Steam Turbine Market By Design (Reaction, Impulse), By End Use Industry (Power Generation, Petrochemical, Oil And Gas, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030
The global steam turbine market was valued at $15.5 billion in 2020, and projected to reach $21.3 billion by 2030, with a CAGR of 3.3% from 2021 to 2030. A steam turbine is a generator that utilizes heating water to create mechanical or rotational energy.
According to the International Energy Agency, worldwide energy utilization increased by 4.6% in 2021, twice than the normal rate in 2018. This was driven by strengthening of global economy and increase in need for electricity. The demand for power increased with the rate of 4% and share of electricity in global energy consumption will reach 24% by 2040. With growing electricity requirement, the demand for steam turbines is expected to increase simultaneously, which is likely to drive the growth of the global steam turbine market. Furthermore, most electric power is produced from steam electric power plants, globally. With exponential increase in population, the demand for electricity is anticipated to escalate significantly, which eventually will foster the demand for steam turbines.
However, steam turbines are expensive; for instance, in a steam turbine combined heat & power (CHP) plant, the installed cost of only CHP plant is around $5,000/kW or higher. In addition, steam turbines are less effective than reciprocating motors at part load activity. Furthermore, steam turbines have longer startup time when compared to gas turbines and reciprocating engines. Thus, all these factors are expected to hamper the growth of the market, as they limit the use of steam turbines.
On the contrary, the global steam turbine market is yet to explore its full potential. Government regulations are playing an important role in accelerating the growth of the market. For instance, the International Organization for Standardization (ISO)—an overall alliance of national guidelines bodies, universal associations, and legislative & non-legislative staffs, in contact with ISO—take part in the development of several industries.. ISO along with all associated organizations work together to encourage the supply of steam turbines and gas extension turbines for mechanical applications, which is anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period.
According to the Central Electricity Authority India, power generation demand from thermal, hydro, and nuclear plants is expected to grow by 9.83% in 2022 in India. Total generation from thermal, hydro, and nuclear plants has been around 1,356 billion units in 2019–2020. As demand for power increases, the requirement for steam turbines is anticipated to escalate significantly, as they help in power generation. This factor is likely to contribute toward the growth of the steam turbine market.
The global steam turbine market is segmented into design, application, and region. By design, the market is bifurcated into impulse and reaction. In terms of application, it is fragmented into power generation, petrochemical, industrial, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The players operating in the global steam turbine market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd. Triveni Turbines, and Mitsubishi Power. Among these, General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, and Mitsubishi Hitachi Power Systems Americas Inc. hold significant share of the market.
These players have been adopting various strategies to gain higher share or to retain leading positions in the market. Merger is the key strategy majorly adopted by companies to strengthen their foothold in the competitive market. For instance, Elliott Group announced merger of Ebara International Corporation, which is based in Sparks, Nevada. Effective from April 1, 2019, the merged entity became one of the four business units within Elliott Group.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the steam turbine market analysis from 2020 to 2030 to identify the prevailing steam turbine market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the steam turbine market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global steam turbine market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Design
Reaction
Impulse
By End Use Industry
Others
Power Generation
Petrochemical
Oil And Gas
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Arabia
South Africa
Rest of LAMEA
Key Market Players
General Electric (GE) Co.
Turbine Generator Maintenance Inc
Toshiba Corporation
Siemens AG
Arani power systems
Elliott Group
TURBOCAM
Doosan Škoda Power
Chola Turbo Machinery International Pvt. Ltd.
Mitsubishi Hitachi Power Systems Americas Inc.
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