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 News

In January 2024, GE Vernova, a specialized global energy company headquartered in the US, declared the successful completion of the modernization project for four gas turbines at the Sabiya Combined Cycle Power Plant in Kuwait. This attempt has brought in improved efficiency and increased yield for the plant.
In February 2024, Siemens Energy unveiled a global innovation center at Khalifa University of Science and Technology in Abu Dhabi. The company's commitment to accelerating the transition to net zero emissions in the region and globally includes this initiative. The center aims to increase the development of new partnerships, technologies, and collaborative research opportunities. It will increase knowledge transfer, and capacity building, and create employment prospects.
In March 2024, ONE Store, the second-largest app market in Korea, surpassing global competitors, uncovered a significant agreement. It made the news that a platform and service agreement had been made with HAPPYTUK, Taiwan's largest game publishing company. This agreement plans to offer an app market service customized for the Taiwanese market.

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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

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