Steam Turbine Market Segmentation by Type (Steam Cycle, Combined Cycle, and Cogeneration); by End Use (Power & Utility, Industrial, and Others)-Global Demand Analysis & Opportunity Outlook 2031

  • Product Code:
    RP-ID-10352191
  • Published Date:
    30 Mar 2022
  • Region:
    Global
  • Category:
    Industrial Automation & Equipment
  • Publisher:
    Pub-ID-54

Impact Analysis on the Growth of Market

Activating Probable Propositions Amidst COVID-19 Crisis

With things going haywire, we analyze key points to make sure that the businesses around the globe are completely prepared to tackle potential implications caused by COVID-19. Be it protecting employees, customers or the overall business operations, we ensure that the employers take the right decisions, make strategic investments and maintain a healthy work culture along with taking probable measures to minimize the financial loss. Know More

The Research Report is Updated with 2020 Base Year, 2021 Estimated year and Forecast till 2030 with Market Insights.


With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2020 as base year, 2021 as estimated year and forecast to 2030. This will have market drivers, recovery rate in the market, insights and competitive analysis.



Market Overview:

Global Steam Turbine Market Highlights Over 2022 - 2031

The global steam turbine market is estimated to grow at a CAGR of 2% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rise in global power demand on the back of strong global economic recovery and increased development in thermal power generation. The International Energy Agency (IEA) estimated an approximate 5% rise in the global electricity demand in 2021.

 

Global Steam Turbine MarketCLICK TO DOWNLOAD A SAMPLE REPORT

 

Furthermore, a significant amount of power supply is provided by steam turbines in industrial plants and commercial buildings with high thermal loads. Moreover, current policy settings and economic trends are rapidly increasing the usage of renewables for electricity generation. These factors are expected to increase the demand for steam turbines.

The global steam turbine market got significantly affected due to the COVID-19 pandemic. To maintain social distancing, strict regulations and lockdowns were imposed worldwide, which led to shutdown of almost all commercial places. This resulted in a sudden decline in global energy demand, which was estimated to be 5% lower in 2020 than in 2019.

Steam turbines have high manufacturing and installation cost. This is a key factor that is expected to restrain the growth of the market. Moreover, steam turbines have longer startup time as compared to gas turbines and connected engines which limit their usage. This is likely to further hamper the growth of the market.

The market is segmented by end use into power and utility, industrial, and others. The power and utility segment is anticipated to hold the largest share of the market on the back of increasing use of steam turbines to cater to the rise in power demand from the residential, commercial, and industrial sectors.

Global Steam Turbine Market Regional Synopsis

Regionally, the global steam turbine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness the highest growth over the forecast period on the back of high electricity demand from countries, such as China and India, which are the world’s largest and third-largest energy consumer respectively. Moreover, China has the highest number of thermal power plants which efficiently use steam turbines. This has significantly raised the demand for steam turbines in the region.

Market Segmentation

Our in-depth analysis of the global steam turbine market includes the following segments:

By Type

  • Steam Cycle

  • Combined Cycle

  • Cogeneration

By End-Use

  • Power & Utility

  • Industrial

  • Others

Growth Drivers and Challenges Impacting the Growth of the Global Steam Turbine Market

Growth Drivers

  • Rise in global power demand

  • Increased development in thermal power generation

  • Increasing usage of renewables for electricity generation

Challenges

  • High manufacturing and installation cost of steam turbines

  • Limited usage of steam turbines on the back of longer startup time

Key Companies Dominating the Global Steam Turbine Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global steam turbine market that are included in our report are Siemens Energy (Siemens AG), General Electric, Dongfang Turbine Co., Ltd., Bharat Heavy Electricals Limited, Mitsubishi Heavy Industries, Ltd., Toshiba America Energy Systems Corporation, Elliott Group, Doosan Heavy Industries & Construction, Arani Power Systems Ltd., TURBOCAM, Inc., and others.

Latest Developments in the Global Steam Turbine Market:

  • February 2022: General Electric (GE) signed an exclusive agreement for Électricité de France S.A. (EDF) to acquire part of GE Steam Power’s nuclear power activities to create an industry-leading global steam turbine equipment and services provider within EDF Group.

  • November 2021: Kawasaki Heavy Industries, Ltd. received an order for one 45 MW class steam turbine generator from China Steel Machinery Corporation as they plan to build the world’s largest coke dry quencher as well as a new boiler that recovers heat generated by the it.

Key Reasons to Buy Our Report

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

  • The report includes detailed company profiles of the major players dominating the market.

  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

  • We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.


Geography Analysis:


The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

.

FREQUENTLY ASKED QUESTIONS

Please enter your personal details below
*
I want to buy this report
I am willing to know the scope of research
I have customized query over this report
  1. Siemens Energy (Siemens AG)
  2. General Electric
  3. Dongfang Turbine Co.Ltd.
  4. Bharat Heavy Electricals Limited
  5. Mitsubishi Heavy IndustriesLtd.
  6. Toshiba America Energy Systems Corporation
  7. Elliott Group
  8. Doosan Heavy Industries & Construction
  9. Arani Power Systems Ltd.
  10. TURBOCAM, Inc.
Please enter your personal details below
*
I want to buy this report
I am willing to know the scope of research
I have customized query over this report

Related Reports