by The global Steam Turbine Market is estimated to be valued at US$ 16.63 Bn 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:
Steam turbines are a type of heat engine that utilize steam as the working fluid. They convert thermal energy to mechanical energy and are commonly used to power electrical generators. Steam turbines offer advantages such as reliability, high efficiency reaching as much as 75-90%, high power output, compact size, and low maintenance requirements. They find widespread applications in power generation, oil and gas, chemical, and other industries due to their ability to supply large amounts of rotational energy.
Market key trends:
One of the key trends in the steam turbine market size is the increasing adoption of supercritical steam turbines. Supercritical steam turbines operate at higher pressure and temperature conditions than subcritical steam turbines, resulting in increased thermal efficiency. They help generate more power from less fuel and are gaining popularity due to their ability to significantly reduce fuel costs. Other major trends include rising investments in sustainable energy generation globally and technological advancements leading to more efficient and optimized steam turbine designs.
Porter’s Analysis
Threat of new entrants: The steam turbine market requires significant investments in R&D, manufacturing facilities and equipment. These high barriers reduce the threat of new entrants.
Bargaining power of buyers: The presence of numerous established manufacturers of steam turbines increases bargaining power of buyers. Buyers can negotiate on better prices and quality.
Bargaining power of suppliers: The steam turbine market has a large number of raw material suppliers, reducing individual supplier’s bargaining power.
Threat of new substitutes: Alternate technologies like wind, solar and nuclear power pose a moderate threat to steam turbines used in power generation.
Competitive rivalry: The steam turbine market comprises few large players along with smaller regional manufacturers. Intense competition prevails due to technological innovations.
Key Takeaways
The global Steam Turbine Market is expected to witness high growth, exhibiting CAGR of 2.2% over the forecast period, due to increasing demand for clean power generation. The market size was valued at US$ 16.63 Bn in 2023.
Regionally, Asia Pacific dominates the global steam turbine market and is expected to continue its dominance over the forecast period. Presence of developing economies like India and China with growing industrial sectors and power demands drives the APAC market.
Key players operating in the steam turbine market are General Electric (GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Å koda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd. GE is the global leader with wide product portfolio and geographical presence. Siemens Energy and Mitsubishi Power are other prominent players focusing on technological innovations.
