Steam Turbine Market Size To Touch USD 19.5 Billion By 2030, Due To Increasing Deployment Of Combined Heat And Power Units In Industrial And Utility Applications | Grand View Research, Inc.

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Steam Turbine Market Size To Touch USD 19.5 Billion By 2030, Due To Increasing Deployment Of Combined Heat And Power Units In Industrial And Utility Applications | Grand View Research, Inc.

Steam Turbine Market Size To Touch USD 19.5 Billion By 2030, Due To Increasing Deployment Of Combined Heat And Power Units In Industrial And Utility Applications | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the increasing installations of thermal power generation units in China and Southeast Asian countries are expected to fuel the growth of the market in coming years due to increase in energy demand.

Steam Turbine Industry Overview

The global steam turbine market size was valued at USD 16.0 billion in 2021 and is expected to reach USD 19.5 billion by 2030, at a CAGR of 2.3% from 2022 to 2030.

An increased number of power plants are likely to be commissioned to compensate for the energy deficit and this is expected to propel the demand for steam turbines in the coming years. The U.S. emerged as the largest market for steam turbines in North America in 2021. An increase in the number of combined-cycle natural gas plants in the country as they are reliable sources of energy is one of the prominent reasons for the rising demand for steam turbines in the U.S.

Gather more insights about the market drivers, restrains and growth of the Global Steam Turbine Market

Policymakers in the country are focusing on developing sustainable energy generation plants. This is anticipated to surge the number of steam turbine installations in the U.S. in the coming years. The increasing focus of the Government of the U.S. on establishing energy-efficient and clean power generation plants is also contributing to the surge in the number of CHP installations in the country. Rising demand for combined heat and power across North America is expected to drive the market in the region over the forecast period. Policymakers in the U.K. are focusing on reducing carbon emissions and carrying out energy-efficient power generation. This has resulted in the formulation and stringent implementation of various environmental and emission norms in the country. Steam turbines are employed in industrial applications for use in CHP units.

                                                                                U.S. steam turbine market size, by end-use, 2020 - 2030 (USD Million)

The COVID-19 pandemic has hindered the growth of the market for steam turbines globally owing to the unavailability of steam turbine parts that delay their production and cause logistic issues. This further results in delays in ongoing steam turbine installation projects. A reduction in new orders for turbine installations is being witnessed owing to the diversion of funds by steam turbine buyers to sustain the COVID-19 crisis. Steam turbine manufacturers have taken subsequent steps to provide turbines to end-users with ongoing projects. Vendors are opting for digital tools and are following social distancing norms and using PPE to carry out new power plant installations.

Steam Turbine Market Segmentation

Based on the Capacity Insights, the market is segmented into Up to 150 MW, 151 to 300 MW and More than 300 MW.

  • In terms of revenue, the more than 300 MW segment accounted for the largest revenue share of 63.5% in 2021.
  • Up to 150 MW capacity steam turbines are expected to witness significant growth over the forecast period on account of increasing demand for industrial CHP units.
  • Due to the high demand for small steam turbines in small- and mid-sized Combined Cycle Power Plants (CCPP), Combined Heat and Power (CHP), petrochemicals, biomass, and Concentrated Solar Power (CSP) solutions, the segment is expected to have the highest growth over the forecast period.

Based on the End-use Insights, the market is segmented into Power & Utility and Industrial.

  • In terms of revenue, the power and utility segment led the steam turbine market and accounted for the largest revenue share of 85.3% in 2021.
  • The growth of the industrial segment of the market can be attributed to the increased industrial activities across the world.

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

  • Steam turbines are widely used for CHP applications in the U.S. Unlike gas turbines and reciprocating engine CHP systems wherein heat is a byproduct of the power generation process, steam turbine-based generators normally generate electricity as a byproduct of heat (steam) generation.
  • There are a large number of Independent Power Producers (IPP) in Europe using combined-cycle power plants, which operate on natural gas to provide power to electric grids and steam to one or more industrial customers.
  • In Russia, the demand for power and heat is rapidly increasing in the country, thereby pushing the limits of current production throughout the country. 

Key Companies Profile:

Ongoing globalization is the key to market competition with international trade forming an important aspect of sustainable growth.

Some of the prominent players in the steam turbine market include:

  • General Electric
  • Mitsubishi Power Ltd.
  • Siemens Energy
  • Toshiba Corporation
  • Doosan Škoda Power
  • Ansaldo Energia S.p.A
  • Bharat Heavy Electricals Limited,
  • MAN Energy Solutions
  • Fuji Electric Co., Ltd.
  • Harbin Electric Corporation

Order a free sample PDF of the Steam Turbine Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.


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