Authored By: Sarah
11 Jul 2024

 Steam Turbine Market Size to grow by USD 3884.4 million between 2024-2028

According to a research report “ Steam Turbine Market” by End-user (Utility, Industrial) Type (Reaction, Impulse) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 3884.4 million, at a CAGR of  4.19% during the forecast period. In today's digital economy, the demand for efficient and dependable power generation solutions is at an all-time high. Steam turbines, mechanical devices that convert thermal energy into rotary motion using pressurized steam, have emerged as a preferred choice due to their superior thermal efficiency and power-to-weight ratio. With approximately 80% of the world's electricity being generated through steam turbines, their ability to drive electrical generators efficiently makes them an indispensable asset. The anticipated growth in demand for electricity in various industries is expected to boost the market for steam turbines during the forecast period. These reliable and cost-effective power generation solutions will continue to play a pivotal role in meeting the energy requirements of businesses and industries worldwide.

Browse market data tables, figures, and in-depth TOC on “Steam Turbine Market” by End-user (Utility, Industrial) Type (Reaction, Impulse) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By End-user, the Utility segment is projected to dominate the market size in 2024

In the context of the steam turbine market, reaction turbines utilize a unique design featuring alternating sets of stationary and rotating nozzles. Steam undergoes continuous expansion as it passes over both the fixed and moving blades. This process results in a significant increase in steam kinetic energy and pressure as it interacts with the rotating blades. Converging steam nozzles are integrated into the rotating blades, enhancing the steam's velocity and pressure further. In reaction turbines, the transformation of potential pressure energy into kinetic energy occurs via the expansion of steam through the stationary nozzles.

By Type, Reaction  segment is expected to hold the largest market size for the year 2024

In the power generation sector, steam turbines serve as the primary propulsion system for utility plants that convert steam into electricity. The size and configuration of these facilities are contingent upon the required volume of steam for generation. Historically, coal has been the predominant fuel source for steam turbines in power generation. However, environmental concerns, including substantial carbon emissions and coal usage restrictions in power plants, are driving a shift towards alternative fuels and technologies. The expansion of the industrial sector globally is contributing to the market growth for steam turbines, necessitating advancements in steam turbine technology to meet evolving industry demands.

APAC is forecasted to hold the largest market size by region in 2024

The Steam Turbine Market represents a significant business opportunity for energy and power generation companies. This sector experiences consistent growth due to the increasing demand for reliable and efficient power solutions. Steam turbines, as key components in power generation, offer superior efficiency and flexibility. Market trends include advancements in technology, such as high-efficiency steam turbines and combined cycle power plants, driving demand and innovation. Companies in this market must stay informed of regulatory requirements and emerging technologies to remain competitive.

The Steam Turbine Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ALSTOM SA
  • Baker Hughes Co.
  • Dongfang Electric Corp. Ltd.
  • Doosan Corp.
  • Downer EDI Ltd.
  • Ebara Corp.
  • General Electric Co.
  • Hangzhou Steam Turbine Power Group Co. Ltd.
  • Harbin Turbine Co. Ltd.
  • Heinzmann GmbH and Co. KG
  • Howden Group Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • Moog Inc.
  • Nanjing Turbine and Electric Machinery Group Co. Ltd.
  • Porsche Automobil Holding SE
  • Shandong Qingneng Power Co. Ltd.
  • Shanghai Electric Group Co.
  • Siemens AG
  • Sumitomo Heavy Industries Ltd.
  • Triveni Engineering and Industries Ltd.
.

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Research Analysis Overview

The Steam Turbine Market encompasses electrical generators that convert rotational mechanical energy into electrical energy using a magnetic field. Steam turbines are primarily used in thermal power projects, including coal-fired power generation and cogeneration, to convert thermal energy into mechanical energy and then into electricity. Renewable technologies like solar and wind are increasingly integrating steam turbines for energy optimization. Magnetic fields are essential in generating electricity through steam turbines. Fossil fuels, such as coal and natural gas, are commonly used to heat water and produce steam for these turbines. The steam, under high pressure, rotates the turbine blades, which in turn generate electricity. Steam turbines are also used in locomotive engines and water heating systems. The global energy consumption for steam turbines is significant, with the International Energy Agency reporting that they account for a considerable portion of electricity generation worldwide. Onsite power generation through steam turbines is becoming increasingly popular due to growing electricity demand and the need for clean, efficient energy. Environmental norms and emission norms are driving the demand for clean power generation through steam turbines, particularly CHP installations and combined-cycle natural gas plants. The energy deficit in many regions necessitates the expansion of power plants using steam turbines to meet the increasing demand for electricity.

Market Research Overview

The Steam Turbine Market is a significant segment of the power generation industries, supplying steam turbines for thermal power projects and combined cycle systems in various utility and industrial applications. The market caters to diverse sectors like power generation plants, geothermal energy segment, and renewable technologies. Government investment in clean energy and energy optimization drives the demand for steam turbines in the utility segment. The market includes impulse and combined cycle segments, catering to industrialization and urbanization, with steam turbines used in locomotive engines, steam engines, and nuclear power plants. Fuel sources range from coal and gas to waste material, biomass fuels, and industrial waste products. Supply chain disruptions due to emissions and efficiency standards, such as ultra-supercritical and supercritical technology, impact the coal segment. The biomass segment, including waste exhaust heat and renewable organic material, offers potential in solid fuel handling and heat source applications. Steam turbines are essential components of thermal power projects, converting kinetic and potential energy into electrical current through the interaction of a magnetic field and rotor blades. The global energy consumption trend, driven by electricity demand-supply gap and industrial segment's power and heat requirements, fuels the market growth. Key players in the market include manufacturers, suppliers, and installers of steam turbines, turbine parts, and related equipment, serving various industries, such as chemical, pharmaceutical, and commercial segments, above 300 MW and 151-300 MW rated capacity, and steam requirements for central power and co-generation.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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