Steam Turbine Market Size, Share, Trends, Growth, and Industry Analysis, By Plant Type (Nuclear, Gas, Coal, and Other Plant Types), By Type (Centrifugal Pump, Dosing/Metering Pumps, Positive Displacement Pump, and Others), By End Use (Cosmetics, Food, Beverage, Pulp & Paper, Automotive, Pharmaceutical, Textile, and Water & Wastewater Treatment, Oil & Gas, Agriculture, Metal & Mining, Chemical, and Power Generation), By Capacity (Above 40 MW, and Below 40 MW), Regional Analysis and Forecast 2032.
Steam Turbine Market Trend
Global Steam Turbine Market size was USD 21.02 billion in 2023 and the market is projected to touch USD 25.17 billion by 2032, at a CAGR of 2.28% during the forecast period.
A steam turbine is focused on the production and usage of steam turbines, which are devices for the transformation of steam energy into mechanical power for further use in power plants to produce electricity, to drive industrial processes, and to complement various applications within industries. In the energy sector, steam turbines play a very significant role in generating power in coal, natural gas, and nuclear power plants where they have very efficiently helped in the conversion of thermal energy into usable power.
The growth in the market is stable and increasing with increasing energy demands and an undying push toward cleaner sources of energy. Efforts by governments and industries around the world to invest in renewable energy projects are a driving force behind the implementation of many of them, utilizing steam turbines as a subset of their technologies. Furthermore, the greater efficiency and performance provided by new designs and materials in turbines are making them increasingly attractive for new and existing power plants. Such a nation-wide shift towards low carbon emissions and to more environmentally-friendly energy solutions should make the steam turbine market grow further. This development finds support in the increasing demand for energy security and reliability, especially during electricity development at the regional level, where most are still facing problems with access to the electric power.
Steam Turbine Report Scope and Segmentation.
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Report Attribute |
Details |
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Estimated Market Value (2023) |
USD 21.02 Billion |
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Projected Market Value (2032) |
USD 25.17 Billion |
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Base Year |
2023 |
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Historical Year |
2018-2022 |
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Forecast Years |
2024 – 2032 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Plant Type, By Type, By End Use, By Capacity, & Region. |
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Segments Covered |
By Plant Type, By Type, By End Use, By Capacity, & By Region. |
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Forecast Units |
Value (USD Million or Billion), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2024 to 2032. |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others. |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Dynamic Insights
Major drivers have been the rising demand for electricity, caused in the first place by population growth and the effect of rapid industrialization. Reliable power generation thus becomes urgent with much investment in infrastructure and urban development. The drive towards renewable sources like biomass and geothermal energy increases the demand while often requiring the use of steam turbines in the utilization process.
Energy efficiency and environmental sustainability are of particular interest. The world government is tightening the regulations and policies of cut emissions and cleaner energy solutions. This promotes the adoption of advanced steam turbine technologies with higher efficiency and lower negative environmental impact. Other improvements incorporated into the design of the turbines themselves include improved materials and the use of digital technologies, such as predictive maintenance and real-time monitoring. These will further enhance operational performance and reliability of the steam turbines, making the units more attractive to power producers. High upfront capital costs and competition from alternative power generation options may, however, negatively affect market growth.
Drivers Insights
Primary factors that have led to the growth of the steam turbine market include growing populations and rising urbanization, which increase the demand for electricity. Developing countries' growing infrastructure and industrial activities require some form of dependable power generation. Additionally, electric transportation and higher usage in households raise electricity demand. Steam turbines are among the magnificent power generation machines in a large scale utilized by the thermal power plants. They are, therefore an integral part of the increased demand for energy. This trend is likely to continue because energy consumption globally is expected to increase, creating a robust growth opportunity for steam turbine manufacturers.
Other key drivers are global moves towards renewable energy and sustainable practices. Governments and industries alike are investing more and more in cleaner energy technologies to fight climate change and reduce their reliance on fossil fuels. Steam turbines are integral to several renewable energy systems, among which are biomass and geothermal power generation that uses steam in the generation of electricity. Advancements in CHP systems where waste heat in the steam turbines is harvested to produce additional power also add to the appeal of such systems. This conversion creates demand for new installations but also propels retrofitting and upgradation of installed plants for better efficiency and environmental compliance.
Restraints Insights
One of the primary restraints facing the steam turbine market is the high initial capital investment required for manufacturing and installing steam turbine systems. The costs associated with the turbine itself, along with the infrastructure needed for power generation plants, can be substantial. This financial barrier may deter smaller players or developing countries from investing in steam turbine technology, leading to a reliance on cheaper alternatives like gas or diesel generators. Additionally, the lengthy payback period associated with these investments may further discourage stakeholders, particularly in regions where electricity prices are regulated or lower.
The steam turbine market also faces significant competition from alternative power generation technologies, such as gas turbines, solar power, and wind energy. Gas turbines, for instance, have gained popularity due to their lower capital costs, shorter installation times, and greater efficiency in certain applications. Moreover, the rapid advancements in renewable energy technologies have made them more viable and cost-effective, especially with the increasing focus on sustainability and carbon neutrality. This competition may hinder the growth of the steam turbine market, as potential customers weigh their options and consider more flexible and lower-cost solutions.
Opportunities Insights
The steam turbine market is poised for growth due to ongoing technological advancements aimed at enhancing efficiency and reducing emissions. Innovations such as high-efficiency steam turbines, advanced materials that withstand higher temperatures, and digital solutions for real-time monitoring and predictive maintenance can significantly improve performance and operational reliability. These advancements not only attract new investments but also encourage existing power plants to upgrade their systems, presenting opportunities for manufacturers to expand their market reach and offer tailored solutions to meet specific customer needs.
Segment Analysis
Steam turbine market can further be categorized by the type of plant into nuclear, gas, coal, and other plant types. Each of these types of plants is pivotal in the production of electricity. Nuclear power plants use steam turbines to convert the thermal energy produced by nuclear fission into mechanical energy, hence an enormous producer of low-carbon electricity. Gas plants, however use gas turbines combined with steam turbines in a combined cycle in order to attain higher efficiencies, wherein waste heat from the gas turbine is used for producing the steam. Coal powered plants depend on steam turbines for the conversion of steam produced via the burning of coal into electricity, although much and invariably under increasing pressure due to the changing environmental consciousness. Other configurations that are considered types of plants are biomass and geothermal plants, which also tap into the conversion of renewable sources of energy into thermal energy in the case of steam turbines. The diversity in plant types also goes towards the diversified forms in which steam turbines are applicable in generating energy to support all varieties of models in energy generation as depicted in the global energy map.
The type of steam turbine market is subdivided into centrifugal pumps, dosing/metering pumps, positive displacement pumps, and others. In the case of fluid flow through a system in considerable quantities, the centrifugal pumps are used wherein rotational energy can be harnessed to augment the flow rate. In the control of uniformity of fluid delivery especially in water treatment and chemical processing applications, dosing/metering pumps play a crucial role in ensuring accurate dosing of chemicals or additives. These pumps are positive-displacement pumps that provide a fixed volume of fluid within each cycle and are suitable for applications where high pressure is required and the flow rate is quite specific. The "others" section covers more specialized pumping solutions like peristaltic and diaphragm pumps, which are used in most industrial applications. This also points out different kinds of pumps used along with steam turbines and highlights the importance that they add in improving operational efficiency in various applications.
Under end-use segmentation, the steam turbine market is also covered as all kinds of industrial applications, including cosmetics, food and beverages, pulp and paper, automobiles, pharmaceuticals, textiles, water and wastewater treatment, oil and gas, agriculture, metal and mining, chemical, and power generation. In cosmetics, a steam turbine enables the heating and mixing steps of the product formulation process. In this industry, the steam turbine is used in pasteurization and sterilizing stages, and therefore, food and beverages products are safe and of quality. Moreover, steam turbines are also used in the commercial paper, pulp, and paper industries as they are energy saving, thus manufacturing various paper products. In addition, pharmaceutical steam is utilized in sterilizing equipment in producing quality drugs. Other industries such as textiles, oil and gas, and chemical processing rely on the use of steam turbines for heating, drying, and many other critical processes. Water and wastewater treatment facilities employ steam turbines to pump or treat water. Such a vast range of end-uses underscores, therefore, full-hubbed application of steam turbines across all kinds of industries, whose productivity and efficiency call for such an indispensable role.
The steam turbine market, on the capacity basis, is classified into above 40 MW and below 40 MW. Capacity more than 40 MW is available with larger power generation application, such as utility-scale power plants, wherein the demand is much higher and hence require more electrical output. These larger turbines are mainly applied in nuclear, coal, and gas power plants as they can utilize voluminous amounts of steam to produce huge amounts of energy with a maximum amount of efficiency. In addition, turbines of less than 40 MW are primarily applied in low-scale applications, mainly installed in industrial plants and CHP systems. They provide flexibility as well as a fair amount of efficiency that can be allotted to local energy supply while supporting processes in industries. This stratification based on capacity is important for clear definition of the range of applications and operational needs for the varied steam turbines, paving the way for solution tailoring of specific energy demands in different market segments.
Regional Analysis
In the North American region, especially in the United States, market demand is currently driven mainly by the need for dependable power generation and the transitioning process toward cleaner energy sources. The market here is investing heavily in upgrading aging infrastructures and adopting more efficient steam turbine technologies to meet environmental regulations. Consistently, Europe too is embracing renewable energy. In this regard, the placement of steam turbines into the biomass and geothermal power projects of countries like Germany and UK will be of maximum significance. Besides, the strict target for emissions by the European Union further bolsters the requirement of high efficiency turbines that can shift away from coal-fired power generation.
High industrialization and urbanization in a country like China and India is propelling the steam turbine market in the Asia-Pacific region. The region is very keen on increasing energy infrastructure to compete with the increasing electricity demand. They have been investing quite a significant amount into coal, gas, and nuclear power plants. Besides this, renewable energy sources place an increased emphasis on steam turbines in biomass and hydroelectric projects. Latin America is emerging as another major market, with investments in hydropower alongside a rising thrust on all fronts of renewable energy projects. Countries like Brazil and Argentina are seeking opportunities in steam turbine technology as a way to enhance their energy security. The Middle East and Africa represent new growth opportunities due to current infrastructure development and growing demand in the region for alternate sources of energy to be diversified, which will significantly enhance power generating capacities.
Competitive Landscape
General Electric, Siemens, and Mitsubishi Power companies have the enormous experience, cutting-edge technology, and strong positions in the global market, thus making them the leaders of the market. They are working on enhancing efficiency further with innovations in high-quality steam turbines and operational performance and introducing all-inclusive solutions focusing services like maintenance and upgrades. Their principal investment in research and development allows them to maintain a high frontline position in an increasingly sustainable and efficient market, driven by escalating demand for cleaner energy solutions.
Other than the leading players, the market also consists of regional and niche companies that specialize in a specific application or technology. Generally, these companies look for emerging markets with increasing infrastructural development and energy demands as well as offering solutions to meet the needs of each region. In this energy landscape, it would come as no surprise that more and more companies are diversifying their portfolios with steam turbines in applications such as biomass, geothermal, and combined heat and power (CHP). Strategic alliances, mergers, and acquisitions are frequent affairs as players look to strengthen technological knowhow and broaden their reach across the globe. Additionally, growing digitalization also fuels an intensification of competition as many players add smart technologies for predictive maintenance and efficiency optimization.
List of Key Players:
Global Steam Turbine Report Segmentation:
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ATTRIBUTE |
DETAILS |
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By Plant Type |
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By Type |
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By End Use |
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By Capacity |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
