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2022
Steam Turbine Market

Steam Turbine Market

by Design (Reaction, Impulse), by End Use Industry (Power Generation, Petrochemical, Oil And Gas, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030

Report Code: A05663
Pages: 221
May 2022 | 13367 Views
Author(s) : Mamta S , Yerukola P
Tables: 181
Charts: 56
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Steam Turbine Market Research, 2030

The global steam turbine market size was valued at $15.5 billion in 2020, and is projected to reach $21.3 billion by 2030, growing at a CAGR of 3.3% from 2021 to 2030.

• The outbreak of COVID-19 had a negative impact on the growth of the steam turbine market. This impact is majorly attributed to significant disruption in the material transportation and dearth in availability of labor, which led to shutdown of manufacturing industry, thus declining the demand for power, which, in tur, resulted in decreased demand for steam turbines.

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The steam turbine market is segmented into Design and End Use Industry.

A steam turbine is a generator which utilizes heating water to create mechanical or rotational energy. According to the International Energy Agency, worldwide energy utilization increased by 4.6% in 2021, twice than the normal rate in 2018. A steam turbine is a generator which utilizes heating water to create mechanical or rotational energy. A steam turbine is a generator which utilizes heating water to create mechanical or rotational energy.

Steam turbines are generally high in price. In an instance, in a steam turbine CHP plant, the installed cost of only CHP plant is around $5,000/kW or higher. In addition, steam turbines are less effective than reciprocating motors at part load activity. Furthermore, steam turbines have longer startup time when compared to gas turbines and reciprocating engines. All these factors are expected to hamper the growth of the market as they limit the use of steam turbines.

Government regulations are playing an important role in accelerating the growth of the market. ISO (the Universal Association for Institutionalization) is an overall alliance of national guidelines bodies (ISO part bodies). Universal associations, legislative and non-administrative staffs are in contact with ISO to take part in development of steam, turbine industries. ISO works together intimately with International Electrotechnical Commission (IEC) on all issues of electrotechnical developments. The ISO along with all the associated organization worked together to encourage the supply of steam turbines and gas extension turbines for mechanical applications. The above organizations are exploring the full potential of the steam turbine market.

The global steam turbine market is segmented into design, application, and region. By design, the market is bifurcated into impulse and reaction. In terms of application, it is fragmented into power generation, petrochemical, industrial, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The players operating in the global steam turbine market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd. Triveni Turbines, and Mitsubishi Power. Among these, General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, and Mitsubishi Hitachi Power Systems Americas Inc. hold significant share of the market.

These players have been adopting various strategies to gain higher steam turbine market share or to retain leading positions in the market. Merger is the key strategy majorly adopted by companies to strengthen their foothold in the competitive market.

Steam Turbine Market
By Region

2030
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific is expected to witness maximum growth

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Asia-Pacific occupies the largest part of the steam turbine market and consists of countries such as India, China, Japan, South Korea, and Rest of Asia-Pacific. Asia-Pacific has the highest CAGR % compared to other regions due to the presence of developing and huge population base countries such as India, and China in this region. The International Energy Agency (IEA) has released a report on energy consumption in building estimating that by 2030, the energy used by household appliances will increase with Asia-Pacific being the region with prominent growth. In addition to this the presence of huge population and surge in the economic investments and development India towards the world manufacturing hub will increase the demand for electricity, which will stimulate the investment of the government and private market players for the construction of power generation plant, hence stimulation the growth of the steam turbine market.

Steam Turbine Market
By Design

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Impulse is expected to witness highest growth

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The impulse turbine segment dominates the global steam turbine market. In this turbine high velocity jets of water or steam collide with the blades of the turbine to rotate the turbine and produce electricity using this winding. Impulse turbines are majorly used in the chemical and power industries. In the chemical industry, impulse turbines convert the heat energy present in hot vapors and gases into mechanical work. In the power industry, impulse turbines are used for generating electricity in hydro-plants and in steam-based thermal power plants. The major advantage of impulse turbine is its capability to start without any requirements for auxiliary devices such as compressors, which, in turn, reduce the capital and running costs to generate power. The major factors that augment the demand for steam turbines include increase in investments by the government to expand infrastructure and surge in demand from end-user industries such as power generation. In addition, rapid industrialization and migration of individuals from rural to urban areas in developing nations led to huge demand for power. The increase in the demand for the power led to the increased utilization of impulse turbines, hence leading to the development of the steam turbine market during the steam turbine market forecast period.

Steam Turbine Market
By End Use Industry

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Power Generation is expected to witness growth

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The power generation segment dominates the global steam turbine market. Steam turbine-driven generators majorly find their application in solar electric power plants, coal, geothermal, atomic, and flammable gas control plants. Steam turbines are often applicable in the renewable energy sector such as power generation plants, district heating, biomass-based independent power plant, waste-to-energy plant, seawater desalination, or solar heat generation power plant. The increase in the demand for energy in the developed and developing countries around the world have positive impact on the demand for the steam turbine market. The presence of the demand and increasing investment in the nuclear power generation and renewable power generation across the globe will provide ample opportunities for the development of the market.

COVID-19 analysis:

COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the steam turbine market growth. The increase in the importance of self-sufficiency during the pandemic outbreak led to the increased investment of the government in various power generation facilities which led to the development of the steam turbine market. The decrease in infrastructure and construction development operations during the outbreak has a negative impact on the development of the market.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the steam turbine market analysis from 2020 to 2030 to identify the prevailing steam turbine market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the steam turbine market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global steam turbine market trends, key players, market segments, application areas, and market growth strategies.

Steam Turbine Market Report Highlights

Aspects Details
By Design
  • Reaction
  • Impulse
By End Use Industry
  • Others
  • Power Generation
  • Petrochemical
  • Oil And Gas
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Arabia, South Africa, Rest of LAMEA)
Key Market Players General Electric (GE) Co., Turbine Generator Maintenance Inc, Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd., Mitsubishi Hitachi Power Systems Americas Inc.
 

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Analyst Review: Global Steam Turbine Market

The global steam turbine market is expected to exhibit high growth potential during the forecast period, owing to surge in supply–demand gap of electricity, rapid industrialization & urbanization, and increase in demand for captive power systems.

Steady decline in costs of steam turbines, higher efficiency of steam turbines compared to reciprocating engines, and reduced fuel utilization are few advantages assocciated with of steam turbines, which expected to boost its use for generating energy. Several developments are ongoing in the market and these includes expanding efficiencies up to 48%. For instance, the U.S. Department of Energy invested $53 million to cooperate with 32 manufacturers for the manufacturing of improved ultra-supercritical steam turbines. These steam turbines are utilized for gaining efficiencies of 55–60% that depend on kettle tube materials, which can withstand weights of up to 5,000 psi.

To accomplish the abovementioend objectives, research is progressing in materials, with proper plan and development. Steam valve advancement is one such ongoing progress. Furthermore, research is in progress to re-establish and improve the efficiency of existing steam turbines through improved burning frameworks and boilers. In additoon, market players have developed strong interest toward waste heat recovery, biomass energized power, and CHP plants.

 

 

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FREQUENTLY ASKED QUESTIONS?

A. Leading application of Steam Turbine are power generation and Oil & Gas Industry

A. Asia-Pacific is the largest regional market for Steam turbine market

A. Impulse is the largest design type of steam turbine market in 2020

A. Estimated market size of steam turbine market is 15,500 million in 2020

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