The global steam turbine market size reached US$ 24.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.03% during 2023-2028.
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.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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 turbinemarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on exhaust type, capacity, technology and application.
Breakup by Exhaust Type:
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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:
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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
2022
Historical Period
2017-2022
Forecast Period
2023-2028
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
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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
The global steam turbine market was valued at US$ 24.8 Billion in 2022.
We expect the global steam turbine market to exhibit a CAGR of 4.03% during 2023-2028.
The growing need for energy-efficient and clean power generation plants for maximum power output per unit, improved power densities, and enhanced efficiency is primarily driving the global steam turbine market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary closure of numerous manufacturing units for steam turbines.
Based on the exhaust type, the global steam turbine market has been divided into condensing and non-condensing, where condensing exhibits a clear dominance in the market.
Based on the capacity, the global steam turbine market can be categorized into less than 120 MW, 121-350 MW, 351-750 MW, and more than 750 MW. Currently, 121-350 MW capacity holds the majority of the total market share.
Based on the technology, the global steam turbine market has been segmented into steam cycle, combined cycle, and cogeneration. Among these, steam cycle represents the largest market share.
Based on the application, the global steam turbine market can be bifurcated into power generation, petrochemicals, oil & gas, and others. Currently, power generation accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.
Some of the major players in the global steam turbine market include 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.
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