1... Executive Summary
2 Research Methodology
2.1 Scope of the Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market size Estimation
2.4 Forecast Model
3... Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4... Global Steam Turbine Market, By Plant Fuel
5... Global Steam Turbine Market, By Capacity
5.2 Up to 120 MW
5.3 121-750 MW
5.4 Above 750 MW
6... Global Steam Turbine Market, By Exhaust Type
6.2 Condensing Steam Turbines
6.3 Non-Condensing Steam Turbines
7... Global Steam Turbine Market, By End User
7.2 Power & Utility
8 Regional Market Analysis
8.2 North America
8.3.5 Rest of Europe
8.4.4 Rest of Asia-Pacific
8.5 Rest of the World
9... Competitive Analysis
9.2 Competitive Scenario
9.2.1 Market Share Analysis
9.2.2 Market Development Analysis
9.2.3 Technology/Service Benchmarking
9.3 Alstom SA (France)
9.3.2 Product/Service Offering
9.4 Siemens AG (Germany)
9.4.2 Product/Service Offering
9.5 General Electric (U.S.)
9.5.2 Product/Service Offering
9.6 Mitsubishi Hitachi Power Systems (Japan)
9.6.2 Product/Service Offering
9.7 Toshiba Corporation (Japan)
9.7.2 Product/Service Offering
9.8 ABB (Switzerland)
9.8.2 Product/Service Offering
9.9 Elliott Group(U.S.)
9.9.2 Product/Service Offering
9.10 Fuji Electric Co., Ltd.,( Japan)
9.10.2 Product/Service Offering
9.11 Man Diesel & Turbo SE (Germany )
9.11.2 Product/Service Offering
9.12 Bharat Heavy Electrical Limited (India)
9.12.2 Product/Service Offering
The Steam Turbine Market size is expected to reach approximately USD 19.21 million by the end of Steam Turbine Market Analysis, growing at a CAGR of 4.2% during the forecast period. A steam turbine is a mechanical device that harvests thermal energy from a revolving output shaft to do mechanical work. A boiler, turbine, condenser, feed pump, and many ancillary components make up a steam turbine. Steam turbines are driven by a hot, gaseous stream that flows from the revolving blades of the turbine. This steam continuously spins the blades, converting the majority of the steam's energy into kinetic energy. It's utilized to power a generator and generate electricity. Steam turbines generate electricity using thermal energy, which is the most widely utilized source of energy for electricity generation worldwide and has the largest installed capacity of any other source. Steam turbines are utilized in industrial applications such as power plants and huge ships, while smaller steam turbines are employed in petrochemical factories to operate pumps and fans. Thermal energy is essential for generating electricity from coal, nuclear, and biomass sources. Increasing electricity consumption, rapid industrialization, and the development of more efficient turbines and technologies have all aided Steam turbines in securing a larger share of the market. They take up less room, have a huge capacity, and are intended for a wider variety of speeds, all of which are important factors for Steam Turbine Market Growth.
The global pandemic triggered by the breakout of COVID-19 has had a significant influence on the global steam turbine market. Government laws aimed at maintaining social distance have resulted in the closure of practically all business establishments, resulting in a substantial drop in energy demand. Furthermore, because of the worldwide lockdown, which has limited the production capacity of major manufacturers in the market, the industry is suffering from a labor scarcity and also the Steam Turbine Market Key Players too.
With the rising electricity demand, the demand for steam turbines is likely to rise as well. The majority of electric power is generated by steam-electric power plants around the world. The need for power is predicted to rise dramatically as the world's population grows. This aspect is projected to boost demand for steam turbines even more. The global steam turbine market, on the other hand, has yet to reach its full potential. Government restrictions are playing a significant role in accelerating market expansion. ISO (International Organization for Standardization) is a global collaboration of national standards organizations (ISO part bodies). To participate in the growth of the steam and turbine industries, universal associations, legislative and non-administrative staffs communicate with ISO. On all problems concerning electrotechnical developments, ISO collaborates closely with the International Electrotechnical Commission (IEC). The ISO, together with all allied organizations, collaborated to promote the supply of mechanical steam turbines and gas extension turbines increasing the Steam Turbine Market Size, Steam Turbine Market Share, and Steam Turbine Market Growth during the Steam Turbine Market Analysis. Natural gas plants do not employ steam turbines directly, but combined cycle plants, which are the most efficient type of natural gas-fired plant, do. Smaller megawatt turbines are used in combined cycle plants. One of the main reasons for the rise in demand for steam turbines is the increased adoption of combined-cycle natural gas plants as a reliable source of energy.
A new thermal plant with thorium as the primary fuel is being researched but it will take time to come into use resulting in less Steam Turbine Market Share. Because thorium produces far less waste, is cheaper, and is more abundant than uranium, advancement in this subject could lead to a revival in thermal power plants. As a result, steam turbine makers are projected to have a considerable chance to tap into this new market. Regulatory and legislative constraints on fossil-fuel-fired power plants, on the other hand, may limit the market for steam turbines. Growing concerns about the negative impact of carbon emissions on the climate, as well as policies at the regional and national levels such as capping the amount of emissions acceptable from these plants, have resulted in the retirement of existing plants and the postponement of future construction in favour of other, more expensive options.
Many countries are looking forward to using natural gas to generate electricity and are on the verge of shutting down coal-fired power stations. As a result, the market will rise throughout the forecast period. In the United States, for example, roughly 32.3 GW of new natural gas-fired power plants are expected to start up in 2025 and are in advanced stages of development as of 2021. 14.2 GW is under construction, 3.4 GW is in the pre-construction stage, and 14.7 GW is in the advanced permitting stage. There are also plans to build natural gas power stations in several other countries. India, China, Russia, and several other European countries are focusing on increasing the number of gas-fired power plants in place of coal-fired power plants due to the reduced environmental effect. As a result of this situation, natural gas combined cycle plants are likely to increase significantly during the predicted period.
The Steam Turbine Market is further bifurcated into various segments depending on various factors to help the market grow as per the predicted CAGR growth by the end of the Steam Turbine Market Forecast period in 2027. The market has been segmented based on the following:
Based on the Type, the market has been segmented as follows:
Based on the Application, the market has been segmented as follows:
Based on the Rated Capacity, the market has been segmented as follows:
Based on the Exhaust Type, the market has been segmented as follows:
Based on the Region, the market has been segmented as follows:
Over the projected period, Asia-Pacific is expected to remain the largest market and grow at the fastest rate. In the region, there is a growing electricity demand. The downturn in demand for electric utility rates has had an impact on thermal power generation in Japan, and power companies have drastically reduced their investments in facilities and equipment. Conversely, owing to environmental concerns, the increased emphasis on gas-fired power generation, as well as the increasing emphasis on cleaner resources such as natural gas and renewable energy, is predicted to slow the development rate during the forecast period. Over the forecast period, Europe is expected to see sluggish growth, owing to a shift in focus from traditional to cleaner and renewable energy sources. Germany, on the other hand, has legalized the installation of CHP units and established laws to that effect.
The major Steam Turbine Market Key Players are as follows:
The analysis aids in determining the potential of buyers and suppliers, as well as the competitive landscape of the steam turbine business, in order to develop strategies. It examines the existing state and future prospects of the steam turbine market in order to identify current opportunities and possible investment areas. In the steam turbine market study at the regional and country level, significant countries in four major regions, namely North America, Asia-Pacific, Europe, and LAMEA, have been mapped according to their individual revenue contribution. The analysis elucidates steam turbine market dynamics such as drivers, constraints, and opportunities, as well as their full impact analyses. The research includes profiles of key competitors as well as their contributions to the growth of the steam turbine industry.
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Plant Fuel , Capacity, Exhaust Type and End User Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||lstom SA (France), Siemens AG (Germany), General Electric (U.S.), Mitsubishi Hitachi Power Systems (Japan), Toshiba Corporation (Japan), ABB (Switzerland), Elliott Group (U.S.) Fuji Electric Co., Ltd.,( Japan), and Man Diesel & Turbo SE (Germany ).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market will be valuing at USD 19.21 million by the end of 2023
The market’s CAGR is calculated more than 4.2%.
The market will be growing between 2017 and 2023.
North America, Europe, Asia Pacific and RoW. Asia-Pacifi are the regions scoring well in the market’s share in the global level.
Siemens AG (Germany), Alstom SA (France), Mitsubishi Hitachi Power Systems (Japan), General Electric (U.S.), Toshiba Corporation (Japan) are the key competitors of the market.