How Has The Computer Vision in Steam Turbine Market Size Evolved In Recent Years?
The steam turbine market has seen considerable growth due to a variety of factors.
• The slight growth of the steam turbine market in recent years can be observed, with its size set to increase from $17.09 billion in 2024 to $17.39 billion in 2025, reflecting a compound annual growth rate (CAGR) of 1.7%.
The past growth trajectory can be credited to factors such as industrialization and increased demand for power, extension of power generation capabilities, employment in thermal power stations, cogeneration, and combined heat and power (CHP) systems, coupled with the reliability and durability of steam turbines.
What is the Market Size Forecast for the Steam Turbine Market?
The steam turbine market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of steam turbines is predicted to experience consistent growth over the upcoming years, with an estimated valuation of $19.06 billion by 2029, representing a compound annual growth rate (CAGR) of 2.3%.
The growth during the forecast period can be related to their use in nuclear power plants, the rising demand for district heating systems, the emphasis on energy efficiency within industrial sectors, and the replacement and transformation of outdated infrastructure, as well as the rise of small-scale and modular power plants. In the forecast period, significant trends are anticipated to include the creation of sophisticated steam turbine controls, the emphasis on modernizing and retrofitting current steam turbine plants, the expansion of small-scale and micro-steam turbines, the introduction of innovative steam turbine materials, and partnerships for the research and development in the technology of steam turbines.
Which Factors Are Boosting Growth In The Steam Turbine Market?
The growth of the steam turbine market is predicted to be spurred on by the heightened attention given to renewable energy. Renewable energy, also referred to as clean energy, offers reliable power sources and fuel diversity, improving energy security and minimising the risk of fuel spills. The main goal behind renewable energy is to foster economic expansion, enhance energy security, increase accessibility to energy, and combat climate change. As steam turbines provide a source of clean energy producing electricity with negligible environmental implications, an increased emphasis on renewable energy augments their demand. For instance, a report by the U.S. Energy Information Administration (EIA) - a US Federal Statistical System agency - in April 2023 showed that renewable energy production and consumption reached unprecedented levels in 2022, accounting for approximately 13% (13.40 quads) and 13% (13.18 quads) of the total energy production and consumption, respectively. In addition, hydropower generation and usage of geothermal energy both witnessed a 4% surge in 2022 compared to 2021. Thus, the intensifying concentration on renewable energy will foster the growth in the steam turbine market.
What Are The Major Segments Within The Steam Turbine Market?
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
Subsegments:
1) By Gas: Combined Cycle Gas Plants, Simple Cycle Gas Plants
2) By Coal: Pulverized Coal Plants, Fluidized Bed Coal Plants
3) By Nuclear: Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR)
4) By Other Plant Types: Biomass Plants, Geothermal Plants, Waste-To-Energy Plants
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Which Trends Are Expected To Transform The Steam Turbine Market?
Key players in the steam turbine market are focusing on the creation of innovative technologies like integrated production control systems in order to reach more customers, boost sales, and thereby increase revenue. An integrated production control system is a comprehensive, interconnected collection of technologies, software, and processes aimed at managing and enhancing various elements of production in an industrial setting or manufacturing sphere. For example, Yokogawa Electric Corporation, an electrical engineering and software corporation based in Japan, introduced the CENTUM VP R6.10 in December 2022. The notable highlight of the CENTUM VP R6.10 within the Yokogawa integrated production control system amidst the OpreX Control and Safety System portfolio is its ability to streamline steam turbine control for compressor drive and effectively managing multiple compressor train systems. This specific model not only offers process and turbomachinery control within the same CENTUM VP structure but it also extends the reachable limits of control with a single system. This expanded degree of control transcends operational advantages and includes improvements in engineering, procurement, and maintenance procedures. The distinctive attribute of the CENTUM VP R6.10 is its more extensive control scope, explicitly crafted to back steam turbine control for compressor drive and streamline activities through the integrated supervision of multiple compressor trains.
Who Are the Key Players in the Steam Turbine Market?
Major companies operating in the steam turbine market include:
• Hitachi Ltd.
• Siemens AG
• General Electric Company
• Toshiba Corporation
• 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.
What Is The Most Dominant Region In The Steam Turbine Market?
Western Europe was the largest region in the steam turbine market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
