Global Steam Turbine Market Size, Share & Industry Trends Analysis Report By Capacity (151 to 300 MW, Up to 150 MW and More than 300 MW), By End User, By Technology, By Design (Impulse and Reaction), By Regional Outlook and Forecast, 2022 – 2028

Global Steam Turbine Market Size, Share & Industry Trends Analysis Report By Capacity (151 to 300 MW, Up to 150 MW and More than 300 MW), By End User, By Technology, By Design (Impulse and Reaction), By Regional Outlook and Forecast, 2022 – 2028

The Global Steam Turbine Market size is expected to reach $19.5 billion by 2028, rising at a market growth of 3.5% CAGR during the forecast period.

A steam turbine is a device that uses pressurized steam's thermal energy to drive mechanical work on a revolving output shaft. Modern steam turbines are made utilizing sophisticated metalworking techniques that were first made possible in the 20th century. The continuing improvement of steam turbines' resilience and efficacy are still essential to the economics and finance of the 21st century.

The utilization of many stages in the expansion of the steam, which leads to an early version of the possible response expansion process, is a major contributor to the steam turbine's gain in thermodynamic efficiency. Because the turbine produces rotating motion, it is particularly well adapted to be utilized to drive an electrical generator.

The Arabelle, a steam turbine made by GE based on an original design by Alstom, is one of the biggest steam turbines in the world as of 2021. A 7 m-diameter, 4000-ton Arabelle turbine spins at 1500 rpm and has a weight of 4000 tons. Another 4000 tons of supporting steel structure and 1000 tons of pumps, valves, and pipes are needed for a typical nuclear plant. Rotor imbalance, bearing wear, and unequal expansion are some of the technical issues (various forms of thermal shock). When operated out of trim in big installations, even the most durable rotor is capable of shattering itself.

There are two fundamental types of turbine blades: nozzles and blades. The only reason the blades move is when steam interacts with them; they do not converge in their profiles. As a result, there is a decrease in steam velocity and almost no pressure loss as steam passes through the blades. Impulse turbines, Curtis turbines, Rateau turbines, or Brown-Curtis turbines are all types of turbines that consist of blades that alternate with fixed nozzles.

COVID-19 Impact Analysis

The COVID-19 pandemic has slowed the expansion of the steam turbine business due to the lack of steam turbine parts, which delays their creation and creates logistical problems. Additionally, this causes ongoing projects to construct steam turbines to be delayed. Due to the steam turbine buyers' use of finances to support the COVID-19 issue, there has been a decrease in new orders for turbine installations. Manufacturers of steam turbines have since acted to supply turbines to customers with active projects. Vendors are choosing digital tools, adhering to social distance rules, and installing new power plants while donning PPE.

Market Growth Factors

The Need For Onsite Power Generation Is Growing

Due to the rapid deployment of large-scale power-generating stations, including thermal and combined cycle plants, the >3 MW - 100 MW rated steam turbines will project significant momentum. Some of the key elements promoting product adoption include the expanding use of super and ultra-super-critical technology as well as the conversion of existing power plants into combined-cycle systems. The sector dynamics will be further energized by ongoing government efforts to implement a sustainable energy network and energy-efficient technologies. The growing requirements for onsite power generation would surge the growth of the steam turbine market.

Increasing Demand For Electricity

ISO works extensively with the International Electrotechnical Commission on all issues relating to electrotechnical advancements (IEC). To increase the production of mechanical steam turbines and gas extension turbines, the ISO worked with all associated organizations throughout the analysis of the steam turbine market to increase market size, share, and growth. While combined cycle plants, the most efficient kind of natural gas-fired plant, do not directly use steam turbines, natural gas plants do. In combined cycle power plants, smaller megawatt turbines are employed. The rising use of combined-cycle natural gas plants as dependable energy sources is one of the primary causes of the increase in demand for steam turbines.

Market Restraining Factors

Costly Installation Of The Steam Turbine System

Significant capital expenditures are necessary for the installation of steam turbines. Before building turbines, market participants in many locations must finish several administrative procedures and tasks, which also call for a large cost. The large costs also cover the foundation, control systems, grid connection, land, electric installation, road construction, and other expenses in addition to the installation of the turbine. The cost of installation varies from one region and one technology to another. Because of this, the market for steam turbines will face significant obstacles to expansion throughout the forecast period due to the high installation costs. The high cost of the steam turbines hinders the growth of the market.

Design Outlook

Based on the Design, the Steam Turbine Market is segmented into Reaction and Impulse. The impulse segment acquired the highest revenue share in the steam turbine market in 2021. In this turbine, high-velocity jets of steam or water smash with the turbine's blades to rotate the turbine and generate energy. The chemical and power industries make extensive use of impulse turbines. Impulse turbines are used in the chemical industry to turn the heat energy found in hot vapors and gases into mechanical work.

End-use Outlook

On the basis of End-use, the Steam Turbine Market is divided into Others, Power Generation, Petrochemical, and Oil & Gas. The power generation segment procured the largest revenue share in the steam turbine market in 2021. Electrical power generation applications have typically used steam turbines. The market has been divided into power and utility and industrial segments based on end-use. Any combustion fuel can be used with steam turbine units, but historically coal has been the fuel of choice. The use of coal-fired power plants and renewable energy sources like natural gas has been curtailed due to growing environmental concerns.

Capacity Outlook

By Capacity, the Steam Turbine Market is classified into 151 to 300 MW, Up to 150 MW, and More than 300 MW. The more than 300 MW segment registered a significant revenue share in the steam turbine market in 2021. It is because these are utilized in nuclear and combined cycle power plants as well as steam power plants. With over 8,000 steam turbines in operation across the world, it provides proven technology suited to local circumstances.

Technology Outlook

On the basis of Technology, the Steam Turbine Market is bifurcated into Steam Cycle, Combined Cycle, and Cogeneration. The Cogeneration segment witnessed a substantial revenue share in the steam turbine market in 2021. Steam cogeneration is a high-temperature HVAC system that needs significant demand and utilization to be feasible. Cogeneration using steam turbines is only suitable for locations with power needs exceeding 1 megawatt. A steam-generated power station is a type of plant where heated water transforms into steam and drives an electricity generator via a steam turbine.

Regional Outlook

Region-wise, the Steam Turbine Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the steam turbine market in 2021. It is because several fossil and biomass power plants are being built in nations like Indonesia, South Korea, Bangladesh, Thailand, and Japan, which will support the market's expansion throughout the forecast period, the Asia Pacific region is anticipated to keep its lead in terms of both volume and value. Because of the expanding population and quick industrialization, the region is experiencing an increase in its demand for power.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., Siemens AG, Toshiba Corporation, Elliott Group (Ebara Corporation), Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.), MAN Energy Solutions SE (Volkswagen Group), Fuji Electric Co., Ltd., Kawasaki Heavy Industries, Ltd., Chola Turbo Machinery International Pvt. Ltd., and Turbine Generator Maintenance, Inc.

Scope of the Study

Market Segments covered in the Report:

By Capacity

  • 151 to 300 MW
  • Up to 150 MW
  • More than 300 MW
By End User
  • Power Generation
  • Oil & Gas
  • Petrochemical
  • Others
By Technology
  • Steam Cycle
  • Combined Cycle
  • Cogeneration
By Design
  • Impulse
  • Reaction
By Geography
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA
Companies Profiled
  • General Electric (GE) Co.
  • Siemens AG
  • Toshiba Corporation
  • Elliott Group (Ebara Corporation)
  • Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.)
  • MAN Energy Solutions SE (Volkswagen Group)
  • Fuji Electric Co., Ltd.
  • Kawasaki Heavy Industries, Ltd.
  • Chola Turbo Machinery International Pvt. Ltd.
  • Turbine Generator Maintenance, Inc.
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Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Steam Turbine Market, by Capacity
1.4.2 Global Steam Turbine Market, by End User
1.4.3 Global Steam Turbine Market, by Technology
1.4.4 Global Steam Turbine Market, by Design
1.4.5 Global Steam Turbine Market, by Geography
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenarios
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Steam Turbine Market by Capacity
3.1 Global 151 to 300 MW Market by Region
3.2 Global Up to 150 MW Market by Region
3.3 Global More than 300 MW Market by Region
Chapter 4. Global Steam Turbine Market by End Use
4.1 Global Power Generation Market by Region
4.2 Global Oil & Gas Market by Region
4.3 Global Petrochemical Market by Region
4.4 Global Others Market by Region
Chapter 5. Global Steam Turbine Market by Technology
5.1 Global Steam Cycle Market by Region
5.2 Global Combined Cycle Market by Region
5.3 Global Cogeneration Market by Region
Chapter 6. Global Steam Turbine Market by Design
6.1 Global Impulse Market by Region
6.2 Global Reaction Market by Region
Chapter 7. Global Steam Turbine Market by Region
7.1 North America Steam Turbine Market
7.1.1 North America Steam Turbine Market by Capacity
7.1.1.1 North America 151 to 300 MW Market by Country
7.1.1.2 North America Up to 150 MW Market by Country
7.1.1.3 North America More than 300 MW Market by Country
7.1.2 North America Steam Turbine Market by End Use
7.1.2.1 North America Power Generation Market by Country
7.1.2.2 North America Oil & Gas Market by Country
7.1.2.3 North America Petrochemical Market by Country
7.1.2.4 North America Others Market by Country
7.1.3 North America Steam Turbine Market by Technology
7.1.3.1 North America Steam Cycle Market by Country
7.1.3.2 North America Combined Cycle Market by Country
7.1.3.3 North America Cogeneration Market by Country
7.1.4 North America Steam Turbine Market by Design
7.1.4.1 North America Impulse Market by Country
7.1.4.2 North America Reaction Market by Country
7.1.5 North America Steam Turbine Market by Country
7.1.5.1 US Steam Turbine Market
7.1.5.1.1 US Steam Turbine Market by Capacity
7.1.5.1.2 US Steam Turbine Market by End Use
7.1.5.1.3 US Steam Turbine Market by Technology
7.1.5.1.4 US Steam Turbine Market by Design
7.1.5.2 Canada Steam Turbine Market
7.1.5.2.1 Canada Steam Turbine Market by Capacity
7.1.5.2.2 Canada Steam Turbine Market by End Use
7.1.5.2.3 Canada Steam Turbine Market by Technology
7.1.5.2.4 Canada Steam Turbine Market by Design
7.1.5.3 Mexico Steam Turbine Market
7.1.5.3.1 Mexico Steam Turbine Market by Capacity
7.1.5.3.2 Mexico Steam Turbine Market by End Use
7.1.5.3.3 Mexico Steam Turbine Market by Technology
7.1.5.3.4 Mexico Steam Turbine Market by Design
7.1.5.4 Rest of North America Steam Turbine Market
7.1.5.4.1 Rest of North America Steam Turbine Market by Capacity
7.1.5.4.2 Rest of North America Steam Turbine Market by End Use
7.1.5.4.3 Rest of North America Steam Turbine Market by Technology
7.1.5.4.4 Rest of North America Steam Turbine Market by Design
7.2 Europe Steam Turbine Market
7.2.1 Europe Steam Turbine Market by Capacity
7.2.1.1 Europe 151 to 300 MW Market by Country
7.2.1.2 Europe Up to 150 MW Market by Country
7.2.1.3 Europe More than 300 MW Market by Country
7.2.2 Europe Steam Turbine Market by End Use
7.2.2.1 Europe Power Generation Market by Country
7.2.2.2 Europe Oil & Gas Market by Country
7.2.2.3 Europe Petrochemical Market by Country
7.2.2.4 Europe Others Market by Country
7.2.3 Europe Steam Turbine Market by Technology
7.2.3.1 Europe Steam Cycle Market by Country
7.2.3.2 Europe Combined Cycle Market by Country
7.2.3.3 Europe Cogeneration Market by Country
7.2.4 Europe Steam Turbine Market by Design
7.2.4.1 Europe Impulse Market by Country
7.2.4.2 Europe Reaction Market by Country
7.2.5 Europe Steam Turbine Market by Country
7.2.5.1 Germany Steam Turbine Market
7.2.5.1.1 Germany Steam Turbine Market by Capacity
7.2.5.1.2 Germany Steam Turbine Market by End Use
7.2.5.1.3 Germany Steam Turbine Market by Technology
7.2.5.1.4 Germany Steam Turbine Market by Design
7.2.5.2 UK Steam Turbine Market
7.2.5.2.1 UK Steam Turbine Market by Capacity
7.2.5.2.2 UK Steam Turbine Market by End Use
7.2.5.2.3 UK Steam Turbine Market by Technology
7.2.5.2.4 UK Steam Turbine Market by Design
7.2.5.3 France Steam Turbine Market
7.2.5.3.1 France Steam Turbine Market by Capacity
7.2.5.3.2 France Steam Turbine Market by End Use
7.2.5.3.3 France Steam Turbine Market by Technology
7.2.5.3.4 France Steam Turbine Market by Design
7.2.5.4 Russia Steam Turbine Market
7.2.5.4.1 Russia Steam Turbine Market by Capacity
7.2.5.4.2 Russia Steam Turbine Market by End Use
7.2.5.4.3 Russia Steam Turbine Market by Technology
7.2.5.4.4 Russia Steam Turbine Market by Design
7.2.5.5 Spain Steam Turbine Market
7.2.5.5.1 Spain Steam Turbine Market by Capacity
7.2.5.5.2 Spain Steam Turbine Market by End Use
7.2.5.5.3 Spain Steam Turbine Market by Technology
7.2.5.5.4 Spain Steam Turbine Market by Design
7.2.5.6 Italy Steam Turbine Market
7.2.5.6.1 Italy Steam Turbine Market by Capacity
7.2.5.6.2 Italy Steam Turbine Market by End Use
7.2.5.6.3 Italy Steam Turbine Market by Technology
7.2.5.6.4 Italy Steam Turbine Market by Design
7.2.5.7 Rest of Europe Steam Turbine Market
7.2.5.7.1 Rest of Europe Steam Turbine Market by Capacity
7.2.5.7.2 Rest of Europe Steam Turbine Market by End Use
7.2.5.7.3 Rest of Europe Steam Turbine Market by Technology
7.2.5.7.4 Rest of Europe Steam Turbine Market by Design
7.3 Asia Pacific Steam Turbine Market
7.3.1 Asia Pacific Steam Turbine Market by Capacity
7.3.1.1 Asia Pacific 151 to 300 MW Market by Country
7.3.1.2 Asia Pacific Up to 150 MW Market by Country
7.3.1.3 Asia Pacific More than 300 MW Market by Country
7.3.2 Asia Pacific Steam Turbine Market by End Use
7.3.2.1 Asia Pacific Power Generation Market by Country
7.3.2.2 Asia Pacific Oil & Gas Market by Country
7.3.2.3 Asia Pacific Petrochemical Market by Country
7.3.2.4 Asia Pacific Others Market by Country
7.3.3 Asia Pacific Steam Turbine Market by Technology
7.3.3.1 Asia Pacific Steam Cycle Market by Country
7.3.3.2 Asia Pacific Combined Cycle Market by Country
7.3.3.3 Asia Pacific Cogeneration Market by Country
7.3.4 Asia Pacific Steam Turbine Market by Design
7.3.4.1 Asia Pacific Impulse Market by Country
7.3.4.2 Asia Pacific Reaction Market by Country
7.3.5 Asia Pacific Steam Turbine Market by Country
7.3.5.1 China Steam Turbine Market
7.3.5.1.1 China Steam Turbine Market by Capacity
7.3.5.1.2 China Steam Turbine Market by End Use
7.3.5.1.3 China Steam Turbine Market by Technology
7.3.5.1.4 China Steam Turbine Market by Design
7.3.5.2 Japan Steam Turbine Market
7.3.5.2.1 Japan Steam Turbine Market by Capacity
7.3.5.2.2 Japan Steam Turbine Market by End Use
7.3.5.2.3 Japan Steam Turbine Market by Technology
7.3.5.2.4 Japan Steam Turbine Market by Design
7.3.5.3 India Steam Turbine Market
7.3.5.3.1 India Steam Turbine Market by Capacity
7.3.5.3.2 India Steam Turbine Market by End Use
7.3.5.3.3 India Steam Turbine Market by Technology
7.3.5.3.4 India Steam Turbine Market by Design
7.3.5.4 South Korea Steam Turbine Market
7.3.5.4.1 South Korea Steam Turbine Market by Capacity
7.3.5.4.2 South Korea Steam Turbine Market by End Use
7.3.5.4.3 South Korea Steam Turbine Market by Technology
7.3.5.4.4 South Korea Steam Turbine Market by Design
7.3.5.5 Singapore Steam Turbine Market
7.3.5.5.1 Singapore Steam Turbine Market by Capacity
7.3.5.5.2 Singapore Steam Turbine Market by End Use
7.3.5.5.3 Singapore Steam Turbine Market by Technology
7.3.5.5.4 Singapore Steam Turbine Market by Design
7.3.5.6 Malaysia Steam Turbine Market
7.3.5.6.1 Malaysia Steam Turbine Market by Capacity
7.3.5.6.2 Malaysia Steam Turbine Market by End Use
7.3.5.6.3 Malaysia Steam Turbine Market by Technology
7.3.5.6.4 Malaysia Steam Turbine Market by Design
7.3.5.7 Rest of Asia Pacific Steam Turbine Market
7.3.5.7.1 Rest of Asia Pacific Steam Turbine Market by Capacity
7.3.5.7.2 Rest of Asia Pacific Steam Turbine Market by End Use
7.3.5.7.3 Rest of Asia Pacific Steam Turbine Market by Technology
7.3.5.7.4 Rest of Asia Pacific Steam Turbine Market by Design
7.4 LAMEA Steam Turbine Market
7.4.1 LAMEA Steam Turbine Market by Capacity
7.4.1.1 LAMEA 151 to 300 MW Market by Country
7.4.1.2 LAMEA Up to 150 MW Market by Country
7.4.1.3 LAMEA More than 300 MW Market by Country
7.4.2 LAMEA Steam Turbine Market by End Use
7.4.2.1 LAMEA Power Generation Market by Country
7.4.2.2 LAMEA Oil & Gas Market by Country
7.4.2.3 LAMEA Petrochemical Market by Country
7.4.2.4 LAMEA Others Market by Country
7.4.3 LAMEA Steam Turbine Market by Technology
7.4.3.1 LAMEA Steam Cycle Market by Country
7.4.3.2 LAMEA Combined Cycle Market by Country
7.4.3.3 LAMEA Cogeneration Market by Country
7.4.4 LAMEA Steam Turbine Market by Design
7.4.4.1 LAMEA Impulse Market by Country
7.4.4.2 LAMEA Reaction Market by Country
7.4.5 LAMEA Steam Turbine Market by Country
7.4.5.1 Brazil Steam Turbine Market
7.4.5.1.1 Brazil Steam Turbine Market by Capacity
7.4.5.1.2 Brazil Steam Turbine Market by End Use
7.4.5.1.3 Brazil Steam Turbine Market by Technology
7.4.5.1.4 Brazil Steam Turbine Market by Design
7.4.5.2 Argentina Steam Turbine Market
7.4.5.2.1 Argentina Steam Turbine Market by Capacity
7.4.5.2.2 Argentina Steam Turbine Market by End Use
7.4.5.2.3 Argentina Steam Turbine Market by Technology
7.4.5.2.4 Argentina Steam Turbine Market by Design
7.4.5.3 UAE Steam Turbine Market
7.4.5.3.1 UAE Steam Turbine Market by Capacity
7.4.5.3.2 UAE Steam Turbine Market by End Use
7.4.5.3.3 UAE Steam Turbine Market by Technology
7.4.5.3.4 UAE Steam Turbine Market by Design
7.4.5.4 Saudi Arabia Steam Turbine Market
7.4.5.4.1 Saudi Arabia Steam Turbine Market by Capacity
7.4.5.4.2 Saudi Arabia Steam Turbine Market by End Use
7.4.5.4.3 Saudi Arabia Steam Turbine Market by Technology
7.4.5.4.4 Saudi Arabia Steam Turbine Market by Design
7.4.5.5 South Africa Steam Turbine Market
7.4.5.5.1 South Africa Steam Turbine Market by Capacity
7.4.5.5.2 South Africa Steam Turbine Market by End Use
7.4.5.5.3 South Africa Steam Turbine Market by Technology
7.4.5.5.4 South Africa Steam Turbine Market by Design
7.4.5.6 Nigeria Steam Turbine Market
7.4.5.6.1 Nigeria Steam Turbine Market by Capacity
7.4.5.6.2 Nigeria Steam Turbine Market by End Use
7.4.5.6.3 Nigeria Steam Turbine Market by Technology
7.4.5.6.4 Nigeria Steam Turbine Market by Design
7.4.5.7 Rest of LAMEA Steam Turbine Market
7.4.5.7.1 Rest of LAMEA Steam Turbine Market by Capacity
7.4.5.7.2 Rest of LAMEA Steam Turbine Market by End Use
7.4.5.7.3 Rest of LAMEA Steam Turbine Market by Technology
7.4.5.7.4 Rest of LAMEA Steam Turbine Market by Design
Chapter 8. Company Profiles
8.1 General Electric (GE) Co.
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 Recent strategies and developments:
8.1.5.1 Partnerships, Collaborations, and Agreements:
8.1.6 SWOT Analysis
8.2 Siemens AG
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
8.2.5.1 Acquisition and Mergers:
8.2.6 SWOT Analysis
8.3 Toshiba Corporation
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research and Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.6 SWOT Analysis
8.4 Elliott Group (Ebara Corporation)
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expenses
8.4.5 Recent strategies and developments:
8.4.5.1 Geographical Expansions:
8.5 Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.)
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental Analysis
8.5.4 Research & Development Expenses
8.5.5 Recent strategies and developments:
8.5.5.1 Partnerships, Collaborations, and Agreements:
8.6 MAN Energy Solutions SE (Volkswagen Group)
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expenses
8.7 Fuji Electric Co. Ltd.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expense
8.8 Kawasaki Heavy Industries, Ltd.
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expense
8.9 Chola Turbo Machinery International Pvt. Ltd.
8.9.1 Company Overview
8.10. Turbine Generator Maintenance, Inc.
8.10.1 Company Overview

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