The steam turbine market has seen steady growth, expected to rise from $16.89 billion in 2023 to $17.23 billion in 2024, with a CAGR of 2.0%. This growth is attributed to expanding power generation capacity and the reliability of steam turbines. By 2028, the market is projected to reach $18.64 billion, growing at a CAGR of 2.0%, driven by advancements in energy efficiency and new technologies.
Major Driver In The Steam Turbine Market
The steam turbine market is anticipated to experience growth driven by an increased focus on renewable energy. Renewable energy, characterized as clean energy, contributes to consistent power supplies, fuel diversification, energy security, and climate change mitigation. According to the India Brand Equity Foundation (IBEF) report in January 2022, India's installed renewable energy capacity reached 152.36 GW, accounting for 38.56% of the total installed power capacity. Power generation from renewable sources increased from 11.51 billion units in January 2021 to 13.15 billion units in January 2022. The rising focus on renewable energy is creating demand for steam turbines, positioning them as a clean energy source for electricity production with minimal environmental impact. This trend is evident in the steam turbine market's growth in 2023, 2024, and is expected to continue in 2028.
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Steam Turbine Market Competitive Landscape
Hitachi Ltd., Siemens AG, General Electric Company, Toshiba Corporation, Alstom Power Inc., Shanghai Electric Group Corp, Kawasaki Heavy Industries Ltd., Doosan Enerbility Co Ltd., Dongfang Electric Corporation Ltd., Fuji Electric Ltd., Weg SA, Black & Veatch Corporation, MAN Energy Solutions SE, Harbin Electric Company Limited, Solar Turbines Incorporated, Bharat Heavy Electricals Limited, Ansaldo Energia SpA, Power Machines Ltd., Babcock & Wilcox Enterprises Inc., NPO Saturn PJSC, Elliot Group Corp, Triveni Turbine Limited, Turboden S.p.A., L&T-MHI Power Turbine Generators Pvt Ltd., Vericor Power Systems LLC, Arani Power Systems Ltd., Turbine Technology Services Corporation, Beijing Beizhong Steam Turbine Generator Co Ltd., CMI Energy India Pvt Ltd,, Dresser-Rand Group Inc.
Key Steam Turbine Market Trend
Major companies operating in the steam turbine market are developing advanced technologies, such as integrated production control systems, to meet larger customer bases, increase sales, and increase revenue. An integrated production control system refers to a comprehensive and interconnected set of technologies, software, and processes designed to manage and optimize various aspects of production within an industrial or manufacturing environment. For instance, in December 2022, Yokogawa Electric Corporation, a Japan-based electrical engineering and software company, released the CENTUM VP R6.10. The distinctive feature of the CENTUM VP R6.10 in the Yokogawa integrated production control system within the OpreX Control and Safety System lineup lies in its capability to facilitate steam turbine control for compressor drive and the integrated management of multiple compressor trains. This version not only enables process control and turbomachinery control on the same CENTUM VP system but also extends the range of control achievable with a single system. This extension goes beyond operational benefits and encompasses enhancements in engineering, procurement, and maintenance processes. The unique aspect of CENTUM VP R6.10 is its expanded scope of control, specifically designed to support steam turbine control for compressor drive and optimize operations through the integrated control of multiple compressor trains.
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Steam Turbine Market Segmentation
The steam turbine market covered in this report is segmented –
1) By Plant Type: Gas, Coal, Nuclear, Other Plant Types
2) By Capacity: Rated Power (<60MW), Rated Power (60-200MW), Rated Power (>200MW)
3) By Technology: Steam Cycle, Combined Cycle, Cogeneration
4) By Design: Reaction, Impulse
5) By End-Use Industry: Power And Utility, Industrial
By Geography:The regions covered in the steam turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Western Europe was the largest region in the steam turbine market share in 2023.
The Steam Turbine Global Market Report 2024 furnishes information about the global steam turbine market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
