by Steam turbines are rotary engines that extracts energy from pressurized steam and converts it into useful work. They usually consist of rotor and stationary blades which are mounted on steam inlet and outlet. Steam turbines find application across industries such as power generation, marine propulsion, and petrochemicals. They offer advantages such as high efficiency, compact size, low maintenance costs, and the ability to use waste process steam. In the power generation sector, steam turbines are used at thermal power plants for electricity production by utilizing high-pressure steam from boilers. Moreover, industries are focusing on optimal utilization of waste steam to boost productivity and reduce operating costs, thus augmenting the adoption of steam turbines.
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 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing focus on optimal utilization of waste steam- One of the major drivers for the steam turbine market is the increasing focus of industries on maximizing the utilization of waste steam to enhance productivity and reduce operating costs. Since steam turbines can effectively harness low-pressure waste steam from manufacturing processes or power plants, their adoption is growing globally. For instance, petroleum refineries and petrochemical plants utilize steam turbines to recover energy from flash steam or letdown steam streams.
Rising demand from power generation sector- Steam turbines continue to be a mainstay in thermal power generation worldwide owing to their reliability and fuel flexibility. With the increasing global demand for electricity backed by rapid industrialization and urbanization, primarily across Asia and Africa, new coal, gas, biomass, and nuclear-fired power plants are being set up. This is driving the demand for steam turbines from the power sector.
Segment Analysis
The steam turbine market is segmented into impulse and reaction turbines. The reaction turbine segment is dominating the market and is expected to continue its dominance during the forecast period. In reaction turbines, the steam expands partly before striking the blades and partly in the nozzle, hence it works on both impulse and reaction principle. This makes reaction turbines more efficient than impulse turbines for most applications. They are widely used for power generation application which is the largest end-use segment for steam turbines.
PEST Analysis
Political: Energy policies favoring renewable energy adoption can affect the steam turbine market. However, steam turbines will continue to have a strong role in flexible power generation to support renewable energy integration into grids.
Economic: Power generation is the largest application segment and changes in power demand influence investments in new steam turbine capacity. Economic growth and industrialization in developing regions boost electricity demand.
Social: Growing population and rise in living standards increase the need for reliable power supply. Steam turbines ensure stable base load power generation as a complement to intermittent renewable sources.
Technological: Advancements in materials, design, and efficiency improvement help reduce operating costs. Digitalization enables condition monitoring and predictive maintenance of steam turbine assets.
Key Takeaways
The Global Steam Turbine Market Growth is expected to witness high supported by investments in thermal and renewable energy capacity additions.
Regional Analysis: The Asia Pacific regional steam turbine market accounts for over 40% of the global market share led by China, India, Japan and other Southeast Asian countries. Investments in new coal-fired capacity as well as integration of solar and wind farms with existing thermal plants drive demand.
Key players operating in the steam turbine market are focusing on technological upgrades for improved efficiencies, longer operating life and reduced maintenance costs. Adoption of digitalization solutions and remote condition monitoring also help optimize turbine fleet management. Original equipment manufacturers face competition from global as well as local independent service providers for parts, upgrades and revamps.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
