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Steam Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 138 Pages
  • July 2023
  • Region: Global
  • IMARC Group
  • ID: 5849975
Description Jump to:
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.

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 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Steam Turbine Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Exhaust Type
6.1 Condensing
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Non-Condensing
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Capacity
7.1 Less than 120 MW
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 121-350 MW
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 351-750 MW
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 More than 750 MW
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Technology
8.1 Steam Cycle
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Combined Cycle
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Cogeneration
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Application
9.1 Power Generation
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Petrochemicals
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Oil & Gas
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Others
9.4.1 Market Trends
9.4.2 Market Forecast
10 Market Breakup by Region
10.1 North 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
10.2 Asia-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
10.3 Europe
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
10.4 Latin 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
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Arani Power Systems Limited
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.2 Doosan 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
15.3.3 Elliott Company (Ebara Corporation)
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 SWOT Analysis
15.3.4 Fuji 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
15.3.5 General 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
15.3.6 MAN Energy Solutions SE (Volkswagen AG)
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 SWOT Analysis
15.3.7 Mitsubishi 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
15.3.8 Shanghai Electric Group Company Limited
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.9 Siemens Energy AG
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.10 Toshiba Corporation
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.10.4 SWOT Analysis
15.3.11 Turbine Generator Maintenance Inc.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.12 Turbocam Inc.
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
List of Figures
Figure 1: Global: Steam Turbine Market: Major Drivers and Challenges
Figure 2: Global: Steam Turbine Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Steam Turbine Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Steam Turbine Market: Breakup by Exhaust Type (in %), 2022
Figure 5: Global: Steam Turbine Market: Breakup by Capacity (in %), 2022
Figure 6: Global: Steam Turbine Market: Breakup by Technology (in %), 2022
Figure 7: Global: Steam Turbine Market: Breakup by Application (in %), 2022
Figure 8: Global: Steam Turbine Market: Breakup by Region (in %), 2022
Figure 9: Global: Steam Turbine (Condensing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Steam Turbine (Condensing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Steam Turbine (Non-Condensing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Steam Turbine (Non-Condensing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Steam Turbine (Less than 120 MW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Steam Turbine (Less than 120 MW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Steam Turbine (121-350 MW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Steam Turbine (121-350 MW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Steam Turbine (351-750 MW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Steam Turbine (351-750 MW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Steam Turbine (More than 750 MW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Steam Turbine (More than 750 MW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Steam Turbine (Steam Cycle) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Steam Turbine (Steam Cycle) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Steam Turbine (Combined Cycle) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Steam Turbine (Combined Cycle) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Steam Turbine (Cogeneration) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Steam Turbine (Cogeneration) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Steam Turbine (Power Generation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Steam Turbine (Power Generation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Steam Turbine (Petrochemicals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Steam Turbine (Petrochemicals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Steam Turbine (Oil & Gas) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Steam Turbine (Oil & Gas) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Steam Turbine (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Steam Turbine (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: North America: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: North America: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: United States: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: United States: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Canada: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Canada: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Asia-Pacific: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Asia-Pacific: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: China: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: China: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Japan: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Japan: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: India: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: India: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: South Korea: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: South Korea: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Australia: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Australia: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Indonesia: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Indonesia: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Others: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Others: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Europe: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Europe: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Germany: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Germany: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: France: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: France: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: United Kingdom: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: United Kingdom: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Italy: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Italy: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Spain: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Spain: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Russia: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Russia: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Others: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Others: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Latin America: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Latin America: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Brazil: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Brazil: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Mexico: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Mexico: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Others: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Others: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Middle East and Africa: Steam Turbine Market: Sales Value (in Million US$), 2017 & 2022
Figure 82: Middle East and Africa: Steam Turbine Market: Breakup by Country (in %), 2022
Figure 83: Middle East and Africa: Steam Turbine Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Global: Steam Turbine Industry: SWOT Analysis
Figure 85: Global: Steam Turbine Industry: Value Chain Analysis
Figure 86: Global: Steam Turbine Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Steam Turbine Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Steam Turbine Market Forecast: Breakup by Exhaust Type (in Million US$), 2023-2028
Table 3: Global: Steam Turbine Market Forecast: Breakup by Capacity (in Million US$), 2023-2028
Table 4: Global: Steam Turbine Market Forecast: Breakup by Technology (in Million US$), 2023-2028
Table 5: Global: Steam Turbine Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 6: Global: Steam Turbine Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Steam Turbine Market: Competitive Structure
Table 8: Global: Steam Turbine Market: Key Players

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 AttributeDetails
No. of Pages138
PublishedJuly 2023
Forecast Period2022 - 2028
Estimated Market Value ( USD ) in 2022 $ 24.8 Billion
Forecasted Market Value ( USD ) by 2028 $ 32.4 Billion
Compound Annual Growth Rate4.6%
Regions CoveredGlobal
No. of Companies Mentioned12

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