July 20, 2024
Steam Turbine Market

Steam Turbine Market Is Expected To Be Flourished By Growing Demand For Renewable Energy Generation

Steam turbines are rotary engines that extract energy from pressurized steam. They are used to generate electricity in most thermal power plants as well as for power generation in nuclear power plants. Steam turbines are also used widely in marine propulsion. Growing demand for reliable and sustainable sources of energy generation has led to increasing deployment of renewable energy sources such as solar, wind and hydro. Steam turbines play a key role in balancing the intermittent generation from renewable sources by complementing it with steam-based power generation. This has significantly boosted the demand for steam turbines in utility and non-utility power plants.

The global steam turbine market is estimated to be valued at US$ 16.63 Bn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growing demand for renewable energy generation and increasing replacement of aging power generation infrastructure are the major factors driving the growth of the global steam turbine market. As highlighted in the heading, growing deployment of renewable energy sources such as solar and wind has boosted the demand for thermal as well as nuclear power plants equipped with steam turbines to complement the intermittent generation from renewable sources. This helps balance the power grids and ensure reliability of supply. Additionally, many existing power plants across countries are reaching the end of their operational life prompting utilities to replace aging turbines with modern and efficient models. This is expected to contribute significantly to the market growth over the forecast period.

However, stringent environmental regulations pertaining to carbon emissions from conventional power plants using steam turbines may hamper the market growth. Nevertheless, ongoing technology advancements in steam turbine design focused on improving efficiency and reducing emissions are expected to provide newer growth opportunities for players in the market.

Segment Analysis
The global steam turbine market can be segmented into two major segments namely, impulse and reaction steam turbines. The reaction steam turbine segment dominates the market and is expected to witness highest growth during the forecast period. Reaction steam turbine can effectively convert heat energy from steam into useful mechanical energy or electricity with high efficiency compared to impulse steam turbine. These turbines are widely used in thermal power plants and in various industrial applications such as petrochemicals, coal and gas plants, food processing, textile manufacturing and mining industries etc. This wide range of use has led to domination of reaction steam turbine segment in the global market.

PEST Analysis
Political: Regulations on emission standards is positively impacting the steam turbine market. Various governments are promoting clean energy initiatives which is expected to drive the adoption of steam turbines.
Economic: Rising energy demand along with industrialization in developing nations is boosting the global steam turbine market. Growing investments in power generation sector especially in renewable and clean energy is fueling the market growth.
Social: Increasing concerns over environmental pollution and global warming has led to shift towards clean energy sources like thermal and hydro power plants using steam turbines.
Technological: Players are focusing on developing advanced steam turbines with high efficiency, reliability and sustainability. Adoption of technologies like digitalization and condition monitoring is helping to optimize turbine performance.

Key Takeaways
The Global Steam Turbine Market Demand is expected to witness high growth over the forecast period. Asia Pacific region dominates the market currently due to high power demands and industrial growth in countries like China and India. Key players operating in the steam turbine market are General Electric (GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Å koda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd.

Regional analysis
Asia Pacific represents the largest and fastest growing market for steam turbines. China dominates the Asia Pacific market with nearly half of the share owing to increasing investments in power generation infrastructure projects across the country. India is also witnessing significant growth on account of rising energy demand from industrial and manufacturing sectors.

Key players
Key players operating in the steam turbine market are General Electric (GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Å koda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd. GE is the global leader with wide range of steam turbine offerings catering to diverse industrial applications. Siemens Energy also has strong presence worldwide with focus on research & development of advanced eco-friendly steam turbines.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it