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
21 Oct 2022
Industrial Automation & Equipment
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022...
The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2035 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 2022 as base year, 2023 as estimated year and forecast to 2035. This will have market drivers, recovery rate in the market, insights and competitive analysis.
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.
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.
Our in-depth analysis of the global steam turbine market includes the following segments:
Power & Utility
Growth Drivers and Challenges Impacting the Growth of the Global Steam Turbine Market
Rise in global power demand
Increased development in thermal power generation
Increasing usage of renewables for electricity generation
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 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.
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
Rise in global power demand, increased development in thermal power generation, and increasing usage of renewables for electricity generation are the major factors driving the growth of the global steam turbine market.
The market is anticipated to attain a CAGR of 2% over the forecast period, i.e., 2022-2031.
High manufacturing and installation cost of steam turbines and limited usage of steam turbines on the back of longer startup time are estimated to hamper the market growth.
Asia Pacific region is expected to provide significant business opportunities for the growth of the market over the forecast period.
The major players in the market 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.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end use, and by region.
Which sub-segment captures the largest market size in end use segment in the global steam turbine market?
The power & utility segment is anticipated to hold the largest market size in value in the global steam turbine market.
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- Siemens Energy (Siemens AG)
- General Electric
- Dongfang Turbine Co.Ltd.
- Bharat Heavy Electricals Limited
- Mitsubishi Heavy IndustriesLtd.
- Toshiba America Energy Systems Corporation
- Elliott Group
- Doosan Heavy Industries & Construction
- Arani Power Systems Ltd.
- TURBOCAM, Inc.