The global steam turbine market was valued at $17.5 billion in 2022 and is projected to reach $22.4 billion by 2032, growing at a CAGR of 2.6% from 2023 to 2032.
A steam turbine is a generator that utilizes heating water to create mechanical or rotational energy. For the purpose of analysis, the global steam turbine market scope covers segmentation based on design, end-use industry, forging capacity, and region. The report outlines the details of various designs of steam turbines such as reaction turbines and impulse turbines. In addition, the applications covered in the study Include power generation, petrochemical, oil & gas, and others. By forging capacity, it is divided into large forging and ultra large forging.
Moreover, it analyzes the current market trends of steam turbines across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests future growth opportunities. Several regulations have been implemented to promote the generation of energy through renewable sources. These regulations impact the steam turbine market positively. For instance, the India National Renewable Energy Act 2015 promotes the distribution of energy from renewable energy sources to reduce the dependency on fossil fuels. After the historic UN Paris Climate Agreement - a legally binding international treaty on climate change - half of Europe’s 324 coal power plants have either closed or pledged to shut down before 2030.
Furthermore, Germany will phase out coal-fired power generation by 2038; the first lignite-fired power plants were shut down in 2020, and the first tender process for closing down hard coal power plants was held. These regulations are established to ensure energy security and reduce local and global pollutants. Such regulations are anticipated to drive the demand for thermal renewables-based steam turbines. As a result, it is expected that with the growing demand for thermal renewables-based steam turbines, the global steam turbine market will witness notable growth in the coming years. Steam turbines are expensive; for instance, for a steam turbine combined heat and power (CHP) plant that burns solid biomass, the installed cost of only CHP is around $5,000/kW or higher. The installed cost for the steam turbine and electrical generator costs roughly 15-25% of the total installed cost. In addition, steam turbines are less effective than reciprocating motors at part load activity. Furthermore, steam turbines have longer startup times when compared to gas turbines and reciprocating engines. In addition, they are less responsive to changes in power demand compared with gas turbines and reciprocating engines.
Furthermore, they exhibit major energy losses such as radiative heat loss due to improper insulation, steam pressure loss at regulating valves and pipes, mechanical friction loss at bearing & other surfaces, leakage of steam, and friction losses in nozzles & blades. Thus, all these factors are expected to hamper the growth of the market, as they are limiting the use of steam turbines. The COVID-19 pandemic is predicted to possess hurdles for turbine equipment manufacturers due to disruption in supply chain and shutting down of manufacturing and energy generating facilities. Steam turbine OEMs involved in international wind turbine delivery chain hubs Include China, India, and Spain. These three markets have shown poor growth in 2020. Coal is the primary source of power generation in India (~71% in March 2020). Throughout the lockdown, the coal stock has seen a visible Increase. As a result, the contribution of coal in total energy generation decreased from 72.5% to 65.6%. In India, 41% of the total electricity consumption was for industrial purposes, followed by 25% for domestic and 18% for agricultural purposes.
As the lockdown has severely reduced the industrial and commercial activities in the country, these segments witnessed a considerable decline in demand for electricity. However, all activities have resumed normally and COVID cases have declined due to the vaccination drive, which led to Increased operations in various industries across the globe. Moreover, the global supply chain has significantly recovered. Furthermore, the economic recovery of major countries such as India, China, the U.S., Japan, and South Korea has resulted in Increased spending on steam turbines. Thus, the market has shown significant signs of recovery. Furthermore, India has taken the initiative to invest in the development of nuclear power plants by 2030 to meet the growing demand for power.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it Includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. Value chain analysis for this industry, which Includes R&D, components manufacturers, assembly, programming & testing, marketing & sales, customers, and post-sales services, is explained. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to Increase their market share and sustain intense competition in the industry.
The key players in the market Include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd., and Mitsubishi Power. The revenue of these companies is analyzed to obtain the total market value. The key players in the global steam turbine market are adopting different strategies, such as design launch, expansion, collaboration, agreement, and acquisition to compete against each other in the global competitive market. The data pertaining to market players and their strategic moves are gathered through their annual reports and press releases of respective companies, various blogs available on their websites, and primary calls made to experts in the industry
A steam turbine is a generator that utilizes heating water to create mechanical or rotational energy. For the purpose of analysis, the global steam turbine market scope covers segmentation based on design, end-use industry, forging capacity, and region. The report outlines the details of various designs of steam turbines such as reaction turbines and impulse turbines. In addition, the applications covered in the study Include power generation, petrochemical, oil & gas, and others. By forging capacity, it is divided into large forging and ultra large forging.
Moreover, it analyzes the current market trends of steam turbines across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests future growth opportunities. Several regulations have been implemented to promote the generation of energy through renewable sources. These regulations impact the steam turbine market positively. For instance, the India National Renewable Energy Act 2015 promotes the distribution of energy from renewable energy sources to reduce the dependency on fossil fuels. After the historic UN Paris Climate Agreement - a legally binding international treaty on climate change - half of Europe’s 324 coal power plants have either closed or pledged to shut down before 2030.
Furthermore, Germany will phase out coal-fired power generation by 2038; the first lignite-fired power plants were shut down in 2020, and the first tender process for closing down hard coal power plants was held. These regulations are established to ensure energy security and reduce local and global pollutants. Such regulations are anticipated to drive the demand for thermal renewables-based steam turbines. As a result, it is expected that with the growing demand for thermal renewables-based steam turbines, the global steam turbine market will witness notable growth in the coming years. Steam turbines are expensive; for instance, for a steam turbine combined heat and power (CHP) plant that burns solid biomass, the installed cost of only CHP is around $5,000/kW or higher. The installed cost for the steam turbine and electrical generator costs roughly 15-25% of the total installed cost. In addition, steam turbines are less effective than reciprocating motors at part load activity. Furthermore, steam turbines have longer startup times when compared to gas turbines and reciprocating engines. In addition, they are less responsive to changes in power demand compared with gas turbines and reciprocating engines.
Furthermore, they exhibit major energy losses such as radiative heat loss due to improper insulation, steam pressure loss at regulating valves and pipes, mechanical friction loss at bearing & other surfaces, leakage of steam, and friction losses in nozzles & blades. Thus, all these factors are expected to hamper the growth of the market, as they are limiting the use of steam turbines. The COVID-19 pandemic is predicted to possess hurdles for turbine equipment manufacturers due to disruption in supply chain and shutting down of manufacturing and energy generating facilities. Steam turbine OEMs involved in international wind turbine delivery chain hubs Include China, India, and Spain. These three markets have shown poor growth in 2020. Coal is the primary source of power generation in India (~71% in March 2020). Throughout the lockdown, the coal stock has seen a visible Increase. As a result, the contribution of coal in total energy generation decreased from 72.5% to 65.6%. In India, 41% of the total electricity consumption was for industrial purposes, followed by 25% for domestic and 18% for agricultural purposes.
As the lockdown has severely reduced the industrial and commercial activities in the country, these segments witnessed a considerable decline in demand for electricity. However, all activities have resumed normally and COVID cases have declined due to the vaccination drive, which led to Increased operations in various industries across the globe. Moreover, the global supply chain has significantly recovered. Furthermore, the economic recovery of major countries such as India, China, the U.S., Japan, and South Korea has resulted in Increased spending on steam turbines. Thus, the market has shown significant signs of recovery. Furthermore, India has taken the initiative to invest in the development of nuclear power plants by 2030 to meet the growing demand for power.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it Includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. Value chain analysis for this industry, which Includes R&D, components manufacturers, assembly, programming & testing, marketing & sales, customers, and post-sales services, is explained. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to Increase their market share and sustain intense competition in the industry.
The key players in the market Include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd., and Mitsubishi Power. The revenue of these companies is analyzed to obtain the total market value. The key players in the global steam turbine market are adopting different strategies, such as design launch, expansion, collaboration, agreement, and acquisition to compete against each other in the global competitive market. The data pertaining to market players and their strategic moves are gathered through their annual reports and press releases of respective companies, various blogs available on their websites, and primary calls made to experts in the industry
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the steam turbine market analysis from 2022 to 2032 to identify the prevailing steam turbine market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the steam turbine market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global steam turbine market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Design
- Reaction
- Impulse
- Power Generation
- Forging
- Rolled Rings
- Contoured Rings
- Pot Die Forging
- Hollows
- Bars
- Billets
- Others
- Petrochemical
- Oil and Gas
- Others
By Forging Capacity
- Large Forging
- Ultra Large Forging
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Mitsubishi Power Americas, Inc.
- Toshiba Corporation
- Arani Power Systems Ltd.
- Doosan Skoda Power s.r.o.
- General Electric
- Siemens Energy AG
- Chola Turbo Machinery International Pvt. Ltd.
- Turbine Generator Maintenance Inc.
- Elliott Group
- TURBOCAM, Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: STEAM TURBINE MARKET, BY DESIGN
CHAPTER 5: STEAM TURBINE MARKET, BY END-USE INDUSTRY
CHAPTER 6: STEAM TURBINE MARKET, BY FORGING CAPACITY
CHAPTER 7: STEAM TURBINE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Steam Turbine Market,' The steam turbine market was valued at $17.5 billion in 2022, and is estimated to reach $22.4 billion by 2032, growing at a CAGR of 2.6% from 2023 to 2032.A steam turbine is a device that converts thermal energy from pressurized steam into mechanical energy, which can then be used to generate electricity or perform other types of mechanical work. It is a key component in many power plants and industrial processes. The basic principle behind a steam turbine is the expansion of high-pressure and high-temperature steam through a series of stationary and rotating blades. The steam is directed onto the blades, causing them to rotate. The rotating motion is then used to turn a generator or drive other machinery. Several advancements are taking place to improve thermal efficiency of power plant systems, which involve enhancing characteristics such as temperature and pressure of steam. General Electric operates a steam turbine at 600°C live steam inlet conditions, by pushing re-heat temperatures further. Doosan Škoda Power, Czech Republic operates steam turbine with 700°C steam. Its ultra-supercritical turbines offer high efficiency and some materials, such as rotor, are welded and modified. The rapid changes of steam turbine & component design to enhance structural rigidity, flexibility, robustness, and reduce carbon dioxide emission technologies are anticipated to provide remunerative opportunities for the expansion of the global market during the forecast period.
Impulse turbines are increasingly used in applications where the flow is low and inlet pressure is high. The impulse turbine, which is used mostly is turbo type. This type of turbine is witnessing high demand from medium-sized units for moderately high heads, which is expected to drive the market growth. Moreover, multiple advancements associated with impulse turbine notably contributes toward the market growth. For instance, the increase in the running speed of impulse hydraulic turbines is one such advancement. It is possible to improve impulse hydraulic turbines by increasing their running speed and this is accompanied to reduce the lower head-limit, in economically feasible applications.
Increase in demand for power generation and high-efficiency impulse turbines augmented with low cost of maintenance a charge in comparison with other conventional turbines notably contributes toward the market growth and also plays a key role in boosting the market growth. The Asia-Pacific market is expected to exhibit notable growth in the coming future due to a rise in demand for electricity in the region. According to the Asia Pacific Energy Research Center (APERC), demand for power in Asia-Pacific is expected to increase by 45% by 2050. This expanded interest is anticipated to be driven by China and Southeast Asia, where growing economies, rising per-capita pay, and expanding use of transport would contribute to higher power utilization. More than 3,200 gigawatts (GW) of new power plant limit is required to meet the supply-demand gap. Hence, it is expected that steam turbines would play a crucial role in generating electricity. Furthermore, frequent opening of new power plants is anticipated to foster the demand for steam turbines.
The Central Electricity Regulatory Commission, India implemented certain regulations, which require every steam-generating company to submit technical details of plants such as installed capacity and configuration (number of units × MW), coal/lignite use, associated transmission system, and proposed evacuation arrangement. These regulations are developed for steam turbine manufacturing companies. In addition, the Office of Oil & Gas Technologies (OIT), U.S. had set up a few guidelines by partnering with government and non-governmental organizations to develop and deliver steam turbines with advanced energy efficiency, renewable energy, and pollution prevention technologies for oil & gas applications. For the purpose of analysis, the global steam turbine market scope covers segmentation based on design, end-use industry, forging capacity, and region. The report outlines the details of various designs of steam turbines such as reaction turbines and impulse turbines. In addition, the applications covered in the study include power generation, petrochemical, oil & gas, and others. By forging capacity, it is divided into large forging and ultra large forging. Moreover, it analyzes the current market trends of steam turbines across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests future growth opportunities.
The key players in the market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd., and Mitsubishi Power. The revenue of these companies is analyzed to obtain the total market value. The key players in the global steam turbine market are adopting different strategies, such as design launch, expansion, collaboration, agreement, and acquisition to compete against each other in the global competitive market. The data pertaining to market players and their strategic moves are gathered through their annual reports and press releases of respective companies, various blogs available on their websites, and primary calls made to experts in the industry.
The drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.
Key findings of the study
- By design, the impulse segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 2.8% from 2023 to 2032.
- On the basis of the end-use industry, the power generation segment is anticipated to exhibit the highest CAGR of 3.0% from 2023 to 2032.
Companies Mentioned
- Mitsubishi Power Americas, Inc.
- Toshiba Corporation
- Arani Power Systems Ltd.
- Doosan Skoda Power s.r.o.
- General Electric
- Siemens Energy AG
- Chola Turbo Machinery International Pvt. Ltd.
- Turbine Generator Maintenance Inc.
- Elliott Group
- TURBOCAM, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 428 |
| Published | May 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 17.5 billion |
| Forecasted Market Value ( USD | $ 22.4 billion |
| Compound Annual Growth Rate | 2.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
