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Steam Turbine Market (By Design: Reaction and Impulse; By Exhaust: Condensing and Non-condensing; By Fuel: Fossil Fuel, Biomass, and Geothermal; By End Use: Industrial and Utility; By Technology: Steam Cycle, Combined Cycle, and Cogeneration) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032
The global steam turbine market was valued at USD 23 billion in 2022 and is expected to reach over USD 29.58 billion by 2032 and poised to grow at a CAGR of 2.60% from 2023 to 2032.
The Asia Pacific steam turbine market accounted for USD 7.59 billion in 2022 and is predicted to hit around USD 9.76 billion by 2032 and poised to grow at a CAGR of 2.60% from 2023 to 2032.
Based on the region, the Europe segment dominated the global steam turbine market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributed to a shift in focus away from traditional energy sources and toward renewable energy sources.
On the other hand, the Asia-Pacific is estimated to be the most opportunistic segment during the forecast period. Due to number of fossil fuel and biomass fired power plants, the Asia-Pacific is anticipated to maintain its market leadership in the market. The demand for steam turbines in China and India has been fueled by the rapid rate of industrial growth in both the nations.
Due to rising energy demand and steady investments for capacity expansions, the global steam turbine market is expected to develop significantly over the forecast period. Steam turbines are machines that use a revolving output shaft to collect thermal energy from steam and convert it to mechanical effort.
In addition, the rapid expansion and expansion of marine excavation will have a significant impact on the steam turbine market. The global steam turbine market is predicted to rise in the future due to increasing efforts to reduce energy demand and supply gaps, as well as the present development of thermal power projects. However, stringent government rules requiring for the replacement of traditional energy sources with renewables may stymie industry growth in the coming years.
The global steam turbine market will be driven by robust economic growth and regulatory standards promoting low emission fuels such as natural gas and biomass. Growing interest in energy optimization, as well as focus on cogeneration, will have a favorable impact on the corporate landscape. The government measures to reduce reliance on coal fired power generation, and the competitive cost of renewable technologies, on the other hand, could impede the growth of the global steam turbine market. The steam turbine market will also be driven by regulatory measures to minimize carbon emissions, as well as increased investments in the development of large-scale thermal power projects.
The product deployment will be aided by the increasing adoption of super critical and ultra-super critical technology, as well as the conversion of retiring power plants to combined cycle systems. The rapid industrialization, increased generating capacity, and increased demand for captive power systems will propel the steam turbine market growth during the forecast period.
| Report Coverage | Details |
| Market Size in 2023 | USD 23.48 Billion |
| Growth Rate from 2023 to 2032 | 2.60% |
| Largest Market | Europe |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Design, Exhaust, Fuel, End Use, Region |
| Companies Mentioned | Toshiba Corporation, Fuji Electric Co. Ltd, Istom SA, Mitsubishi Hitachi Power Systems, Siemens AG, Man Diesel & Turbo SE, Bharat Heavy Electricals Ltd., Doosan Skoda Power, Kawasaki Heavy Industries, Ansaldo Energia |
Based on the design, the impulse segment dominated the global steam turbine market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. The compact size, cheap operating and maintenance costs are only a few of the key elements that will boost product adoption.
On the other hand, the reaction segment is estimated to be the most opportunistic segment during the forecast period. The reaction steam turbine market share will be driven by its ability to offer high efficiency when compared to impulse turbines, as well as increased utility sector investments aimed at limiting electricity demand supply imbalances.
Based on the exhaust, the condensing segment dominated the global steam turbine market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. The condensing steam turbine segment will be driven by ongoing investments in new generating capacity expansions to fulfill the ever-increasing power demand from industries. Other significant underlying drivers that will boost product demand include increasing penetration of cogeneration systems and rising industrialization throughout the developing regions.
On the other hand, the non-condensing segment is estimated to be the most opportunistic segment during the forecast period. The segment’s expansion will be fueled by factors such as ease of installation and its capacity to endure temperature variations. These systems provide steam at a predetermined pressure, making them ideal for the processing industry.
Based on the fuel, the biomass segment dominated the global steam turbine market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. The segment’s future will be boosted by increased efforts to reduce carbon footprints, as well as a supportive regulatory environment. The captive power generation and combined heat and power systems are becoming more widely deployed, which will help market to grow at a rapid pace.
On the other hand, the geothermal segment is estimated to be the most opportunistic segment during the forecast period. Various measures have been launched by regulators to encourage the adoption of non-conventional energy resources, which will accelerate product development. Its potential to deliver dependable electricity with a low carbon footprint has encouraged even more investment in new geothermal capacity expansions.
Based on the end use, the utility segment dominated the global steam turbine market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. The segment will increase as combined cycle technology is deployed more widely and demand for onsite power generation equipment rises.
On the other hand, the industrial segment is estimated to be the most opportunistic segment during the forecast period. The product adoption will be aided in the coming year by increased investment in the establishment of new industrial centers.
Key Companies & Market Share Insights
As part of their strategy, leading market players in the steam turbine market are concentrating on a number of important strategic assets such as joint ventures, product customization, and the development of innovative product lines. Furthermore, organizations are providing an expanded service portfolio in addition to acquire a competitive advantage over the market competitors.
Segments Covered in the Report
By Design
By Exhaust
By Fuel
By End Use
By Technology
By Geography
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November 2023
May 2024