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 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).

An increase in the number of nuclear power plants is projected to be commissioned to make up for the energy shortfall, which is expected to drive demand for turbines that generate steam in the future years. In 2022, the United States will overtake Canada as the biggest market in North America. One of the primary causes for increased demand for steam turbines is an increase in the amount of combined-cycle natural gas power plants in the country, as they are reliable sources of energy. Policymakers in the nation are working on creating sustainable energy producing plants. This is expected to boost the amount of steam turbine installation in the United States in the future years.

The growing focus of the government in the United States on developing energy-efficient and environmentally friendly power generation is also helping to increase the number of CHP installations in the country. The growing need for thermal power and heat in North America is likely to boost the region's market growth during the forecast period.

Policymakers in the United Kingdom are working on lowering carbon emissions and implementing energy-efficient electricity generation. As a result, different environmental and emission rules in the country have been developed and strictly enforced. In industrial applications, steam turbines are used in CHP units.

Due to a dearth of steam turbine parts, the COVID-19 pandemic has hampered the global growth of the steam turbine business, causing manufacturing delays and logistical issues. This causes additional delays in current steam turbine construction projects. The diversion of finances by steam turbine purchasers to sustain the COVID-19 issue has resulted in a decrease in orders for turbine installations.

Manufacturers of steam turbines have made additional steps to offer turbines to stop users with ongoing initiatives. To establish new power plants, vendors use digital tools, adhere to social distance rules, and use PPE.