Steam Turbine Market Size, Competitive Landscape and Market Forecast - 2029
The global Steam Turbine Market is segmented By Capacity ( Up to 5 MW, 5 MW to 150 MW, and More than 150 MW), By Plant Type (Steam Cycle, Combined cycle, Cogeneration), By End-user (Power and Utility, Industrial, Others (Residential, Commercial and institutional)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Steam Turbine Market Share, Size, Demand Insights
150 Pages report analyses the global steam turbine market size, shares, recent trends, competitive intelligence, and future market outlook. Steam turbine market usage in Industrial is on the rise. Demand from Residential and Commercial in ‘The Asia Pacific’ is rising.
Steam Turbine Market Scope and Summary
|
Metrics |
Details |
|
Market CAGR |
2.95% |
|
Segments Covered |
By Capacity, By Plant Type, By End-User, and By Region |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
|
Fastest Growing Region |
Asia Pacific |
|
Largest Market Share |
North America |
To Get a Free Sample Click here
A steam turbine is a rotary heat engine that converts thermal energy into electrical energy and mechanical work. A steam turbine consists of a boiler (steam generator), condenser, feed pump, and a variety of auxiliary devices. A steam turbine achieves about 90% of electricity generated in the world.
Steam Turbine Market Dynamics and Trends
Increasing global consumption of electricity, rising investments in large-scale thermal power plants, and government initiatives are the major factors driving the global Steam Turbine market in recent years.
According to the International energy agency, global electricity production in 2016 was 2.9% higher than in 2015. Year-0n-year, global electricity production has grown continuously since 1974 except for 2008 and 2009, when the economic crisis of OECD countries caused a visible decline in production. The Global electricity consumption reached 20,863 TWh in 2016, which is 3.2% higher than in 2015.
Increasing investments toward large-scale thermal power plants coupled with stringent regulatory norms to promote sustainable fuels including natural gas and biomass will foster the steam turbine market share. In addition, the growing inclination toward efficient utilization of energy will further propel the industry's growth. Government initiatives to promote low-emission fuels including biomass and natural gas will further expand the steam turbine market growth in the coming years.
Rising global environmental concerns for CO2 emissions and increasing adoption and replacing conventional plants with renewable energy technologies will affect the growth of the steam turbine market in the forecast period. For instance, the change in the regulatory policy of the European Union had put restrictions on the installation of fossil-fuel-fired power plants. This can further hamper the growth of steam turbines in the power generation market. Government policies on regional and country levels to decrease the impact of carbon emissions on the environment have led to the retirement of certain old existing plants. This resulted in further closing the other development opportunities that are restraining the market to a certain extent owing to the significant number of old-age plants.
Steam Turbine Market Segment and Shares Analysis
The global Steam Turbine market is segmented based on the plant type as Combined Cycle, Steam Cycle, and Cogeneration. Among these, steam cycle type turbines (which include conventional thermal and nuclear power plants) are the most widely used product/ technology type and hold around 60% share of the total steam turbine market globally. Cogeneration plant types are expected to grow with increasing requirements for both power and heat output in the industries and government institutional end-users, especially in western countries.
Based on the End-user, the market is segmented as Industrial, power & utility, and others. The industrial sector is expected to have strong growth with increasing industrialization trends and increasing power requirements in the industries. The government sector accounts for the highest share of power generation by a steam turbine, as growing industrialization will create more opportunities for small and medium-capacity steam turbines through Combined Heat and Power units. The industrial steam turbine market stands second in the global market share. As the steam turbines in industrial streams run on Fossil Fuel, and Nuclear.
Steam Turbine Market Geographical Analysis
By geography, The Global Steam Turbine Market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America is anticipated to witness strong growth in the future owing to the increasing combined cycle technologies and development of the manufacturing sector which will increase product demand. Increased utilization of Cogeneration plants will further increase market growth in the coming years.
The Asia Pacific region is the dominant segment in the Steam Turbine market owing to the growing heavy equipment industries in the region and increasing electricity demand from developing countries. The primary drivers for the growth of this market are rising aged steam turbines that require ire installation of new steam turbines, especially in the APAC region. China and India are focusing on coal power plants for market growth while India still has the challenge of using intermittent coal.
Steam Turbine Companies and Competitive Analysis
New product launches, partnerships, and expansion of facilities are vital strategies adopted by most companies to improve their market growth rate in recent years.
New tenders and incentives by the government for greater reliability and efficiency of power generation are further enabling the enhanced companies' presence in the market. For instance, on 15th February 2019, a formal ceremony is held to mark the construction of the Montgomery country power station, an advanced combined cycle power plant for which Toshiba won the deal to supply a 450MW steam turbine and generator (STG).
On 28th February 2017, Mitsubishi Hitachi power systems (MHPS), Mitsubishi Corporation, and H. Young & Company received an order to supply power generation facilities to Kenya's limited electricity generating company (KenGen). The equipment order includes two 70 MW Class steam turbines, generators, and other auxiliaries which are to be installed at Olkaria V Geothermal Power Plant in the Nakuru district in the central area of the Republic of Kenya.
Companies are seeking collaborations to expand their global sales through their respective sales network. For instance, On 27th March 2019 Toshiba Energy systems & solutions corporation (Toshiba ESS) and Kawasaki Heavy Industries partnered up to supply medium-capacity steam turbines adaptable for industrial and utility use to cater to the increasing cost competitiveness.
Frequently Asked Questions
What is the Steam Turbine Market growth?
The market is growing at a CAGR of 2.95%.
What is the Steam Turbine Market size in 2021?
The Market size was valued at USD YY million in 2021.