Report ID: 10352191 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
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.
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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 the 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 times as compared to gas turbines and connected engines which limits 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 the 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
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Steam Cycle
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Combined Cycle
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Cogeneration
By End-Use
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Power & Utility
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Industrial
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Others
Growth Drivers and Challenges Impacting the Growth of the Global Steam Turbine Market
Growth Drivers
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Rise in global power demand
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Increased development in thermal power generation
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Increasing usage of renewables for electricity generation
Challenges
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High manufacturing and installation cost of steam turbines
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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:
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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.
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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 it.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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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.
Frequently Asked Question
The market is segmented by type, end use, and by region.
The power & utility segment is anticipated to hold the largest market size in value in the global steam turbine market.
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Report ID: 10352191 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
