New York, US, June 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Steam Turbine Market Research Report Information by Type, Rated Capacity, Region, Heat Source, and End-User - Forecast Till 2030”, the Steam Turbine Market is predicted to grow substantially over the assessment timeframe from 2023 to 2030 at a healthy CAGR of around 2.87%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 20,747.68 Million by the end of 2030. As per the study documents, the market was worth around USD 16,543.80 Million in 2022.
Steam Turbine Industry Overview:
The global Steam Turbine industry has advanced enormously. The primary aspect causing a surge in the performance of the market is the escalating demand for electricity.
Steam Turbine Market Competitive Analysis:
The catalog of the top leaders across the global Market for Steam Turbine includes players such as:
- General Electric (U.S.)
- Doosan (South Korea)
- Siemens AG (Germany)
- Toshiba (Japan)
- Mitsubishi Heavy Industries Ltd (Japan)
- Bharat Heavy Electricals Limited (India)
- Shanghai Electric (China)
- Harbin Electric Corporation (China)
- Dongfang Electric Corp Ltd (China)
- WEG (Brazil)
- Ansaldo Energia (Italy)
- Fuji Electric Co., Ltd. (Japan)
- MAN Energy Solutions (Germany)
- Among others.
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Steam Turbine Market USP Covered
Market Drivers
The global Steam turbine industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the escalating demand for electricity. Furthermore, the growing demand for Onsite Power Generation is also likely to positively impact the development of the market over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 20,747.68 Million |
| CAGR during 2023-2030 | 2.87% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Rated Capacity, Heat Source, End User and Region |
| Key Market Opportunities | Technological advancements in steam turbine |
| Key Market Dynamics | Increasing demand for electricity worldwide Rising demand onsite power generation |
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Steam Turbine Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Steam Turbine industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Steam Turbine Market Segment Analysis
Among all the types, the condensing segment secured the leading position across the global steam turbine market in 2022, with the largest contribution of nearly 61.78%. The segment is predicted to showcase a substantial CAGR of around 3.44% over the forecasted era. The noncondensing steam turbine utilizes high-pressure steam, and lower-pressure steam is exhausted to a header.
Among all the capacities, the above 300 MW segment secured the leading position across the global market for Steam Turbine in 2022, with the largest contribution of nearly 56.63% given mainly to the rising demand for industrial CHP units. Furthermore, CHP units are becoming increasingly famous across various process industries with their greater efficiency than single units. On the contrary, the 151 to 300 MW segment is predicted to showcase the maximum growth rate over the coming years given to the high demand for small Steam Turbine in small- and mid-sized combined cycle power plants (CCPP).
Among all the heat sources, the coal segment secured the leading position across the global steam turbine market in 2022, with the largest contribution of nearly 55.54%.
Among all the End-Users, the commercial segment secured the leading position across the global market for Steam Turbine in the year 2022 with the largest contribution of nearly 85.11% owing to the expansion of industrial activity worldwide.
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Steam Turbine Market Regional Analysis
The Global Market for Steam Turbine is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that the Asia-pacific Region carried the top position across the global Steam Turbine industry in 2021. India, China, and Indonesia are the leading development contributors in the region. Further, the China Steam Turbine Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the planned thermal facilities such as the Patratu Super-Thermal Power Plant (Coal) in India and the Phulari Coal Powered Plant in Bangladesh. China is developing the most thermal power plants globally, and it already utilizes a lot of Steam Turbine. To fulfill the requirement for electricity, ultra-supercritical coal plants such as those at Fuyang Power Station and Huadian Laizhou Power Station are being developed. Natural gas-powered electricity generation in China rose from 232.5 terawatt-hours in 2019 to 247.0 terawatt-hours in 2020. The country seeks to replace its coal-fired power plants, widely to blame for carbon emissions, with sustainable electricity generation with renewable energy sources.
The European Region is anticipated to secure the second position across the global Steam Turbine industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Steam Turbine Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The extraction-condensing type Steam Turbine are utilized in large industrial CHP applications. Furthermore, the rapidly growing demand for power and heat in Russia is also likely to enhance the performance of the regional market over the assessment era.
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The North American is anticipated to hold the third position across the global Steam Turbine industry in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Steam Turbine Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the wide use of Steam Turbine for CHP applications in the U.S.
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