Steam Turbine Market Analysis, Growth Rate, Industry Analysis 2033

Overview and Scope

The steam turbine refers to a machine that converts thermal energy from pressurized steam and transforms it into mechanical work on a rotating output shaft. It uses heat sources such as gas, coal, nuclear, and solar to heat water at extremely high temperatures until it is converted into steam. The main parts of stream turbines are rotors and blades.

Sizing and Forecast

The steam turbine market size has grown steadily in recent years. It will grow from $16.89 billion in 2023 to $17.23 billion in 2024 at a compound annual growth rate (CAGR) of 2.0%.  The growth in the historic period can be attributed to industrialization and power demand, expansion of power generation capacity, utilization in thermal power plants, cogeneration and combined heat and power (CHP) systems, reliability and longevity of steam turbines.

The steam turbine market size is expected to see marginal growth in the next few years. It will grow to $18.64 billion in 2028 at a compound annual growth rate (CAGR) of 2.0%.  The growth in the forecast period can be attributed to integration in nuclear power plants, increasing demand for district heating systems, focus on energy efficiency in industries, replacement and upgradation in aging infrastructure, emergence of small-scale and modular power plants. Major trends in the forecast period include development of advanced steam turbine controls, focus on upgrading and retrofitting existing steam turbine plants, growth in small-scale and micro steam turbines, introduction of advanced steam turbine materials, collaborations for research and development in steam turbine technology.

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Segmentation & Regional Insights

The steam turbine market covered in this report is segmented –

1) By Plant Type: Gas, Coal, Nuclear, Other Plant Types

2) By Capacity: Rated Power (<60MW), Rated Power (60-200MW), Rated Power (>200MW)

3) By Technology: Steam Cycle, Combined Cycle, Cogeneration

4) By Design: Reaction, Impulse

5) By End-Use Industry: Power And Utility, Industrial

Western Europe was the largest region in the steam turbine market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increase in focus on renewable energy is expected to propel the growth of the steam turbine market. Renewable energy, also identified as clean energy, provides consistent power supplies and fuel diversification, improving energy security and reducing the risk of fuel spills. The primary focus on renewable energy is to advance economic development, improve energy security, enhance access to power, and mitigate climate change. The increasing focus on renewable energy creates demand for steam turbines as these are a source of clean energy to produce electricity with no/less environmental impact. For instance, according to the renewable energy industry report by the India Brand Equity Foundation (IBEF), as of January 2022, India’s installed renewable energy capacity stood at 152.36 GW, accounting for 38.56% of total installed power capacity. Power generation from renewable energy sources reached 13.15 billion units (BU) in January 2022, increasing from 11.51 BU in January 2021. Therefore, increasing focus on renewable energy will drive the growth of the steam turbine market.

Key Industry Players

Major companies operating in the steam turbine market report are Hitachi Ltd., Siemens AG, General Electric Company, Toshiba Corporation, Alstom Power Inc., Shanghai Electric Group Corp, Kawasaki Heavy Industries Ltd., Doosan Enerbility Co Ltd., Dongfang Electric Corporation Ltd., Fuji Electric Ltd., Weg SA, Black & Veatch Corporation, MAN Energy Solutions SE, Harbin Electric Company Limited, Solar Turbines Incorporated, Bharat Heavy Electricals Limited, Ansaldo Energia SpA, Power Machines Ltd., Babcock & Wilcox Enterprises Inc., NPO Saturn PJSC, Elliot Group Corp, Triveni Turbine Limited, Turboden S.p.A., L&T-MHI Power Turbine Generators Pvt Ltd., Vericor Power Systems LLC, Arani Power Systems Ltd., Turbine Technology Services Corporation, Beijing Beizhong Steam Turbine Generator Co Ltd., CMI Energy India Pvt Ltd,, Dresser-Rand Group Inc.

The steam turbine market report table of contents includes:

1. Executive Summary

2. Steam Turbine Market Characteristics

3. Steam Turbine Market Trends And Strategies

4. Steam Turbine Market - Macro Economic Scenario

5. Global Steam Turbine Market Size and Growth

6. Steam Turbine Market Segmentation

7. Steam Turbine Market Regional And Country Analysis

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34. Key Mergers And Acquisitions In The Steam Turbine Market

35. Steam Turbine Market Future Outlook and Potential Analysis

36. Appendix

List Of Tables:

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global Steam Turbine Market, Segmentation By Plant Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global Steam Turbine Market, Segmentation By Capacity, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global Steam Turbine Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 76: Hitachi Ltd. Financial Performance

Table 77: Siemens AG Financial Performance

Table 78: General Electric Company Financial Performance

Table 79: Toshiba Corporation Financial Performance

Table 80: Alstom Power Inc. Financial Performance

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