The Steam Turbine Market size was valued at USD 13.65 billion in 2023 and is expected to grow to USD 16.74 billion by 2031 with an emerging CAGR of 2.6% over the forecast period of 2024-2031.
The steam turbine is a device that can take the thermal energy from steam and turn it into rotating motions, classifying it as a type of heat engine. Charles Parsons created the modern steam turbine in 1884. It is based on the concepts of thermodynamic efficiency and concentrates on the various stages of steam expansion.
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The steam turbine has developed into a crucial part of the energy production process, the steam turbine transforms the kinetic energy of steam into rotary motion. This is connected to a generator and turned into electricity from there. Thermal power plants and district cooling systems are just two examples of important energy producing technologies that utilize steam turbines.
A heat source is used by the steam turbine to warm the water and turn it into steam. These heat sources include solar, nuclear, gas, and coal power. This action causes the water molecules to enlarge. The turbine's blades then receive the steam and convert its thermal energy into kinetic energy by whirling. The blades have the ability to regulate the team's pressure, direction, and speed. This means that turbines can lower the pressure of the steam by a framework where only minor adjustments are made gradually, hence increasing the electrical output and efficiency. A generator, responsible for generating an electric current, is connected to the steam turbine.
The ratio of the achieved electrical output to the required input from the heat source is referred to as the turbine efficiency. The effectiveness of steam turbines cannot be understated in the context of rising heat source costs, such as natural gas, as well as an increased focus on sustainability.
KEY DRIVERS:
Growing demand for steam turbines
Increasing combined cycle natural gas plants
The business dynamics will be aided by capacities to meet the increased electricity demand and reduce demand-supply mismatch. The growth in the number of CHP installations around the nation. Over the course of the forecast period, increased demand for combined heat and power is anticipated to fuel market expansion.
RESTRAIN:
Regularity and policy restriction
OPPORTUNITY:
Establishing energy efficient and clean power generation plant
Rising demand for combined heat and power
By harnessing the heat from exhaust gases to generate extra power, steam turbines are used in conjunction with gas turbines to increase plant efficiency. Declining natural gas costs and strict emission regulations to reduce GHG emissions will increase the steam turbine market revenue share. The continuous government initiatives to support domestic manufacturing in keeping with a hopeful long-term prognosis. The industry's potential will also be fuelled by political stability.
CHALLENGES:
Rising need from developing nations for constant power supply
High initial investment
Rising demand for renewable energy
By Capacity
Up to 150 MW
151 to 300 MW
More than 300 MW
By End-use
Power & Utility
Industrial
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Asia-Pacific is already the region with the greatest market for steam turbines, and it is anticipated that there will be significant demand there.
The demand for heat and electricity in Russia is rising quickly, which is straining the nation's current production capacity. Due to rising electricity prices and environmental concerns, high-energy industrial users in the nation also consider the benefit of on-site power generation and self-generation secure and uninterrupted power supply. The world's most thermal power plants are being built in China, which is already a sizable user of steam turbines.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
700 MW nuclear steam turbines were produced in June 2022 by GE and BHEL thanks to licenses and technology transfer agreements. With their pressurized heavy water reactors (PHWR) nuclear reactor technology, NPCIL is developing 12 units totaling 700 MWe for this project. 8.4 GW of CO2-free electricity for the whole country, which could provide more than 14 million homes.
Nuclear Power Corporation of India Limited (NPCIL) awarded a contract to Bharat Heavy Electricals Limited (BHEL) in July 2021 to supply 12 steam generators for locally produced 700 MWe nuclear power plants. There will be four pressurized heavy water reactors (PHWRs) built around the nation.
General Electric and Harbin Electric Corporation declared in December 2021 that the Chinese state-owned power supply Two GE 9HA.01 gas turbines were purchased by Guangdong Energy Group Co. Lid for their Guangdong facility the Greater Bay Area's Huizhou combined-cycle power plant in the province of Guangdong.
The Major Players are Ansaldo Energia S.p.A, Bharat Heavy Electricals Limited, Doosan Skoda Power, Elliot Group, Fuji Electric Co., Ltd., General Electric, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Power Ltd., Siemens Energy, Toshiba Corporation, Trillium Flow Technologies and other players are listed in a final report.
| Report Attributes | Details |
| Market Size in 2023 | US$ 13.65 Bn |
| Market Size by 2031 | US$ 16.74 Bn |
| CAGR | CAGR of 2.6 % From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Capacity (Up to 150 MW, 151 to 300 MW, More than 300 MW) • By End-use (Power & Utility, Industrial) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Ansaldo Energia S.p.A, Bharat Heavy Electricals Limited, Doosan Skoda Power, Elliot Group, Fuji Electric Co., Ltd., General Electric, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Power Ltd., Siemens Energy, Toshiba Corporation, Trillium Flow Technologies |
| Key Drivers | • Growing demand for steam turbines • Increasing combined cycle natural gas plants |
| Market Restraints | • Regularity and policy restriction |
Ans: Steam Turbine Market is anticipated to expand by 2.4 % from 2023 to 2030.
Ans: USD 16.03 billion is expected to grow by 2030.
Ans: Steam Turbine Market size was valued at USD 13.26 billion in 2022
Ans: Rising need from developing nations for constant power supply
High initial investment
Rising demand for renewable energy
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Steam Turbine Market Segmentation, By Capacity
8.1 Up to 150 MW
8.2 151 to 300 MW
8.3 More than 300 MW
9. Steam Turbine Market Segmentation, By End-use
9.1 Power & Utility
9.2 Industrial
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Steam Turbine Market by Country
10.2.2North America Steam Turbine Market Capacity
10.2.3 North America Steam Turbine Market by End-use
10.2.4 USA
10.2.4.1 USA Steam Turbine Market by Capacity
10.2.4.2 USA Steam Turbine Market by End-use
10.2.5 Canada
10.2.5.1 Canada Steam Turbine Market by Capacity
10.2.5.2 Canada Steam Turbine Market by End-use
10.2.6 Mexico
10.2.6.1 Mexico Steam Turbine Market by Capacity
10.2.6.2 Mexico Steam Turbine Market by End-use
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Steam Turbine Market by Country
10.3.1.2 Eastern Europe Steam Turbine Market by Capacity
10.3.1.3 Eastern Europe Steam Turbine Market by End-use
10.3.1.4 Poland
10.3.1.4.1 Poland Steam Turbine Market by Capacity
10.3.1.4.2 Poland Steam Turbine Market by End-use
10.3.1.5 Romania
10.3.1.5.1 Romania Steam Turbine Market by Capacity
10.3.1.5.2 Romania Steam Turbine Market by End-use
10.3.1.6 Hungary
10.3.1.6.1 Hungary Steam Turbine Market by Capacity
10.3.1.6.2 Hungary Steam Turbine Market by End-use
10.3.1.7 Turkey
10.3.1.7.1 Turkey Steam Turbine Market by Capacity
10.3.1.7.2 Turkey Steam Turbine Market by End-use
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Steam Turbine Market by Capacity
10.3.1.8.2 Rest of Eastern Europe Steam Turbine Market by End-use
10.3.2 Western Europe
10.3.2.1 Western Europe Steam Turbine Market by Country
10.3.2.2 Western Europe Steam Turbine Market by Capacity
10.3.2.3 Western Europe Steam Turbine Market by End-use
10.3.2.4 Germany
10.3.2.4.1 Germany Steam Turbine Market by Capacity
10.3.2.4.2 Germany Steam Turbine Market by End-use
10.3.2.5 France
10.3.2.5.1 France Steam Turbine Market by Capacity
10.3.2.5.2 France Steam Turbine Market by End-use
10.3.2.6 UK
10.3.2.6.1 UK Steam Turbine Market by Capacity
10.3.2.6.2 UK Steam Turbine Market by End-use
10.3.2.7 Italy
10.3.2.7.1 Italy Steam Turbine Market by Capacity
10.3.2.7.2 Italy Steam Turbine Market by End-use
10.3.2.8 Spain
10.3.2.8.1 Spain Steam Turbine Market by Capacity
10.3.2.8.2 Spain Steam Turbine Market by End-use
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Steam Turbine Market by Capacity
10.3.2.9.2 Netherlands Steam Turbine Market by End-use
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Steam Turbine Market by Capacity
10.3.2.10.2 Switzerland Steam Turbine Market by End-use
10.3.2.11 Austria
10.3.2.11.1 Austria Steam Turbine Market by Capacity
10.3.2.11.2 Austria Steam Turbine Market by End-use
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Steam Turbine Market by Capacity
10.3.2.12.2 Rest of Western Europe Steam Turbine Market by End-use
10.4 Asia-Pacific
10.4.1 Asia Pacific Steam Turbine Market by Country
10.4.2 Asia Pacific Steam Turbine Market by Capacity
10.4.3 Asia Pacific Steam Turbine Market by End-use
10.4.4 China
10.4.4.1 China Steam Turbine Market by Capacity
10.4.4.2 China Steam Turbine Market by End-use
10.4.5 India
10.4.5.1 India Steam Turbine Market by Capacity
10.4.5.2 India Steam Turbine Market by End-use
10.4.6 Japan
10.4.6.1 Japan Steam Turbine Market by Capacity
10.4.6.2 Japan Steam Turbine Market by End-use
10.4.7 South Korea
10.4.7.1 South Korea Steam Turbine Market by Capacity
10.4.7.2 South Korea Steam Turbine Market by End-use
10.4.8 Vietnam
10.4.8.1 Vietnam Steam Turbine Market by Capacity
10.4.8.2 Vietnam Steam Turbine Market by End-use
10.4.9 Singapore
10.4.9.1 Singapore Steam Turbine Market by Capacity
10.4.9.2 Singapore Steam Turbine Market by End-use
10.4.10 Australia
10.4.10.1 Australia Steam Turbine Market by Capacity
10.4.10.2 Australia Steam Turbine Market by End-use
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Steam Turbine Market by Capacity
10.4.11.2 Rest of Asia-Pacific APAC Steam Turbine Market by End-use
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Steam Turbine Market by Country
10.5.1.2 Middle East Steam Turbine Market by Capacity
10.5.1.3 Middle East Steam Turbine Market by End-use
10.5.1.4 UAE
10.5.1.4.1 UAE Steam Turbine Market by Capacity
10.5.1.4.2 UAE Steam Turbine Market by End-use
10.5.1.5 Egypt
10.5.1.5.1 Egypt Steam Turbine Market by Capacity
10.5.1.5.2 Egypt Steam Turbine Market by End-use
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Steam Turbine Market by Capacity
10.5.1.6.2 Saudi Arabia Steam Turbine Market by End-use
10.5.1.7 Qatar
10.5.1.7.1 Qatar Steam Turbine Market by Capacity
10.5.1.7.2 Qatar Steam Turbine Market by End-use
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Steam Turbine Market by Capacity
10.5.1.8.2 Rest of Middle East Steam Turbine Market by End-use
10.5.2 Africa
10.5.2.1 Africa Steam Turbine Market by Country
10.5.2.2 Africa Steam Turbine Market by Capacity
10.5.2.3 Africa Steam Turbine Market by End-use
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Steam Turbine Market by Capacity
10.5.2.4.2 Nigeria Steam Turbine Market by End-use
10.5.2.5 South Africa
10.5.2.5.1 South Africa Steam Turbine Market by Capacity
10.5.2.5.2 South Africa Steam Turbine Market by End-use
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Steam Turbine Market by Capacity
10.5.2.6.2 Rest of Africa Steam Turbine Market by End-use
10.6 Latin America
10.6.1 Latin America Steam Turbine Market by Country
10.6.2 Latin America Steam Turbine Market by Capacity
10.6.3 Latin America Steam Turbine Market by End-use
10.6.4 Brazil
10.6.4.1 Brazil Steam Turbine Market by Capacity
10.6.4.2 Brazil Africa Steam Turbine Market by End-use
10.6.5 Argentina
10.6.5.1 Argentina Steam Turbine Market by Capacity
10.6.5.2 Argentina Steam Turbine Market by End-use
10.6.6 Colombia
10.6.6.1 Colombia Steam Turbine Market by Capacity
10.6.6.2 Colombia Steam Turbine Market by End-use
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Steam Turbine Market by Capacity
10.6.7.2 Rest of Latin America Steam Turbine Market by End-use
11 Company Profile
11.1 Ansaldo Energia S.p.A
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Bharat Heavy Electricals Limited
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Doosan Skoda Power
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Elliot Group
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Fuji Electric Co., Ltd
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 General Electric
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Kawasaki Heavy Industries, Ltd.
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 MAN Energy Solutions
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Mitsubishi Power Ltd.
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Siemens Energy
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
11.11 Toshiba Corporation
11.11.1 Company Overview
11.11.2 Financials
11.11.3 Product/Services Offered
11.11.4 SWOT Analysis
11.11.5 The SNS View
11.12 Trillium Flow Technologies
11.12.1 Company Overview
11.12.2 Financials
11.12.3 Product/Services Offered
11.12.4 SWOT Analysis
11.12.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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