Steam Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Overview:
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.
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 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:
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.
Key Questions Answered in This Report
1. What was the size of the global steam turbine market in 2022?
2. What is the expected growth rate of the global steam turbine market during 2023-2028?
3. What are the key factors driving the global steam turbine market?
4. What has been the impact of COVID-19 on the global steam turbine market?
5. What is the breakup of the global steam turbine market based on the exhaust type?
6. What is the breakup of the global steam turbine market based on the capacity?
7. What is the breakup of the global steam turbine market based on the technology?
8. What is the breakup of the global steam turbine market based on the application?
9. What are the key regions in the global steam turbine market?
10. Who are the key players/companies in the global steam turbine market?
- 1 Preface
- 2 Scope and Methodology
- 2.1Objectives of the Study
- 2.2Stakeholders
- 2.3Data Sources
- 2.3.1Primary Sources
- 2.3.2Secondary Sources
- 2.4Market Estimation
- 2.4.1Bottom-Up Approach
- 2.4.2Top-Down Approach
- 2.5Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1Overview
- 4.2Key Industry Trends
- 5 Global Steam Turbine Market
- 5.1Market Overview
- 5.2Market Performance
- 5.3Impact of COVID-19
- 5.4Market Forecast
- 6 Market Breakup by Exhaust Type
- 6.1Condensing
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2Non-Condensing
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 7 Market Breakup by Capacity
- 7.1Less than 120 MW
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2121-350 MW
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3351-750 MW
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4More than 750 MW
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 8 Market Breakup by Technology
- 8.1Steam Cycle
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2Combined Cycle
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3Cogeneration
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 9 Market Breakup by Application
- 9.1Power Generation
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2Petrochemicals
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3Oil & Gas
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 9.4Others
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
- 10 Market Breakup by Region
- 10.1North 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
- 10.2Asia-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
- 10.3Europe
- 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
- 10.4Latin 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
- 10.5Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
- 11 SWOT Analysis
- 11.1Overview
- 11.2Strengths
- 11.3Weaknesses
- 11.4Opportunities
- 11.5Threats
- 12 Value Chain Analysis
- 13 Porters Five Forces Analysis
- 13.1Overview
- 13.2Bargaining Power of Buyers
- 13.3Bargaining Power of Suppliers
- 13.4Degree of Competition
- 13.5Threat of New Entrants
- 13.6Threat of Substitutes
- 14 Price Analysis
- 15 Competitive Landscape
- 15.1Market Structure
- 15.2Key Players
- 15.3Profiles of Key Players
- 15.3.1Arani Power Systems Limited
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.2Doosan 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
- 15.3.3Elliott Company (Ebara Corporation)
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 SWOT Analysis
- 15.3.4Fuji 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
- 15.3.5General 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
- 15.3.6MAN Energy Solutions SE (Volkswagen AG)
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 SWOT Analysis
- 15.3.7Mitsubishi 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
- 15.3.8Shanghai Electric Group Company Limited
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.9Siemens Energy AG
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.9.3 Financials
- 15.3.10Toshiba Corporation
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
- 15.3.10.3 Financials
- 15.3.10.4 SWOT Analysis
- 15.3.11Turbine Generator Maintenance Inc.
- 15.3.11.1 Company Overview
- 15.3.11.2 Product Portfolio
- 15.3.12Turbocam Inc.
- 15.3.12.1 Company Overview
- 15.3.12.2 Product Portfolio
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