June 10, 2024

Steam Turbine Market Value to Hit US$ 36.2 Bn by 2030 – Daily Tech Bulletin

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.

Steam Turbine Market Size 2020 to 2030

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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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

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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