Steam Turbine Market Size

Increasing Demand for Electricity Worldwide

The International Energy Agency estimates that global energy consumption rose by 4.6% in 2021, twice as quickly as it did in 2018. A steam turbine is a generator that produces mechanical or rotational energy by heating water. A steam turbine is a generator that produces mechanical or rotational energy by heating water. Due to the sharp rise in world population, it is predicted that in the next 20 years, the world's energy demand would increase by 48%. Currently, fossil fuels provide 80% of the world's energy needs.

The majority of the world's electricity is produced by steam turbines, which also produced 45% of the nation's electricity in 2021. The majority of steam turbines contain a boiler where a fuel is burned to create hot water and steam in a heat exchanger. The steam then powers a turbine which then drives a generator. Steam turbines are used by the majority of the biggest electric power facilities in the US.

June 2022: GE Steam Power, a division of GE, recently received a $165 million contract from India's government-owned engineering and manufacturing firm, BHEL, to deliver three nuclear steam turbines. This agreement is based on business collaboration and licence and technology transfer agreements between the two companies, allowing them to produce 700 MW nuclear steam turbines.

March 2022: Siemens Energy will supply four H-class combined cycle power units to power plants in southern China's Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Siemens Energy will deliver a 675 MW combined cycle power generation unit, including an SGT5-8000H gas turbine, a steam turbine, two generators, and related auxiliary equipment, as well as long-term maintenance service, to Guangdong Yuehua Power Co., Ltd.'s plant in Guangzhou.

Rising Demand Onsite Power Generation

Due to a rise in the demand for on-site power generation and a promising future for steam-intensive industries, industrial application is expected to increase. The steam turbine market share will increase with increased applicability in sugar plants, refineries, pulp & paper industries, and chemical facilities. The business dynamics will be aided by favorable policies on the expansion of power generating capacity to meet the rising electricity demand and reduce the demand-supply gap.

Some of the key elements promoting product adoption include the expanding use of super and ultra-supercritical technologies as well as the conversion of existing power plants into combined cycle systems. The sector dynamics will be further energized by ongoing government efforts to implement a sustainable energy network and energy-efficient technologies.

October 2021: Dongfang Electric Group International Cooperation Co., Ltd. and Jordan APC company successfully signed the general contract for the Safi gas steam power generation and heating self-provided power station project.

The Global Steam Turbine Market Industry is increasingly driven by the growing emphasis on energy efficiency across various sectors. Industries are seeking to optimize their energy consumption to reduce costs and minimize environmental impact. Steam turbines, known for their high efficiency in converting thermal energy into mechanical energy, are becoming a preferred choice for power generation. This trend is particularly evident in sectors such as oil and gas, where operational efficiency is paramount. The focus on energy efficiency is likely to sustain market growth, as industries continue to adopt steam turbines as part of their energy management strategies.

Government initiatives aimed at enhancing energy security and promoting sustainable practices are significantly impacting the Global Steam Turbine Market Industry. Many nations are implementing regulations that encourage the use of cleaner technologies in power generation. For instance, incentives for renewable energy projects often include the integration of steam turbines, which are essential for efficient energy conversion. These policies not only support the growth of the steam turbine market but also align with global efforts to combat climate change. As a result, the industry is poised for growth, with increasing investments expected to drive market expansion in the coming years.

The Global Steam Turbine Market Industry is experiencing a notable shift towards renewable energy sources. Governments worldwide are implementing policies to reduce carbon emissions, leading to a surge in investments in renewable energy projects. For instance, countries are increasingly integrating steam turbines in biomass and geothermal power plants, which are essential for harnessing renewable energy. This transition is projected to drive the market's growth, with the industry expected to reach 23.9 USD Billion in 2024. The emphasis on sustainability and energy efficiency is likely to further bolster the demand for steam turbines in the coming years.

The Global Steam Turbine Market Industry is benefiting from the rapid industrialization and urbanization occurring in emerging economies. As countries develop their infrastructure, the demand for electricity is escalating, necessitating the installation of efficient power generation systems. Steam turbines play a critical role in meeting this demand, particularly in sectors such as manufacturing and chemical processing. The increasing need for reliable power sources is likely to propel the market forward, contributing to the industry's projected growth to 31.8 USD Billion by 2035. This trend underscores the importance of steam turbines in supporting industrial growth and urban development.

Innovations in turbine technology are significantly influencing the Global Steam Turbine Market Industry. Enhanced designs, such as high-efficiency steam turbines and advanced materials, are improving performance and reliability. For example, the development of combined cycle power plants, which utilize both gas and steam turbines, is optimizing energy output. These advancements not only increase efficiency but also reduce operational costs, making steam turbines more attractive to energy producers. As a result, the market is anticipated to grow steadily, with a projected CAGR of 2.62% from 2025 to 2035, reflecting the ongoing evolution of turbine technology.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Steam Turbine Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Steam Turbine Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global Steam Turbine industry to benefit clients and expand the Steam Turbine market sector is to manufacture locally to reduce operating costs. The market for Steam Turbine is recognized as being extremely competitive and fragmented. The market for Steam Turbine offers considerable potential opportunities for domestic and unorganised companies.

Some of the key players operating in the Steam Turbine Market are General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Shanghai Electric, Dongfang Electric Corp Ltd , Bharat Heavy Electricals Limited among others To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.