by The Steam Turbine Market is estimated to be valued at US$ 16.27 billion in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The steam turbine market involves the utilization of steam to generate electrical power. Steam turbines are widely used in various industries such as power plants, petrochemicals, refineries, and others. These turbines convert the thermal energy of steam into mechanical energy, which is further converted into electrical energy through a generator. The demand for steam turbines is increasing due to the rising need for clean energy solutions and the growing industrialization across the globe. Moreover, the adoption of steam turbines in various end-use industries for power generation and process heating applications is further propelling market growth.
Market Dynamics:
The steam turbine market is driven by various factors, including the increasing demand for electricity, the growing need for renewable energy sources, and the rising investments in the power sector. Additionally, the advantages of steam turbines, such as high efficiency, reliability, and environmentally friendly operation, are contributing to the market growth. Furthermore, the development of advanced steam turbine technologies, such as combined-cycle power plants and cogeneration systems, is expected to drive the market in the coming years. However, the high installation and maintenance costs associated with steam turbines may hamper market growth to some extent.
Segment Analysis:
The Steam Turbine Market Size can be segmented based on type, rated capacity, exhaust type, and application. Based on type, the dominating sub-segment is the back-pressure steam turbine. This is because back-pressure steam turbines are widely used in industries such as power generation, petrochemicals, and refineries, due to their ability to generate power at various pressure levels. These turbines are highly efficient and can operate at different steam inlet conditions, making them suitable for a wide range of applications. Additionally, back-pressure steam turbines offer high flexibility and can be easily integrated into existing systems, further contributing to their dominance in the market.
PEST Analysis:
Political: The political landscape plays a crucial role in the steam turbine market. Government policies and regulations related to renewable energy and emissions control impact the demand for steam turbines. Supportive government initiatives such as subsidies and incentives for renewable power generation can drive the adoption of steam turbines.
Economic: Economic factors such as GDP growth, industrialization, and investment in infrastructure impact the market. Growing economies with increasing energy demands, such as emerging countries, provide significant opportunities for the steam turbine market.
Social: Social factors like increasing urbanization, population growth, and the need for a reliable and consistent power supply drive the demand for steam turbines. As the global population continues to grow, the demand for electricity also increases, leading to a rise in the installation of steam turbines.
Technological: Technological advancements in steam turbine design and efficiency improvement contribute to market growth. Innovations such as advanced blade designs, better materials, and improved control systems enhance the overall performance and reliability of steam turbines.
Key Takeaways:
The global steam turbine market is expected to witness high growth, exhibiting a CAGR of 2.2% from 2023 to 2030. This growth can be attributed to various factors, including the increasing demand for electricity, rising investments in renewable power generation, and the expansion of industrial sectors.
In terms of regional analysis, Asia Pacific is anticipated to be the fastest-growing and dominating region in the steam turbine market. This can be attributed to the rapid industrialization, increasing urbanization, and expanding power generation capacity in countries like China and India.
Key players operating in the steam turbine market include General Electric (GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Škoda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd. These players have a strong market presence and constantly invest in research and development to enhance their product offerings and maintain their competitive edge.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
