Steam Turbine Market Size By Design (Reaction, Impulse), By Exhaust (Condensing, Non-condensing), By Fuel (Fossil Fuel, Biomass, Geothermal), By End-use (Industrial {Refinery, Chemical Plant, Sugar Plant, Pulp & Paper}, Utility), By Capacity (≤3 MW,

Steam Turbine Market Size By Design (Reaction, Impulse), By Exhaust (Condensing, Non-condensing), By Fuel (Fossil Fuel, Biomass, Geothermal), By End-use (Industrial {Refinery, Chemical Plant, Sugar Plant, Pulp & Paper}, Utility), By Capacity (≤3 MW, >3 MW - 100 MW, >100 MW), By Technology (Steam Cycle, Combined Cycle, Cogeneration), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The steam turbine market is poised to grow significantly by 2030 owing to increasing consumer inclination toward non-conventional energy utilization. In addition, growing investment in the field, along with rising focus on combined cycle generation, is likely to further propel market growth through the forecast timespan.

The COVID-19 outbreak brought manufacturing operations to a halt, posing a threat to market growth. However, the post-pandemic scenario has given rise to various opportunities because of prominent measures to reduce carbon footprint and rapid industrialization across the globe, thereby boosting steam turbine market growth.

Moreover, major players have been engaging in growth strategies like partnerships and collaborations, coupled with product innovations, to gain a competitive edge in the industry, which has positively influenced the business scenario. For instance, in March 2022, GE Gas Power, General Electric’s arm specializing in gas power technology, along with Harbin Electric, a manufacturer of large-sized turbines, bagged a contract to supply power production equipment to Shenzhen Energy Group, a Chinese state-owned power utility firm. According to the contract, the companies agreed to provide steam turbines for Shenzhen Energy’s Guangming power plant.

The steam turbine market has been bifurcated based on exhaust, technology, capacity, design, end-use, fuel, and region.

In terms of design, the market has been split into reaction and impulse. The reaction segment is anticipated to witness a positive outlook through the study timeframe as a result of a strong focus on the adoption of natural gas turbines as an alternative to coal-powered generators.

With regards to exhaust, the steam turbine market has been segregated into condensing and non-condensing. The expansion of industrial infrastructure, along with increasing initiatives to alleviate the demand-supply gap, is likely to drive the non-condensing segment growth.

The market has been segmented based on fuel into geothermal, fossil fuel, and biomass. The geothermal segment is estimated to grow considerably by 2030 due to the shifting focus toward the deployment of non-conventional energy resources.

By end-use, the steam turbine market has been segregated into utility and industrial. The industrial sector is estimated to register substantial expansion up to 2030 because of increasing investments toward the development of new industrial sectors as well as easing demand for captive power systems.

With respect to capacity, the market has been categorized into >100 MW, >3 MW-100MW, and ≤3MW. The ≤3 MW segment is projected to advance steadily owing to favorable government measures and resurgent economic growth. Robust expansion of medium-scale industries is also set to fuel segmental development.

Based on technology, the steam turbine market has been segmented into cogeneration, steam cycle, and combined cycle. The steam cycle technology is anticipated to grow at a rate of about 5.4% through the review period.

In the regional landscape, the Latin America steam turbine industry was valued at over $500 million in 2021 and is slated to attain a sizable share in the global industry by 2030.