by Steam turbines are rotating machines that extract energy from steam and convert it into useful mechanical work. They are most commonly used to generate electricity through steam turbine power plants and are also utilized for industrial applications including seawater desalination and oil refining. Steam turbines offer advantages such as high reliability, efficiency, and ability to use various fuels like coal, natural gas or renewable biomass. With growing global concerns over carbon emissions and climate change, renewable energy sources like solar, wind and hydro are being adopted on a large scale to fulfill the increasing power needs in a sustainable manner. 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 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of renewable energy sources like solar and wind has been rising rapidly to reduce dependence on fossil fuels. Steam turbines play a vital role in integrating renewable power by absorbing excess power generated during high output periods and dispatching it when renewable generation is low. They allow flexible conversion of heat into electric power, enabling thermal power plants to complement the variability of renewable power sources. This makes steam turbines well-suited for balancing electricity grids with high shares of solar and wind. Their ability to flexibly adjust power output based on demand makes steam turbines a critical part of the global transition towards renewable and sustainable energy.
SWOT Analysis
Strength: Steam turbine market has high demand for low carbon power generation as steam turbines has high efficiency and emit low CO2 emissions. Steam turbine technology is mature with established global supply chain.
Weakness: High initial investment is required for setting up a steam turbine power plant. Operations and maintenance cost of steam turbine is also high. There is a shift towards renewable energy sources which can impact the steam turbine market.
Opportunity: Growing demand for reliable base load power generation especially in developing nations offer opportunities. Integration of steam turbines with carbon capture technology can boost their deployment. Rising focus on upgrading aging power infrastructure also presents new projects.
Threats: Stricter environmental regulations can impact fossil fuel based power plants in long run. Subsidies for renewable energy makes them more competitive compared to steam turbines. Alternative low carbon technologies like small modular nuclear reactors can emerge as threats.
Key Takeaways
The Global Steam Turbine Market Size is expected to witness high growth driven by increasing power demand especially in Asia Pacific and Middle East regions.
Regional analysis comprises the steam turbine market is growing fastest in Asia Pacific and Middle East regions. China has the largest installed base of steam turbines globally and the market is continuing to grow steadily with new projects announced each year. India is also among the fastest growing countries adding new steam turbine capacity to fuel its economic growth. Southeast Asian countries like Indonesia, Vietnam, and Philippines are increasingly adopting steam turbines for base load power generation.
Key players operating in the steam turbine market are Neuro Care Group, Myndlift Ltd, Brainmaster Technologies, Inc., Mitsar Co. Ltd, Emotiv, Brainworks, Mindfield Biosystems Ltd., Narbis, Thought Technology Ltd., InteraXon Inc., Mind Media USA Inc., and NeuralScan. These companies are focusing on incremental technological advancements as well as integrating steam turbines with carbon capture to make them environment friendly and cost competitive against alternative technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
