2.1 Market Trends
           10.3.2.2 Market Forecast
        10.3.3 United Kingdom
           10.3.3.1 Market Trends
           10.3.3.2 Market Forecast
        10.3.4 Italy
           10.3.4.1 Market Trends
           10.3.4.2 Market Forecast
        10.3.5 Spain
           10.3.5.1 Market Trends
           10.3.5.2 Market Forecast
        10.3.6 Russia
           10.3.6.1 Market Trends
           10.3.6.2 Market Forecast
        10.3.7 Others
           10.3.7.1 Market Trends
           10.3.7.2 Market Forecast
    10.4    Latin America
        10.4.1 Brazil
           10.4.1.1 Market Trends
           10.4.1.2 Market Forecast
        10.4.2 Mexico
           10.4.2.1 Market Trends
           10.4.2.2 Market Forecast
        10.4.3 Others
           10.4.3.1 Market Trends
           10.4.3.2 Market Forecast
    10.5    Middle East and Africa
        10.5.1 Market Trends
        10.5.2 Market Breakup by Country
        10.5.3 Market Forecast
11    SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12    Value Chain Analysis
13    Porters Five Forces Analysis
    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14    Price Analysis
15    Competitive Landscape
    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    Arani Power Systems Limited
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio
        15.3.2    Doosan Škoda Power
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio
           15.3.2.3 Financials
           15.3.2.4 SWOT Analysis
        15.3.3    Elliott Company (Ebara Corporation)
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio
           15.3.3.3 SWOT Analysis
        15.3.4    Fuji Electric Co. Ltd.
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio
           15.3.4.3 Financials
           15.3.4.4 SWOT Analysis
        15.3.5    General Electric Company
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio
           15.3.5.3 Financials
           15.3.5.4 SWOT Analysis
        15.3.6    MAN Energy Solutions SE (Volkswagen AG)
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio
           15.3.6.3 SWOT Analysis
        15.3.7    Mitsubishi Heavy Industries Ltd
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio
           15.3.7.3 Financials
           15.3.7.4 SWOT Analysis
        15.3.8    Shanghai Electric Group Company Limited
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio
        15.3.9    Siemens Energy AG
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio
           15.3.9.3 Financials
        15.3.10    Toshiba Corporation
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio
           15.3.10.3 Financials
           15.3.10.4 SWOT Analysis
        15.3.11    Turbine Generator Maintenance Inc. 
           15.3.11.1 Company Overview
           15.3.11.2 Product Portfolio
        15.3.12    Turbocam Inc.
           15.3.12.1 Company Overview
           15.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Steam Turbine Market: Major Drivers and Challenges
Figure 2: Global: Steam Turbine Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Steam Turbine Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Steam Turbine Market: Breakup by Exhaust Type (in %), 2021
Figure 5: Global: Steam Turbine Market: Breakup by Capacity (in %), 2021
Figure 6: Global: Steam Turbine Market: Breakup by Technology (in %), 2021
Figure 7: Global: Steam Turbine Market: Breakup by Application (in %), 2021
Figure 8: Global: Steam Turbine Market: Breakup by Region (in %), 2021
Figure 9: Global: Steam Turbine (Condensing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: Steam Turbine (Condensing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: Steam Turbine (Non-Condensing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Steam Turbine (Non-Condensing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Steam Turbine (Less than 120 MW) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Steam Turbine (Less than 120 MW) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Steam Turbine (121-350 MW) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Steam Turbine (121-350 MW) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Steam Turbine (351-750 MW) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Steam Turbine (351-750 MW) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Steam Turbine (More than 750 MW) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Steam Turbine (More than 750 MW) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Steam Turbine (Steam Cycle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Steam Turbine (Steam Cycle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Steam Turbine (Combined Cycle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Steam Turbine (Combined Cycle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Steam Turbine (Cogeneration) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Steam Turbine (Cogeneration) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: Steam Turbine (Power Generation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: Steam Turbine (Power Generation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: Global: Steam Turbine (Petrochemicals) Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: Global: Steam Turbine (Petrochemicals) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: Global: Steam Turbine (Oil & Gas) Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Global: Steam Turbine (Oil & Gas) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Global: Steam Turbine (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Global: Steam Turbine (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: North America: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: North America: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: United States: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: United States: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Canada: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Canada: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Asia-Pacific: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: Asia-Pacific: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: China: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: China: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: Japan: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: Japan: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: India: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: India: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: South Korea: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: South Korea: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Australia: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Australia: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Indonesia: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Indonesia: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Others: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: Others: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: Europe: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: Europe: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: Germany: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: Germany: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: France: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: France: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: United Kingdom: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: United Kingdom: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Italy: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: Italy: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 67: Spain: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 68: Spain: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 69: Russia: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 70: Russia: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 71: Others: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 72: Others: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 73: Latin America: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 74: Latin America: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 75: Brazil: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 76: Brazil: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Mexico: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 78: Mexico: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 79: Others: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 80: Others: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 81: Middle East and Africa: Steam Turbine Market: Sales Value (in Million US$), 2016 & 2021
Figure 82: Middle East and Africa: Steam Turbine Market: Breakup by Country (in %), 2021
Figure 83: Middle East and Africa: Steam Turbine Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Global: Steam Turbine Industry: SWOT Analysis
Figure 85: Global: Steam Turbine Industry: Value Chain Analysis
Figure 86: Global: Steam Turbine Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Steam Turbine Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Steam Turbine Market Forecast: Breakup by Exhaust Type (in Million US$), 2022-2027
Table 3: Global: Steam Turbine Market Forecast: Breakup by Capacity (in Million US$), 2022-2027
Table 4: Global: Steam Turbine Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 5: Global: Steam Turbine Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 6: Global: Steam Turbine Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: Steam Turbine Market: Competitive Structure
Table 8: Global: Steam Turbine Market: Key Players

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