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Steam Turbine Market by Design (Impulse, Reaction), Exhaust (Condensing, Non-condensing), Fuel (Fossil Fuel, Biomass, Geothermal), End Use (Industrial, Utility), Technology (Steam Cycle, Combined Cycle, Cogeneration) and Region - Global Forecast to 2028

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The steam turbine market is projected to grow at a CAGR of 2.20%, with estimated market size of USD 15.5 billion in 2021 and USD 17.7 billion by 2028. More power plants are being built worldwide to compensate for the energy shortage. This is one of the main factors influencing the industry, along with the increasing emphasis placed on it by policymakers in several nations to build energy-efficient and clean power-producing facilities. Additionally, there is a rise in the need for combined heat and power plants (CHP) to use the leftover heat from producing electricity for various uses. This is having a beneficial impact on the market, as is the advent of cutting-edge technologies like cryptocurrencies and 5G technology, both of which require a lot of electricity to operate. Additionally,  industry investors are benefiting greatly from the growing use of electric vehicles (EVs) to replace fossil fuels in the transportation sector, thus driving market growth.
Steam Turbine Market Overview


Steam Turbine Market Dynamics

Drivers: Increased power demand

With increased power consumption, there will likely be a greater requirement for steam turbines. The vast bulk of electric electricity is produced by steam-electric power plants worldwide. The need for electricity is anticipated to increase dramatically as the world's population grows. It is anticipated that this factor would increase demand for steam turbines even more. On the other hand, the global market for steam turbines has not yet reached its full potential. The growing industrialization and increased electricity demand, particularly in developing economies, are further reasons to boost industry growth. The market's expansion is accelerated by rising energy consumption and thermal power capacity. Additionally, during the forecast period, market participants will have additional profitable chances due to numerous breakthroughs and technological advancements in steam turbines.

Restraints: Restrictions due to climate concerns

Due to policies at the regional and federal levels, such as limiting the number of emissions acceptable from these plants, existing plants have been retired, and new construction has been delayed in favor of other, more expensive options, raising concerns about the adverse effects of carbon emissions on the climate. The regulations and laws governing fossil fuel-fired power plants will also be a significant obstacle to the expansion of the steam turbine business.

Opportunities: Increased government policies

Several government policies support the greener energy program. Numerous multinational corporations are trying to lessen their carbon footprint to contribute to a cleaner world and long-term sustainability. By 2050, Equinor (Norway), for instance, wants to cut its carbon emissions in half. Expansion of its renewable energy industries, especially steam turbines, which might reach 6,000 megawatts in 6 years and 16,000 megawatts in 15, is one element of the strategy. As a result, the market is presented with several chances due to the increase in various government policies and the legislation linked to greener energy initiatives and reduction in carbon footprint.

Condensing category is estimated to be the largest growth in the steam engine market during the forecast period

The condensing steam turbine category dominated the market and is fueled by continued expenditures on new generating capacity additions to meet the rising demand for power from industries. Other key underlying factors that will increase product demand include cogeneration systems and rising levels of industrialization in developing nations. On the other hand, the non-condensing category is anticipated to be the most opportunistic during the forecast period. Factors like the segment's ease of installation and ability to withstand temperature changes will propel its growth. The processing industry benefits greatly from these systems since they deliver steam at a predetermined pressure.

Biomass is estimated to be the largest growing market category during the forecast period

The biomass category dominated the steam turbine market. The future growth of the category will be supported by favorable regulatory environments and growing initiatives to minimize carbon footprints. The industry will expand due to the increased use of captive power generation and combined heat and power systems quickly. On the other hand, the geothermal category is anticipated to be the most suitable during the forecast period. Regulators have introduced several initiatives to promote using unconventional energy sources, which will quicken the creation of new products. More money is being invested in new geothermal capacity expansions due to its ability to provide dependable electricity with a small carbon footprint.

Asia Pacific segment is estimated to be the largest growing market during the forecast period

Asia Pacific is the largest steam turbine market is projected to grow at the significant growth rate during the forecast period. Asia-Pacific will become a significant rival to other regions in using steam engines. Since most of the nations in this region are emerging nations and still rely on coal-fired power plants for their cost-effectiveness, there is an increasing need for energy at the residential and industrial levels. These nations favor coal-fired power generation due to the plentiful supply of natural resources and the affordable labor force. Furthermore, due to their extensive geographic diversity and even the people living in rural and heavily forested areas, many countries in this region choose to construct thermal plants and use steam turbines. The most cost-effective method to meet the goal of delivering electricity to every individual is thought to be steam turbine power generation.


Key Market Players

The steam turbine market is dominated by a few global players and comprises several regional players. Some key manufacturers in the market are Toshiba Corporation, Fuji Electric Co. Ltd, Istom SA, Mitsubishi Hitachi Power Systems, Siemens AG, Man Diesel & Turbo SE, Bharat Heavy Electricals Ltd., Doosan Skoda Power, Kawasaki Heavy Industries and Ansaldo Energia.

Recent Developments
  • In June 2022, 700 MW nuclear steam turbines were produced by GE and BHEL using licenses and technology transfer agreements. This project involves 12 of the 700 MWe Pressurized Heavy Water Reactors that NPCIL creates with their nuclear reactor technology (PHWR). The nation will have 8.4 GW of CO2-free electricity, which is more than enough to power more than 14 million homes.
  • In December 2021, the Greater Bay Area's Guangdong province's state-owned power utility Guangdong Energy Group Co. Ltd. placed an order for two GE 9HA.01 gas turbines for its Guangdong Huizhou combined-cycle power plant. This order was made public by General Electric and Harbin Electric Corporation.
  • In July 2021, Nuclear Power Corporation of India Limited (NPCIL) granted a contract to Bharat Heavy Electricals Limited (BHEL) to supply 12 steam generators for locally manufactured 700 MWe pressurized heavy water reactors (PHWRs), which would be built at four different locations throughout the nation.
  • In February 2019, the United States received steam turbines and generators from Toshiba. Toshiba America Energy received a 450 MW STG from Toshiba Energy Systems & Solutions Corporation (Toshiba ESS). The American plant is owned and operated by Entergy Texas.
Segmentation of Global Steam Turbine Market
Global Steam Turbine Market – By Design
  • Reaction
  • Impulse
 Global Steam Turbine Market – By Exhaust
  • Condensing
  • Non-condensing
Global Steam Turbine Market – By Fuel
  • Fossil Fuel
  • Biomass
  • Geothermal
 Global Steam Turbine Market – By End Use
  • Industrial
  • Utility
 Global Steam Turbine Market – By Technology
  • Steam Cycle
  • Combined Cycle
  • Cogeneration
Global Steam Turbine Market – By Region
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa
Chapter 1       Preface
 
1.1       Report Scope and Description
            1.1.1    Study Purpose
            1.1.2    Target Audience
            1.1.3    USP and Key Offerings
1.2       Research Scope
1.3       Research Methodology
            1.3.1    Phase I – Secondary Research
            1.3.2    Phase II – Primary Research
            1.3.3    Approach Adopted
            1.3.4    Top-Down Approach
            1.3.5    Bottom-Up Approach
            1.3.6    Phase III – Expert Panel Review
            1.3.7    Assumptions
1.4       Market Segmentation
 
Chapter 2       Report Summary
 
2.1       Market Snapshot: Global Steam Turbine Market
            2.1.1    Global Steam Turbine Market, by Design, 2021 (US$ Mn)
            2.1.2    Global Steam Turbine Market, by Exhaust, 2021 (US$ Mn)
            2.1.3    Global Steam Turbine Market, by Fuel, 2021 (US$ Mn)
            2.1.4    Global Steam Turbine Market, by End Use, 2021 (US$ Mn)
            2.1.5    Global Steam Turbine Market, by Technology, 2021 (US$ Mn)
            2.1.6  Global Steam Turbine Market, by Geography, 2021 (US$ Mn)
 
Chapter 3       Market Dynamics
 
3.1       Introduction
3.2       Market Dynamics
            3.2.1    Market Drivers
            3.2.2    Market Restraint
            3.2.3    Market Opportunities
            3.2.4    Market Challenges
3.3       Attractive Investment Proposition, by Geography, 2021
3.4       Competitive Landscape
            3.4.1    Market Positioning of Key Steam Turbine Manufacturers, 2021
            3.4.2    Steam Turbine Manufacturers, Revenue 2019-2021 (USD Million)
            3.4.3    Strategic Developments
                        3.4.3.1 Mergers and Acquisitions
                        3.4.3.2 Product Launches
                        3.4.3.3 Partnerships and Collaborations
                        3.4.3.4 Others
 
Chapter 4       Global Steam Turbine Market, by Design
 
4.1       Overview
            4.1.1    Global Steam Turbine Market Value Share, by Design, 2021 & 2028 (Value, %)
4.2       Reaction
            4.2.1    Global Steam Turbine Market Value from Reaction, 2018 – 2028 (US$ Mn) (Kilo Tons)
4.3       Impulse
            4.3.1    Global Steam Turbine Market Value from Impulse, 2018 – 2028 (US$ Mn) (Kilo Tons)
4.4       Others
            4.4.1    Global Global Steam Turbine Market Value from Others, 2018 – 2028 (US$ Mn) (Kilo Tons)
 
Chapter 5       Global Steam Turbine Market, by Fuel
 
5.1       Overview
            5.1.1    Global Steam Turbine Market Value Share, by Fuel, 2021 & 2028 (Value, %)
5.2       Fossil Fuel
            5.2.1    Global Steam Turbine Market Value from Fossil Fuel, 2018 – 2028 (US$ Mn) (Kilo Tons)
5.3       Biomass
            5.3.1    Global Steam Turbine Market Value from Biomass, 2018 – 2028 (US$ Mn) (Kilo Tons)
5.4       Geothermal
            5.15.1    Global Steam Turbine Market Value from Geothermal, 2018 – 2028 (US$ Mn) (Kilo Tons)

Chapter 6       North America Steam Turbine Market Analysis, 2018 – 2028
 
6.1       Overview
6.2       North America Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn) (Kilo Tons)
6.3       North America Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn) (Kilo Tons)
6.4       North America Steam Turbine Market Analysis, by Country, 2018 – 2028 (US$ Mn) (Kilo Tons)
            6.4.1    US
                        6.4.1.1 US Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        6.4.1.2 US Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            6.4.2    Canada
                        6.4.2.1 Canada Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        6.4.2.2 Canada Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
 
Chapter 7       Europe Steam Turbine Market Analysis, 2018 – 2028
 
7.1       Overview
7.2       Europe Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn) (Kilo Tons)
7.3       Europe Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn) (Kilo Tons)
7.4       Europe Steam Turbine Market Analysis, by Country, 2018 – 2028 (US$ Mn) (Kilo Tons)
            7.4.1    Germany
                        7.4.1.1 Germany Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        7.4.1.2 Germany Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            7.4.2    France
                        7.4.2.1 France Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        7.4.2.2 France Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            7.4.3    UK
                        7.4.3.1 UK Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        7.4.3.2 UK Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            7.4.4    Italy
                        7.4.4.1 Italy Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        7.4.4.2 Italy Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            7.4.5    Spain
                        7.4.5.1 Spain Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        7.4.5.2 Spain Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            7.4.6    Rest of Europe
                        7.4.6.1 Rest of Europe Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        7.4.6.2 Rest of Europe Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
 
Chapter 8       Asia Pacific Steam Turbine Market Analysis, 2018 – 2028
 
8.1       Overview
8.2       Asia Pacific Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn) (Kilo Tons)
8.3       Asia Pacific Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn) (Kilo Tons)
8.4       Asia Pacific Steam Turbine Market Analysis, by Country, 2018 – 2028 (US$ Mn) (Kilo Tons)
            8.4.1    China
                        8.4.1.1 China Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        8.4.1.2 China Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            8.4.2    Japan
                        8.4.2.1 Japan Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        8.4.2.2 Japan Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            8.4.3    INDIA
                        8.4.3.1 INDIA Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        8.4.3.2 INDIA Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            8.4.4    South Korea
                        8.4.4.1 South Korea Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        8.4.4.2 South Korea Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            8.4.5    South East Asia
                        8.4.5.1 South East Asia Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        8.4.5.2 South East Asia Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            8.4.6    Rest of Asia Pacific
                        8.4.6.1 Rest of Asia Pacific Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        8.4.6.2 Rest of Asia Pacific Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
 
Chapter 9       Latin America Steam Turbine Market Analysis, 2018 – 2028
 
9.1       Overview
9.2       Latin America Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn) (Kilo Tons)
9.3       Latin America Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn) (Kilo Tons)
9.4       Latin America Steam Turbine Market Analysis, by Country, 2018 – 2028 (US$ Mn) (Kilo Tons)
            9.4.1    Brazil
                        9.4.1.1 Brazil Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        9.4.1.2 Brazil Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            9.4.2    Mexico
                        9.4.2.1 Mexico Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        9.4.2.2 Mexico Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            9.4.3    Rest of Latin America
                        9.4.3.1 Rest of Latin America Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        9.4.3.2 Rest of Latin America Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
 
Chapter 10     Middle East and Africa Steam Turbine Market Analysis, 2018 – 2028
 
10.1     Overview
10.2     Middle East and Africa Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn) (Kilo Tons)
10.3     Middle East and Africa Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn) (Kilo Tons)
10.4     Middle East and Africa Steam Turbine Market Analysis, by Country, 2018 – 2028 (US$ Mn) (Kilo Tons)
            10.4.1  UAE
                        10.4.1.1           UAE Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        10.4.1.2           UAE Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            10.4.2  South Africa
                        10.4.2.1           South Africa Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        10.4.2.2           South Africa Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
            10.4.3  Rest of Middle East and Africa
                        10.4.3.1           Rest of Middle East and Africa Steam Turbine Market Analysis, by Design, 2018 – 2028 (US$ Mn)
                        10.4.3.2           Rest of Middle East and Africa Steam Turbine Market Analysis, by Fuel, 2018 – 2028 (US$ Mn)
 
Chapter 11     Company Profiles
 
11.1     Toshiba Corporation
            11.1.1  Company Overview
            11.1.2  Business Overview
            11.1.3  Financial Overview
            11.1.4  Product Portfolio
            11.1.5  Segment Performance
            11.1.6  Recent Developments
11.2     Fuji Electric Co. Ltd
11.3     Istom SA
11.4     Mitsubishi Hitachi Power Systems
11.5     Siemens AG
11.6     Man Diesel & Turbo SE
11.7     Bharat Heavy Electricals Ltd.
11.8     Doosan Skoda Power
11.9     Kawasaki Heavy Industries
11.10    Ansaldo Energia
No Methodology
No Available