Steam Turbine Market – Growth, Trends, COVID-19 Impact and Forecast (2023- 2029)

Steam Turbine Market was valued at US$ 26.82 Bn in 2022. The Global Steam Turbine Market size is estimated to grow at a CAGR of 2.4% over the forecast period.
Steam Turbine Market Overview:
The report explores the Global Steam Turbine Market segments (Capacity Type, Application, Design, plant Type and Region). Data has been provided by market participants and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report offers a thorough analysis of the rapid advances currently taking place across all industry sectors. Facts and figures, illustrations, and presentations provide key data analysis for the historical period from 2018 to 2022. The report investigates the Steam Turbine Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Steam Turbine Market's contemporary competitive scenario.To know about the Research Methodology :- Request Free Sample Report
Steam Turbine Market Dynamics:
The utilization of renewable energies is acknowledging global warming because of carbon dioxide emissions from the burning of fossil fuels. Concerns regarding falling greenhouse gas emissions and a lack of development in nuclear power function are expected to drive demand for renewable energy. Governments of almost every country are showing concern for the pollution and high price maintenance because of which now they are putting stress on renewable energy resources which restrict the development of the global market.

The growth in the steam turbines is the better use of combined-cycle natural gas plants, which is a type of natural gas-fired plant, as a reliable resource of energy since renewable resources cannot offer energy 24 hours per day, many nations are wanting to change over their coal-terminated plant to gas terminated plants which could prompt the utilization of more modest steam turbines. Thus, it is supposed to support interest for power age steam turbines during the forecast period.
The development of the modern world is prompt to enhancement in electricity demand. Demand for renewable energy resources rises. Electrical energy is created by the use of various renewable energy resources. As a result, the rush in demand for electricity is creating worthwhile opportunities for the development of the market during the forecast period.

Setting up the turbines needs a large investment because there are various things to check before setting up the turbine-like regions, key competitors, government procedures, trends, etc. The huge expenses incorporate the establishment of the turbine along with the establishment, framework association, control frameworks, land, street development, electric establishment, and other monetary expenses. The establishment costs shift district to locale and innovation to innovation. Thus, the high establishment costs are really difficult for the development of the steam turbine market during the forecast period.
COVID-19 impact on steam turbine market:
COVID-19 affects the steam turbine market by a huge amount. Strict government rules are to maintain social distancing, they decided to shut down nearly all business-related places, by which manufacturer suffers due to loss of order bookings which has resulted in a decline in demand for energy. The business is affected by a lack of workers, due to the worldwide lockdown, which has decreased the manufacturing power of major manufacturers in the market.
Market Trends:
Administrative measures to decrease carbon impression alongside mounting ventures towards the progress of enormous scope of nuclear energy activities will drive the market growth. The addition of a modern foundation alongside developing drives to relieve the interest supply space will additionally enhancement to the business development.

Petroleum gas and biomass are expected to drive the steam turbine portion of the overall industry. Developing a tendency toward energy advancement combined with a center towards cogeneration will particularly affect the business scene. Government drives to decrease reliance on coal-terminated power age, production decrease standards, and competitive expense of sustainable advances might hamper the business development.
Steam Turbine Market Segment Analysis:
Based on Type, the Steam Turbine Market is segmented into Up to 150 MW, 151-300 MW, and More than 300 MW. In terms of revenue, the category with more than 300 MW contributed for 63.5% of total revenue in 2022. Due to growing demand for industrial CHP units, steam turbines with capacities of up to 150 MW are expected to see significant increase throughout the projection period. Due to their higher efficiency than single units, CHP units are becoming increasingly used in a variety of process industries. CHP is also a source of direct power, energy, and heat, and it has recently seen an increase in demand.

Based on Application, the Global Steam Turbine Market is segmented into power generation, petrochemical, oil & gas, and others. The Oil& Gas segment held the largest market share accounting for 56% in 2022. The process is expected to continue as gas's share of the global energy mix grows at a rate of 2% per year, displacing oil and, to a lesser extent, coal and nuclear energy. This expansion is occurring both within and outside of national borders, as well as across borders and internationally. The use of gas is increasing in all sectors, including power, heating, industry, petrochemical, and transportation.
Regional Insights:
The Europe region held the largest market share accounting for 40% in 2022. In Europe, a considerable number of Independent Power Producers (IPPs) use combined-cycle power plants that run on natural gas and offer electricity to electric grids as well as steam to one or more industrial customers. The demand for electricity and heat in Russia is rapidly expanding, pushing current production to its limitations across the country. In addition, in the face of growing electricity prices and worries about a reliable and secure power supply, high-energy industrial users in the country consider the benefit of onsite power generation and self-generation.

The Asia-Pacific is assessed to be the wisest section during the forecast period. Because of several non-renewable energy resources and biomass terminated power plants; the Asia-Pacific is expected to keep up with its market initiative on the lookout. The interest in steam turbines in China and India has been energized by the rapid modern development in both countries.

The objective of the report is to present a comprehensive analysis of the Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Steam Turbine Market dynamic and structure by analyzing the market segments and projecting the Barium Fluoride Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Steam Turbine Market make the report investor’s guide.
Steam Turbine Market Scope: Inquiry Before Buying



 Steam Turbine Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 26.82 Bn.


Forecast Period 2023 to 2029 CAGR:
2.4%
Market Size in 2029:
US$ 31.67 Bn.


 Segments Covered:
by Capacity Type
Up to 150 MW
151-300 MW
More than 300 MW


by Application
Power generation
Petrochemicals
Oil & gas
Others


by Design
Reaction
Impulse


by Plant Type
Gas
Coal
Nuclear
Other Plant Types



Steam Turbine Market, by Region:
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players:
1. General Electric (GE) Co.
2. Turbine Generator Maintenance Inc.
3. Toshiba Corporation, Siemens AG
4. Arani power systems
5. Elliott Group
6. TURBOCAM
7. Doosan Škoda Power
8. Chola Turbo Machinery International Pvt. Ltd.
9. Mitsubishi Hitachi Power Systems Americas Inc.
10. Ansaldo Energia

Frequently asked questions:

1) What segments are covered in the Global Steam Turbine Market report?
Ans. The segments covered in the Steam Turbine Market report are based on the Capacity Type, Application, Design and Plant Type.

2) Which region is expected to hold the highest market share in the Steam Turbine Market?
Ans. Europe is expected to hold the highest market share in Steam Turbine Market.

3) What is the market size of the Global Steam Turbine Market by 2029?
Ans. The market size of the Steam Turbine Market by 2029 is forecasted to reach US$ 31.67 Bn.

4) What is the forecast period for the Global Steam Turbine Market?
Ans. The forecast period for Global Steam Turbine Market is 2023-2029.

5) What was the market size of the Global Steam Turbine Market in 2022?
Ans. The market size of the Steam Turbine Market in 2022 is US$ 26.82 Bn.