The global steam turbine market size reached US$ 24.8 Billion in 2022. Looking forward, the publisher 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.
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?
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:
The publisher 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?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Steam Turbine Market
6 Market Breakup by Exhaust Type
7 Market Breakup by Capacity
8 Market Breakup by Technology
9 Market Breakup by Application
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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.
- Turbocam Inc.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 138 |
Published | July 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 24.8 Billion |
Forecasted Market Value ( USD | $ 32.4 Billion |
Compound Annual Growth Rate | 4.6% |
Regions Covered | Global |
No. of Companies Mentioned | 12 |