What is the global market size of Steam Turbine Market?

Global Steam Turbine Market size was valued at USD 15.87 Billion in 2021 and is poised to grow from USD 16.27 Billion in 2022 to USD 19.64 billion by 2030, at a CAGR 2.5% during the forecast period (2023-2030).

Steam Turbine Market Size, Share, Growth Analysis, By Capacity(Up to 150 MW, 151 to 300 MW, and more than 300 MW), By End-use(Power & Utility, and Industrial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20E2046 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 62 | Figures: 75

Steam Turbine Market Dynamics

Steam Turbine Market Drivers

Increasing Energy Demand

The global demand for electricity continues to rise due to population growth, urbanization, and industrialization. Steam turbines play a vital role in power generation, particularly in thermal power plants, as they efficiently convert thermal energy into electrical energy. The increasing energy demand is a significant driver for the steam turbine market.

Steam Turbine Market Restraints

High Initial Investment

Steam turbine installations involve significant capital investments, including the cost of equipment, infrastructure, and installation. The high initial investment required for steam turbine projects can be a barrier, particularly for small-scale power generation projects or projects in regions with limited access to financing. The capital-intensive nature of steam turbine installations can restrain market growth.

Steam Turbine Market Report Snapshots

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Steam Turbine Market size was valued at USD 16.27 Billion in 2022 and is poised to grow from USD 16.68 Billion in 2023 to USD 20.32 billion by 2031, at a CAGR 2.5% during the forecast period (2024-2031).

The rise of globalization is a key to market rivalry, and international trade is a vital component of long-term growth. The majority of the firms have formed joint ventures with a variety of customers and vendors in various nations across the world, which helps them raise their market shares, lower their costs, and get access to new markets. 'General Electric Company', 'Siemens AG', 'Mitsubishi Hitachi Power Systems, Ltd.', 'Toshiba Energy Systems & Solutions Corporation', 'Ansaldo Energia S.p.A.', 'Bharat Heavy Electricals Limited (BHEL)', 'Doosan Škoda Power', 'Harbin Electric Corporation', 'Dongfang Electric Corporation Limited', 'Elliott Group', 'MAN Energy Solutions SE', 'Shanghai Electric Group Co., Ltd.', 'Fuji Electric Co., Ltd.', 'Hangzhou Steam Turbine Co., Ltd.', 'Power Machines', 'Turboden S.p.A.', 'Triveni Turbine Limited', 'Fuji Electric India Pvt. Ltd.', 'Shin Nippon Machinery Co., Ltd.', 'Peter Brotherhood Ltd'

The global demand for electricity continues to rise due to population growth, urbanization, and industrialization. Steam turbines play a vital role in power generation, particularly in thermal power plants, as they efficiently convert thermal energy into electrical energy. The increasing energy demand is a significant driver for the steam turbine market.

Growing Focus on Renewable Energy: There is a global shift towards renewable energy sources as countries strive to reduce greenhouse gas emissions and mitigate climate change. Steam turbines play a crucial role in renewable energy applications such as concentrated solar power (CSP), biomass, geothermal, and waste-to-energy plants. The increasing adoption of these renewable energy sources is driving the demand for steam turbines in the market.

North America led the market and is further projected to continue dominating the global market during the forecast period. In the United States, steam turbines are commonly employed in CHP applications. Unlike gas turbines & reciprocating engine CHP systems, heat is produced as a result of the power production process, heat turbine-based generators produce electricity as a byproduct of heat (steam) production. Because steam turbines employ different heat sources, they do not convert fuel to electric energy. High-pressure steam powers turbines and generators, transferring energy from boilers to turbines.

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Steam Turbine Market Size, Share, Growth Analysis, By Capacity(Up to 150 MW, 151 to 300 MW, and more than 300 MW), By End-use(Power & Utility, and Industrial), By Region - Industry Forecast 2024-2031

Steam Turbine Market Dynamics

Steam Turbine Market Report Snapshots

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