Steam Turbines - Global Strategic Business Report

The global market for Steam Turbines was estimated at US$17.0 Billion in 2023 and is projected to reach US$21.5 Billion by 2030, growing at a CAGR of 3.4% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Steam Turbines Market - Key Trends and Drivers Summarized

How Are Steam Turbines Powering Industrial and Energy Sectors?

Steam turbines are mechanical devices that convert thermal energy from steam into mechanical energy, which is then used to generate electricity, drive machinery, or support industrial processes. These turbines play a crucial role in power generation, manufacturing, oil and gas refining, and marine propulsion, offering reliable performance and high efficiency. Steam turbines are classified into different types, including condensing, non-condensing, reheat, and extraction turbines, each designed to meet specific operational requirements. As the demand for energy-efficient technologies and reliable power sources grows across industries, steam turbines continue to be a vital component in global energy production and industrial applications.

What Are the Key Segments in the Steam Turbines Market?

Key types include condensing steam turbines, non-condensing steam turbines, reheat steam turbines, and extraction steam turbines, with condensing turbines holding the largest market share due to their widespread use in power generation plants for electricity production. Capacity segments cover small (< 150 MW), medium (151-300 MW), and large (>300 MW) turbines, with medium-capacity turbines representing a significant segment driven by demand from industrial cogeneration and combined heat and power (CHP) plants. Applications of steam turbines span power generation, chemical processing, oil refining, and marine propulsion, with power generation leading the market as it utilizes steam turbines for base-load and peak-load power generation.

How Are Steam Turbines Integrated Across Energy and Industrial Sectors?

In power generation, steam turbines are used in thermal power plants, including coal, nuclear, and natural gas-fired facilities, where they convert steam produced by burning fuel or nuclear reactions into mechanical energy to drive generators. In the industrial sector, steam turbines are used in cogeneration and combined heat and power (CHP) plants, providing both electricity and process steam for manufacturing, chemical processing, and refining operations, enhancing energy efficiency. The oil and gas sector uses steam turbines for processes like crude oil distillation and natural gas processing, where reliable and high-capacity turbines support refinery operations. Additionally, marine propulsion systems employ steam turbines for ship engines, offering efficient and long-range propulsion capabilities.

What Factors Are Driving the Growth in the Steam Turbines Market?

The growth in the Steam Turbines market is driven by several factors, including increasing demand for reliable and efficient power generation technologies across industrial, commercial, and utility sectors. Advancements in turbine design, materials, and thermodynamic efficiency have improved the performance and lifespan of steam turbines, supporting broader adoption across diverse energy applications.

The focus on energy efficiency and reduced carbon emissions, particularly in industrial processes and cogeneration plants, has further fueled demand, as steam turbines provide cost-effective solutions for combined power and heat production. Additionally, rising investments in thermal power plants, nuclear energy projects, and infrastructure development, particularly in emerging economies, have contributed to market growth, encouraging the integration of steam turbines in global energy systems.

Scope of the Study

The report analyzes the Steam Turbines market, presented in terms of market value (US$ Million). The analysis covers the key segments and geographic regions outlined below.

Segments

Capacity (Up to 150 MW, 151-300 MW, Above 300 MW); End-Use (Power & Utility, Industrial)

Geographic Regions/Countries

World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Up to 150 MW Capacity Turbines segment, which is expected to reach US$5.3 Billion by 2030 with a CAGR of a 3.9%. The 151-300 MW Capacity Turbines segment is also set to grow at 2.9% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $4.6 Billion in 2023, and China, forecasted to grow at an impressive 5.0% CAGR to reach $4.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Steam Turbines Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Steam Turbines Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Steam Turbines Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Global Steam Turbines Market such as Alstom SA, Ansaldo Energia S.P.A., Bharat Heavy Electricals Limited, Dongfang Electric Corporation Limited, Doosan Skoda Power and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 42 companies featured in this Global Steam Turbines Market report include:

• Alstom SA
• Ansaldo Energia S.P.A.
• Bharat Heavy Electricals Limited
• Dongfang Electric Corporation Limited
• Doosan Skoda Power
• Eliott Group
• Fuji Electric Co., Ltd.
• General Electric Company
• Harbin Electric International Company Limited
• Man Diesel & Turbo SE
• Mitsubishi Hitachi Power Systems, Ltd.
• Shanghai Electric Group Co. Ltd.
• Siemens AG
• Toshiba Corporation