Steam Turbines use thermal energy, which is the most commonly used source of energy for electricity generation, globally, and has a greater installed capacity than any other source of energy. Industrial uses such as Generators at power plants and large ships run on steam turbines, while smaller steam turbines are used to drive pumps and fans at petrochemical plants. Thermal energy plays a vital role in generating electricity from sources such as coal, nuclear, and biomass. Increasing demand for electricity, rapid industrialization, and development of more efficient turbines & technology, help Steam turbines secure a larger footprint in large and high growth in market. They require less space, have a large capacity, and are designed for a greater range of speed, which act as major drivers for the growth of the market.
The Global Steam Turbine Market is expected to reach approximately USD 19.21 million by the end of 2023, growing at a CAGR more than 4.2% between 2017 and 2023.
Rapid industrialization in emerging economies and rising global population, which are consistently propelling the demand for energy, are the primary factors augmenting the demand for steam turbine. Increasing demand for electricity, rapid industrialization, and development of more efficient turbines & technology, help Steam turbines secure a larger footprint in large and high growth in market. They require less space, have a large capacity, and are designed for a greater range of speed, which act as major drivers for the growth of the market.
The major players operating in the market of global steam turbine are
- Alstom SA (France),
- Siemens AG (Germany),
- General Electric (U.S.),
- Mitsubishi Hitachi Power Systems (Japan),
- Toshiba Corporation (Japan),
- ABB (Switzerland),
- Elliott Group (U.S.)
- Fuji Electric Co., Ltd.,( Japan),
- Man Diesel & Turbo SE (Germany ).
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Market Research Future Analysis:
Market Research Future analysis states that the global market of steam turbine market is estimated to grow at USD 19.21 million by the end of year 2023. Steam turbines are now popularly used for combined heat & power (CHP) systems, which are mainly employed in industrial applications. CHP units offer greater efficiency & flexible output and also operate on cleaner fuels such as natural gas. The performance of the steam turbines greatly influences the overall efficiency, and for the same, market participants focus on improving the turbine efficiency. Companies such as GE have implemented a number of programs focusing on material development. Re-heat technology is another aspect, which GE has revealed as a breakthrough achieved. The company is also working on double re-heat technology, which is expected to significantly boost the system efficiency. Asia-Pacific is expected to remain the largest market and is likely to witness the highest growth over the forecast period. Increasing demand for electricity in the region. Whereas, North American industry is mostly driven by the increased focus on CHP units. Increasing government support towards CHP in Europe is expected to help sustain the local demand.
Steam turbine Market by Plant Fuel
Coal segment is expected to dominate the steam turbine market. Growing environmental concerns are forcing developed countries to move away from coal, which hinders the growth of coal segment. Thermal power is still the dominant source of energy, and with clean coal technology gaining ground, the steam turbine market is set for growth in the future.
The gas turbine is the most versatile item and can be used in several different modes in critical industries such as power generation, oil and gas, process plants, aviation, as well domestic and smaller related industries. The growing availability of natural gas and its use in power production are expected to give a boost to the market. Due to factors such as the trend toward replacing aging coal plants with modern gas-fired power stations and the need for more flexible generating assets, and gas turbines are predicted to gain the edge over steam turbines. Gas turbines will also benefit from increasingly stringent emissions legislation and emissions trading schemes in emerging markets, as they restrain the growth of steam turbines.
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Table of Content
1… Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3… Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4… Global Steam Turbine Market, By Plant Fuel
5… Global Steam Turbine Market, By Capacity
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