 |
| steam turbine market |
The global steam turbine market is estimated to be valued at US$16.27 billion
in 2023 and is projected to exhibit a CAGR
of 2.2% over the forecast period of
2023 to 2030. The market research report published by Coherent Market Insights
indicates the increasing demand for electricity generation as a key driver for
the growth of the steam turbine market.
Market Overview:
Steam turbines are widely used in various industries for electricity
generation. They offer several advantages, including high efficiency, reliability,
and flexibility in operation. The need for electricity across residential,
commercial, and industrial sectors has led to an increased demand for steam
turbines. Moreover, the transition toward cleaner energy sources and the
integration of renewable energy into the power grid is further expected to fuel
the growth of the steam turbine market.
Market Key Trends:
One key trend in the Steam
Turbine Market Size is the adoption of advanced technologies to enhance
the efficiency of power generation. Manufacturers are focusing on developing
innovative steam turbines with improved designs and materials to achieve higher
efficiency levels. These advancements not only increase the overall performance
of the turbines but also contribute to reducing greenhouse gas emissions.
Furthermore, the integration of digital monitoring and control systems in steam
turbines enables real-time performance analysis and predictive maintenance,
minimizing downtime and optimizing operational efficiency.
Key Players in the Market: General Electric (GE), Siemens Energy, Mitsubishi
Power, Ltd., Toshiba Corporation, Doosan Škoda Power, Ansaldo Energia S.p.A.,
Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd.
Segment Analysis:
The steam turbine market can be segmented based on capacity, type, and
application. In terms of capacity, the market is divided into less than 120 MW,
121-750 MW, and above 750 MW. Among these, the segment of 121-750 MW capacity
is expected to dominate the market during the forecast period. This dominance
can be attributed to the increasing demand for electricity generation from
thermal power plants, as well as the growing adoption of steam turbines in
various industries such as oil and gas, chemical, and pulp and paper.
Additionally, the 121-750 MW capacity segment offers a balance between
efficiency and cost-effectiveness, making it a preferred choice for power
generation applications.
Key Takeaways:
The global steam turbine market is expected to witness high growth, exhibiting
a CAGR of 2.2% over the forecast period. This growth is primarily driven by
the increasing demand for electricity across the globe and the shift towards
cleaner energy sources. The growing industrialization and urbanization in
emerging economies, such as China, India, and Brazil, are also contributing to
the market growth.
In terms of regional analysis, the Asia Pacific region is expected to be the
fastest-growing and dominating region in the steam turbine market. This can be
attributed to the rapid industrialization and infrastructural development in
countries like China and India. These countries have a high demand for
electricity, which is driving the adoption of steam turbines for power
generation purposes.
Key players operating in the steam turbine market include General Electric
(GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Škoda
Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and
Fuji Electric Co., Ltd. These players are focusing on product innovation,
research and development, and strategic collaborations to strengthen their
market position. They are also expanding their presence in emerging economies
to capitalize on the growing demand for steam turbines.
Overall, the steam turbine market is expected to witness steady growth due to
the increasing global demand for electricity and the adoption of cleaner energy
sources. The dominance of the 121-750 MW capacity segment and the Asia Pacific
region highlights the key areas of opportunity and growth for market players.
Continuous technological advancements and collaborations among key players are
expected to further drive the market growth in the coming years.