Steam Turbine Market Size, Trends, Share, Growth | Report 2022-2030
The global steam turbine market was valued at USD 16.05 billion in 2021 and it is predicted to surpass around USD 19.88 billion by 2030 with a CAGR of 2.41% from 2022 to 2030
Report Highlights
The increasing deployment of combined heat and power (CHP) units in industrial and utility applications will boost the market growth. Steam engines form an integral part of thermal power plants operating across the world. However, with increasing environmental concerns, the focus has been shifted from coal-fired thermal power stations to clean energy sources, including natural gas, fuel cells, and renewable energy generation plants.
The growth of the industrial segment of the market can be attributed to the increased industrial activities across the world. Steam turbines are employed in industrial applications in the form of CHP units. These units offer better efficiency than single units and produce outputs in multiple ways. Steam turbines are widely used for CHP applications in Europe. Extraction-condensing type steam turbines are used in large industrial CHP applications. These turbines are deployed in combined-cycle plants wherein they extract a portion of the steam for the process.
The increasing installations of thermal power generation units in China and Southeast Asian countries are expected to fuel the growth of the market in the coming years due to the increase in energy demand. China, being rich in coal reserves, still focuses on coal-fired power plants despite their hazardous impact on the environment. In India, the market is anticipated to witness promising growth once the internal issues related to coal reserves in the country get resolved.
The global spread of the COVID-19 disrupted supply chains and sharply curtailed demand for commodities worldwide. The restrictions imposed on the supply and transportation owing to slowing down or halting of operations of factories due to partial or complete lockdowns in different countries to contain the spread of coronavirus negatively impacted the growth of the market worldwide.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 16.05 billion |
| Revenue Forecast by 2030 | USD 19.88 billion |
| Growth rate from 2022 to 2030 | CAGR of 2.41% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Capacity, end-use, region |
| Companies Covered | General Electric; Mitsubishi Power Ltd.; Siemens Energy; Toshiba Corporation; Ansaldo Energia S.p.A; Doosan Škoda Power; Bharat Heavy Electricals Limited; MAN Energy Solutions; Fuji Electric Co., Ltd.; Elliot Group; Kawasaki Heavy Industries, Ltd.; Trillium Flow Technologies |
Capacity Insights
In terms of revenue, more than 300 MW accounted for the largest share of over 60.05% in 2021. Up to 150 MW capacity steam turbines are expected to witness significant growth during the forecast period on account of the increasing demand for industrial CHP units. CHP units are getting popular across various process industries on account of their superior efficiencies over single units. CHP also serves as a source of direct power, electricity, and heat, and it has observed a surge in demand in the recent past. Based on capacity, the market has been segmented into up to 150 MW, 151 to 300 MW, and more than 300 MW.
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 151 to 300 MW segment is expected to witness the highest growth during the forecast period. In addition, vendors manufacturing steam turbines are more focused on the small steam turbines category due to the high demand from steel, cement, chemical, and other industries.
The demand for large-capacity steam turbines is expected to observe a decline due to the transition to renewable and clean energy technologies from coal-based power technologies in countries across the globe. However, increasing demand for uninterrupted power supply from developing countries such as China and India is expected to add to the market value of large-capacity steam turbines during the forecast period.
End-use Insights
In terms of revenue, the power and utility segment led the market in 2021 by accounting for a share of over 85.2%. This segment is expected to maintain its dominance in the market during the forecast period. Steam turbines have been traditionally employed in electrical power generation applications. Based on end-use, the market has been segmented into power and utility, and industrial.
Steam turbine units can be paired with any combustion fuel, however; coal has been the preferred fuel in the past. Increasing environmental concerns have restricted the usage of coal-fired power plants and clean energy sources such as natural gas. Moreover, the usage of renewable energy resources has become the need of the hour.
The growth of the industrial segment can be attributed to the increased industrial activities across the world. Steam turbines are employed in industrial applications in the form of CHP units. These units offer better efficiency than single units and produce outputs in multiple ways. In addition, frequent load limits and power outages have contributed to the increasing demand for steam turbines in in-house power plants in the industrial sector.
Regional Insights
The Asia Pacific region held the largest revenue share of over 70.04% in 2021. The region is expected to register the highest growth rate during the forecast period. The Asia Pacific is expected to maintain its dominance in terms of both volume and value as the construction of a number of fossil and biomass power plants is underway in countries such as Indonesia, South Korea, Thailand, Bangladesh, and Japan, which will support the growth of the market during the forecast period. The demand for electricity is intensifying in the region on account of the growing population and rapid industrialization. This, in turn, is driving the need for the development of clean coal technology, thus boosting the demand for steam turbines.
Steam turbines are widely used in CHP applications in the U.S. Unlike gas turbines and reciprocating engine CHP systems wherein heat is a by product of the power generation process, steam turbine-based generators normally generate electricity as a by product of heat (steam) generation. Steam turbines use separate heat sources and as such, fuel is not converted to electric energy by them. The energy is transferred from boilers to turbines through high-pressure steam that powers turbines and generators.
Steam turbines are widely used for CHP applications in Europe. Extraction-condensing type steam turbines are used in large industrial CHP applications. These turbines are deployed in combined-cycle plants wherein they extract a portion of the steam for the process. 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. Moreover, high-energy industrial users in the country take into account the value of onsite power generation and self-generation in wake of rising electricity prices and concerns related to the uninterrupted and secure power supply.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Steam Turbine Market
5.1. COVID-19 Landscape: Steam Turbine Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Steam Turbine Market, By Capacity
8.1. Steam Turbine Market, by Capacity, 2022-2030
8.1.1. Up to 150 MW
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. 151 to 300 MW
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. More than 300 MW
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Steam Turbine Market, By End-use
9.1. Steam Turbine Market, by End-use, 2022-2030
9.1.1. Power & Utility
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Industrial
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Steam Turbine Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.1.2. Market Revenue and Forecast, by End-use (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.1.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.1.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.2.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.2.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.2.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.2.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.2.6.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.3.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.3.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.3.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.3.6.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.4.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.4.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.4.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.4.6.2. Market Revenue and Forecast, by End-use (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.5.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Capacity (2017-2030)
10.5.4.2. Market Revenue and Forecast, by End-use (2017-2030)
Chapter 11. Company Profiles
11.1. Ansaldo Energia S.p.A
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Bharat Heavy Electricals Limited
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Doosan Škoda Power
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Elliot Group
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Fuji Electric Co., Ltd.
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. General Electric
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Kawasaki Heavy Industries, Ltd.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. MAN Energy Solutions
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Mitsubishi Power Ltd.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Siemens Energy
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers