by According to a research report “Steam Turbine Market (By Design: Reaction and Impulse; By Exhaust: Condensing and Non-condensing; By Fuel: Fossil Fuel, Biomass, and Geothermal; By End Use: Industrial and Utility; By Technology: Steam Cycle, Combined Cycle, and Cogeneration) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030″ published by Precedence Research.
The steam turbine market size is projected to hit from USD 28.7 billion in 2022 to USD 36.2 billion by 2030, growing at a CAGR of 2.9% every year.
The study provides an analysis of the period 2017-2030, wherein 2021 to 2030 is the forecast period and 2021 is considered as the base year.
In a thermal power plant, the steam turbine is an important component. The rise in the deployment of combined cycle power plants is predicted to be a key driver of the steam turbine market growth. Due to their ability to generate base load power, fossil fuel-based power production sources have dominated the power sector internationally in the past, driving the market for steam turbines. In addition, the steam turbine market growth will be aided by ongoing technological advancements in steam turbine development, as well as research into clean coal technology, during the forecast period.
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Table of Contents
Scope of the Steam Turbine Market
| Report Coverage | Details |
| Market Size in 2021 | USD 27.93 Billion |
| Growth Rate from 2021 to 2030 | 2.9% |
| Largest Market | Europe |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Design, Exhaust, Fuel, End Use, Region |
Market Dynamics
Drivers
Surge in the need for natural gas combined cycle plants
The natural gas plants do not directly use steam turbines, but combined cycle plants, which are the most efficient type of natural gas fired plant, do. One of the primary reasons for the increase in demand for steam turbines is the increased use of combined-cycle natural gas plants as a reliable source of energy.
Because renewable resources cannot provide energy 24 hours a day, incorporating natural gas-fired power plants into the energy mix can pave the way for a greener future. Many countries are planning to convert their coal-fired power plants to gas-fired power plants, which could lead to the use of smaller steam turbines. This, in turn, is expected to boost demand for power generation steam turbines during the forecast period.
Restraints
Increased use of renewable energy
The most important factor driving the use of renewable energies is the attribution of global warming due to carbon dioxide emissions from the combustion of fossil fuels. Concerns about reducing greenhouse gas emissions, an increase in the search for energy security, aversion to traditional nuclear power, and a lack of progress in nuclear power application are expected to drive demand for renewable energy.
Governments in both developing and developed countries have emphasized the importance of renewable energy sources due to increased output efficiency, reduced pollution, and low maintenance costs. All of these factors contribute to an increase in demand for renewable energy, limiting the global steam turbine market’s growth.
Opportunities
Surge in demand for electricity
The increase in urbanization and industrialization has resulted in an increase in electricity demand. Around 7.9 billion people live on the planet. Some of the factors driving the demand for electricity include an increase in disposable income and a rise in living standards. According to the International Energy Agency (IEA), electricity demand is expected to rise by 5% by 2020. As a result, demand for renewable energy sources increases. Electricity is produced using a variety of renewable energy sources. Thus, the surge in demand for electricity is creating lucrative opportunities for the growth of the steam turbine market during the forecast period.
Challenges
High installation costs
The installation of steam turbines necessitates significant capital investments. In many regions, market players must complete a number of government processes and steps before installing turbines, which also necessitates a substantial investment. The enormous costs include not only the installation of the turbine but also the foundation, grid connection, control systems, land, road construction, electric installation, and other financial costs. The installation costs vary region to region and technology to technology. As a result, the high installation costs are a major challenge for the growth of the steam turbine market during the forecast period.
Read Also: Smart Transportation Market to Hit US$ 377.1 Bn by 2030 – Daily Tech Bulletin
Report Highlights
- Europe is the largest segment for steam turbine market in terms of region. Europe is expected to see stagnant growth, owing to a shift in focus from traditional to cleaner and renewable energy sources. Germany, on the other hand, has legalized the installation of combined heat and power units and established a law to that effect.
- Asia-Pacific region is the fastest growing region in the steam turbine market. In the region, there is a growing demand for electricity. The decrease in demand for electric utility rates had an impact on thermal power generation in developed economies, and power companies have drastically reduced their investments in facilities and equipment. However, owing to environmental concerns, the increased emphasis on gas fired power generation, as well as the increasing emphasis on cleaner resources such as renewable energy and natural gas, is predicted to slow the development rate over the forecast period.
- Based on the technology, the steam cycle segment dominated the global steam turbine market in 2020 with highest market share. The power plants are increasingly using steam cycle turbines, as natural gas fired power generation is seen as the cleanest fossil fuel alternative. Exhaust steam is used for additional power generation in natural gas fired power plants, boosting demand for steam turbines.
Some of the prominent players in the global steam turbine market include:
- Toshiba Corporation
- Fuji Electric Co. Ltd
- Istom SA
- Mitsubishi Hitachi Power Systems
- Siemens AG
- Man Diesel & Turbo SE
- Bharat Heavy Electricals Ltd.
- Doosan Skoda Power
- Kawasaki Heavy Industries
- Ansaldo Energia
Segments Covered in the Report
By Design
- Reaction
- Impulse
By Exhaust
- Condensing
- Non-condensing
By Fuel
- Fossil Fuel
- Biomass
- Geothermal
By End Use
- Industrial
- Utility
By Technology
- Steam Cycle
- Combined Cycle
- Cogeneration
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Steam Turbine Market
5.1. COVID-19 Landscape: Steam Turbine Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Steam Turbine Market, By Design Type
8.1. Steam Turbine Market, by Design Type, 2021-2030
8.1.1. Reaction
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Impulse
8.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Steam Turbine Market, By Exhaust Type
9.1. Steam Turbine Market, by Exhaust Type, 2021-2030
9.1.1. Condensing
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Non-condensing
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Steam Turbine Market, By Technology Type
10.1. Steam Turbine Market, by Technology Type, 2021-2030
10.1.1. Steam Cycle
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Combined Cycle
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Cogeneration
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Steam Turbine Market, By Fuel Type
11.1. Steam Turbine Market, by Fuel Type, 2021-2030
11.1.1. Fossil Fuel
11.1.1.1. Market Revenue and Forecast (2017-2030)
11.1.2. Biomass
11.1.2.1. Market Revenue and Forecast (2017-2030)
11.1.3. Geothermal
11.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 12. Global Steam Turbine Market, By End Use Type
12.1. Steam Turbine Market, by End Use, 2021-2030
12.1.1. Industrial
12.1.1.1. Market Revenue and Forecast (2017-2030)
12.1.2. Utility
12.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 13. Global Steam Turbine Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Design (2017-2030)
13.1.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.1.3. Market Revenue and Forecast, by Technology (2017-2030)
13.1.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.1.5. Market Revenue and Forecast, by End Use (2017-2030)
13.1.6. U.S.
13.1.6.1. Market Revenue and Forecast, by Design (2017-2030)
13.1.6.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.1.6.3. Market Revenue and Forecast, by Technology (2017-2030)
13.1.6.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.1.7. Market Revenue and Forecast, by End Use (2017-2030)
13.1.8. Rest of North America
13.1.8.1. Market Revenue and Forecast, by Design (2017-2030)
13.1.8.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.1.8.3. Market Revenue and Forecast, by Technology (2017-2030)
13.1.8.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.1.8.5. Market Revenue and Forecast, by End Use (2017-2030)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Design (2017-2030)
13.2.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.2.3. Market Revenue and Forecast, by Technology (2017-2030)
13.2.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.2.5. Market Revenue and Forecast, by End Use (2017-2030)
13.2.6. UK
13.2.6.1. Market Revenue and Forecast, by Design (2017-2030)
13.2.6.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.2.6.3. Market Revenue and Forecast, by Technology (2017-2030)
13.2.7. Market Revenue and Forecast, by Fuel (2017-2030)
13.2.8. Market Revenue and Forecast, by End Use (2017-2030)
13.2.9. Germany
13.2.9.1. Market Revenue and Forecast, by Design (2017-2030)
13.2.9.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.2.9.3. Market Revenue and Forecast, by Technology (2017-2030)
13.2.10. Market Revenue and Forecast, by Fuel (2017-2030)
13.2.11. Market Revenue and Forecast, by End Use (2017-2030)
13.2.12. France
13.2.12.1. Market Revenue and Forecast, by Design (2017-2030)
13.2.12.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.2.12.3. Market Revenue and Forecast, by Technology (2017-2030)
13.2.12.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.2.13. Market Revenue and Forecast, by End Use (2017-2030)
13.2.14. Rest of Europe
13.2.14.1. Market Revenue and Forecast, by Design (2017-2030)
13.2.14.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.2.14.3. Market Revenue and Forecast, by Technology (2017-2030)
13.2.14.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.2.15. Market Revenue and Forecast, by End Use (2017-2030)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Design (2017-2030)
13.3.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.3.3. Market Revenue and Forecast, by Technology (2017-2030)
13.3.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.3.5. Market Revenue and Forecast, by End Use (2017-2030)
13.3.6. India
13.3.6.1. Market Revenue and Forecast, by Design (2017-2030)
13.3.6.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.3.6.3. Market Revenue and Forecast, by Technology (2017-2030)
13.3.6.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.3.7. Market Revenue and Forecast, by End Use (2017-2030)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Design (2017-2030)
13.3.8.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.3.8.3. Market Revenue and Forecast, by Technology (2017-2030)
13.3.8.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.3.9. Market Revenue and Forecast, by End Use (2017-2030)
13.3.10. Japan
13.3.10.1. Market Revenue and Forecast, by Design (2017-2030)
13.3.10.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.3.10.3. Market Revenue and Forecast, by Technology (2017-2030)
13.3.10.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.3.10.5. Market Revenue and Forecast, by End Use (2017-2030)
13.3.11. Rest of APAC
13.3.11.1. Market Revenue and Forecast, by Design (2017-2030)
13.3.11.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.3.11.3. Market Revenue and Forecast, by Technology (2017-2030)
13.3.11.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.3.11.5. Market Revenue and Forecast, by End Use (2017-2030)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Design (2017-2030)
13.4.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.4.3. Market Revenue and Forecast, by Technology (2017-2030)
13.4.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.4.5. Market Revenue and Forecast, by End Use (2017-2030)
13.4.6. GCC
13.4.6.1. Market Revenue and Forecast, by Design (2017-2030)
13.4.6.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.4.6.3. Market Revenue and Forecast, by Technology (2017-2030)
13.4.6.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.4.7. Market Revenue and Forecast, by End Use (2017-2030)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Design (2017-2030)
13.4.8.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.4.8.3. Market Revenue and Forecast, by Technology (2017-2030)
13.4.8.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.4.9. Market Revenue and Forecast, by End Use (2017-2030)
13.4.10. South Africa
13.4.10.1. Market Revenue and Forecast, by Design (2017-2030)
13.4.10.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.4.10.3. Market Revenue and Forecast, by Technology (2017-2030)
13.4.10.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.4.10.5. Market Revenue and Forecast, by End Use (2017-2030)
13.4.11. Rest of MEA
13.4.11.1. Market Revenue and Forecast, by Design (2017-2030)
13.4.11.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.4.11.3. Market Revenue and Forecast, by Technology (2017-2030)
13.4.11.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.4.11.5. Market Revenue and Forecast, by End Use (2017-2030)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Design (2017-2030)
13.5.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.5.3. Market Revenue and Forecast, by Technology (2017-2030)
13.5.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.5.5. Market Revenue and Forecast, by End Use (2017-2030)
13.5.6. Brazil
13.5.6.1. Market Revenue and Forecast, by Design (2017-2030)
13.5.6.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.5.6.3. Market Revenue and Forecast, by Technology (2017-2030)
13.5.6.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.5.7. Market Revenue and Forecast, by End Use (2017-2030)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Design (2017-2030)
13.5.8.2. Market Revenue and Forecast, by Exhaust (2017-2030)
13.5.8.3. Market Revenue and Forecast, by Technology (2017-2030)
13.5.8.4. Market Revenue and Forecast, by Fuel (2017-2030)
13.5.8.5. Market Revenue and Forecast, by End Use (2017-2030)
Chapter 14. Company Profiles
14.1. Toshiba Corporation
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. Fuji Electric Co. Ltd
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. Istom SA
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. Mitsubishi Hitachi Power Systems
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Siemens AG
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. Man Diesel & Turbo SE
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. Bharat Heavy Electricals Ltd.
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. Doosan Skoda Power
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. Kawasaki Heavy Industries
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
14.10. Ansaldo Energia
14.10.1. Company Overview
14.10.2. Product Offerings
14.10.3. Financial Performance
14.10.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
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