Steam Turbine Market Size, Share & Trends Analysis Report By Capacity (<150 MW, 151-300 MW, >300 MW), By End-use (Power & Utility, Industrial), By Region, And Segment Forecasts, 2023 - 2030

Steam Turbine Market Size, Share & Trends Analysis Report By Capacity (<150 MW, 151-300 MW, >300 MW), By End-use (Power & Utility, Industrial), By Region, And Segment Forecasts, 2023 - 2030


Steam Turbine Market Growth & Trends


The global steam turbine market size is expected to reach USD 19.64 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.5% from 2023 to 2030. The increasing deployment of combined heat and power (CHP) units in industrial and utility applications will boost the market growth. Steam engines form an integral part of thermal power plants operating across the world. However, with increasing environmental concerns, the focus has been shifted from coal-fired thermal power stations to clean energy sources, including natural gas, fuel cells, and renewable energy generation plants.

The growth of the industrial segment of the market can be attributed to the increased industrial activities across the world. Steam turbines are employed in industrial applications in the form of CHP units. These units offer better efficiency than single units and produce outputs in multiple ways. Steam turbines are widely used for CHP applications in Europe. Extraction-condensing type steam turbines are used in large industrial CHP applications. These turbines are deployed in combined-cycle plants wherein they extract a portion of the steam for the process.

The increasing installations of thermal power generation units in China and Southeast Asian countries are expected to fuel the growth of the market in the coming years due to the increase in energy demand. China, being rich in coal reserves, still focuses on coal-fired power plants despite their hazardous impact on the environment. In India, the market is anticipated to witness promising growth once the internal issues related to coal reserves in the country get resolved.

The global spread of the COVID-19 disrupted supply chains and sharply curtailed demand for commodities worldwide. The restrictions imposed on the supply and transportation owing to slowing down or halting of operations of factories due to partial or complete lockdowns in different countries to contain the spread of coronavirus negatively impacted the growth of the market worldwide.

Steam Turbine Market Report Highlights

  • The power and utility segment emerged as the largest segment and accounted for a revenue share of 85.55% in 2022. Increasing environmental concerns have restricted the usage of coal-fired power plants and clean energy sources such as natural gas. Moreover, the usage of renewable energy resources has become the need of the hour
  • The U.S. emerged as the largest market in North America in 2022. An increase in the number of combined-cycle natural gas plants in the country as they are reliable sources of energy is one of the prominent reasons for the rising demand for in steam turbines the U.S.
  • The Asia Pacific is expected to maintain its dominance in terms of both volume and value during the forecast period as the construction of a number of fossil and biomass power plants is under development in countries, which, will support the growth of the market
  • The growth of the market in India is driven by the rapidly rising investments in the country's power generation infrastructure, coupled with growing concerns about environmental degradation
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Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2 Information Procurement
1.2.1 Purchased Database
1.2.2 GVR Internal Database
1.2.3 Secondary Source & Third-Party Perspectives
1.2.4 Primary Research
1.3 Information Analysis
1.3.1 Data analysis models
1.4 Market Formulation & Data Visualization
1.5 Data Validation & Publishing
1.6 Research Scope & Assumptions
1.7 List of Data Sources
Chapter 2 Executive Summary
2.1 Market Summary
Chapter 3 Steam Turbine Market Variables, Trends, and Scope
3.1 Market Lineage Outlook
3.2 Market Penetration & Growth Prospects
3.3 Value Chain Analysis
3.4 Technology Overview
3.5 Regulatory Framework
3.6 Market Dynamics
3.6.1 Market Driver Analysis
3.6.2 Market Restraint analysis
3.6.3 Opportunity Analysis
3.7 Business Environment Analysis
3.7.1 Porter’s Five Forces
3.7.2 PESTEL Analysis
3.8 Impact of COVID-19 on Steam Turbine Market
3.9 List of projects and its buyers (2019 to 2021)
3.10 Future potential pipeline of capital projects for the global STG market, 2022 to 2030
Chapter 4 Steam Turbine Market: By Capacity Estimates & Trend Analysis
4.1 Steam Turbine Market Share Analysis by Capacity, 2022 & 2030
4.2 Global Steam Turbine Market Size & Forecasts and Trend Analysis By Capacity, 2018 to 2030 (USD Million) (MW)
4.2.1 Up to 150 MW
4.2.1.1 Market estimates and forecasts, 2018 - 2030 (USD Million) (MW)
4.2.1.2 151 to 300 MW
4.2.1.2.1 Market estimates and forecasts, 2018 - 2030 (USD Million) (MW)
4.2.1.3 More than 300 MW
4.2.1.3.1 Market estimates and forecasts, 2018 to 2030 (USD Million) (MW)
Chapter 5 Steam Turbine Market: By End-Use Estimates & Trend Analysis
5.1 Steam Turbine Market Share Analysis by End-Use, 2022 & 2030
5.2 Global Steam Turbine Market Size & Forecasts and Trend Analysis By Capacity, 2018 to 2030 (USD Million) (MW)
5.2.1 Power & Utility
5.2.1.1 Market estimates and forecasts, 2018 to 2030 (USD Million) (MW)
5.2.2 Industrial
5.2.2.1 Market estimates and forecasts, 2018 to 2030 (USD Million) (MW)
Chapter 6 Steam Turbine: Regional Estimates & Trend Analysis
6.1 Regional Market Snapshot
6.2 Market Share Analysis by Region, 2022 & 2030
6.3 North America
6.3.1 North America Steam Turbine Market Estimates And Forecasts, by Application, 2018 to 2030 (USD Million) (MW)
6.3.2 North America Steam Turbine Market Estimates and Forecasts, by End-Use, 2018 to 2030 (USD Million) (MW)
6.3.3 U.S.
6.3.3.1 U.S. Steam Turbine Market Estimates and Forecasts, by Application, 2018 to 2030 (USD Million) (MW)
6.3.3.2 U.S. Steam Turbine Market Estimates and Forecasts, by End-Use, 2018 to 2030 (USD Million) (MW)
6.4 Europe
6.4.1 Europe Steam Turbine Market Estimates and Forecasts, by Application, 2018 to 2030 (USD Million) (MW)
6.4.2 Europe Steam Turbine Market Estimates and Forecasts, by End-Use, 2018 to 2030 (USD Million) (MW)
6.4.3 U.K.
6.4.3.1 U.K. Steam Turbine market Estimates and Forecasts, by Application, 2018 to 2030 (USD Million) (MW)
6.4.3.2 U.K. Steam Turbine market estimates and forecasts, BY End-Use, 2018 to 2030 (USD Million) (MW)
6.4.4 Russia
6.4.4 1 Russia Steam Turbine Estimates and Forecasts, by Application, 2018 to 2030 (USD Million) (MW)
6.4.4 2 Russia Steam Turbine Market Estimates and Forecasts, by End-Use, 2018 to 2030 (USD Million) (MW)
6.5 Asia Pacific
6.5.1 Asia Pacific Steam Turbine Market Estimates and Forecasts, by Application, 2018 to 2030 (USD Million) (MW)
6.5.2 Asia Pacific Steam Turbine Market Estimates and Forecasts, by End-Use, 2018 to 2030 (USD Million) (MW)
6.5.3 China
6.5.3.1 China Steam Turbine Market Estimates and Forecasts, by Application, 2018 to 2030 (USD Million) (MW)
6.5.3.2 China Steam Turbine Market Estimates and Forecasts, by End-Use, 2018 to 2030 (USD Million) (MW)
6.5.4 India
6.5.4.1 India Steam Turbine Market Estimates and Forecasts, by Application, 2018 to 2030 (USD Million) (MW)
6.5.4.2 India WTE Market Estimates and Forecasts, by End-Use, 2018 to 2030 (USD Million) (MW)
6.6 Central & South America
6.6.1 Central & South America Steam Turbine Market Estimates and Forecasts, by Application, 2018 to 2030 (USD Million) (MW)
6.6.2 Central & South America Steam Turbine Market Estimates and Forecasts, by End-Use, 2018 to 2030 (USD Million) (MW)
6.7 Middle East & Africa
6.7.1 Middle East & Africa Steam Turbine Market Estimates and Forecasts, by Application, 2018 to 2030 (USD Million) (MW)
6.7.2 Middle East & Africa Steam Turbine Market Estimates and Forecasts, by End-Use, 2018 to 2030 (USD Million) (MW)
Chapter 7 Competitive & Vendor Landscape
7.1 Key Players & Recent Developments & Their Impact on the Industry
7.1.1 Major Deals & Strategic Alliances
7.2 Vendor Landscape
7.2.1 List of Key Distributors and Channel Partners
7.2.2 Key Company Market Position Analysis, 2022
Chapter 8 Company Profiles
8.1 General Electric
8.1.1 Company Overview
8.1.2 Financial Performance
8.1.3 Product Benchmarking
8.1.4 Strategic Initiatives
8.2 Mitsubishi Power Ltd.
8.2.1 Company Overview
8.2.2 Financial Performance
8.2.3 Product Benchmarking
8.2.4 Strategic Initiatives
8.3 Siemens Energy
8.3.1 Company Overview
8.3.2 Financial Performance
8.3.3 Product Benchmarking
8.3.4 Strategic Initiatives
8.4 Toshiba Corporation
8.4.1 Company Overview
8.4.2 Financial Performance
8.4.3 Product Benchmarking
8.4.4 Strategic Initiatives
8.5 Ansaldo Energia S.p.A
8.5.1 Company Overview
8.5.2 Financial Performance
8.5.3 Product Benchmarking
8.5.4 Strategic Initiatives
8.6 Doosan Škoda Power
8.6.1 Company Overview
8.6.2 Financial Performance
8.6.3 Product Benchmarking
8.6.4 Strategic Initiatives
8.7 Bharat Heavy Electricals Limited
8.7.1 Company Overview
8.7.2 Financial Performance
8.7.3 Product Benchmarking
8.7.4 Strategic Initiatives
8.8 MAN Energy Solutions
8.8.1 Company Overview
8.8.2 Financial Performance
8.8.3 Product Benchmarking
8.8.4 Strategic Initiatives
8.9 Fuji Electric Co., Ltd.
8.9.1 Company Overview
8.9.2 Financial Performance
8.9.3 Product Benchmarking
8.9.4 Strategic Initiatives
8.10 Elliot Group
8.10.1 Company Overview
8.10.2 Financial Performance
8.10.3 Product Benchmarking
8.10.4 Strategic Initiatives
8.11 Kawasaki Heavy Industries, Ltd.
8.11.1 Company Overview
8.11.2 Financial Performance
8.11.3 Product Benchmarking
8.11.4 Strategic Initiatives
8.12 TRILLIUM FLOW TECHNOLOGIES
8.12.1 Company Overview
8.12.2 Financial Performance
8.12.3 Product Benchmarking
8.12.4 Strategic Initiatives

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