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| Global Steam Turbine Market Demand |
Steam turbines are rotating machines that extract thermal energy from
pressurized steam and convert it into mechanical energy. They consist of bladed
rotors enclosed in a stationary casing. Steam turbines play a vital role in
generating electricity from renewable energy sources like biomass, geothermal,
and solar thermal. The increasing focus on reducing carbon footprint is
accelerating the adoption of renewable power generation worldwide. This, in
turn, is driving the demand for steam turbines in utility-scale renewable power
plants as they prove to be more cost-effective compared to gas turbines for
electricity generation from these natural heat sources.
The global
Steam Turbine Market is estimated to be valued at US$ 16.63 Bn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing deployment of renewable power plants worldwide is one of the key
trends fueling the growth of the steam turbine market. Solar thermal and
geothermal power make use of steam turbines to convert heat energy into
electricity in a clean and sustainable manner. Steam turbines also serve as an
important component for recovering waste heat from biomass power generation
facilities to boost overall plant efficiency. Major countries worldwide are
undertaking initiatives and setting renewable energy targets to transition to
green sources of energy in line with their decarbonization goals. This is
expected to significantly increase the demand for steam turbines for utility-scale
renewable installations over the forecast period.
Segment Analysis
The steam turbine market is dominated by the power generation segment which
accounts for around 70% market share. Steam turbines are extensively used in
thermal power plants for generation of electricity as they act as a prime mover
that converts thermal energy into mechanical energy of rotation. Steam turbines
used in power generation are high capacity machines that can generate power
output ranging from tens of megawatts to over 800 MW from a single unit. Their
large size and high efficiency makes them preferred choice for utilities.
Key Takeaways
The Global
Steam Turbine Market Demand is expected to witness high growth over the
forecast period of 2023 to 2030 on account of rising demand for clean energy
generation along with capacity additions in the coal-fired power sector.
Regional analysis:
Asia Pacific region currently dominates the global steam turbine market and is
expected to continue its dominance during the forecast period. China, India and
Southeast Asian countries are witnessing significant capacity additions in
thermal power generation to meet rising electricity demand. This makes Asia
Pacific the fastest growing as well as dominating regional market for steam
turbines.
Key players:
Key players operating in the steam turbine market include General Electric
(GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Å
koda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL),
and Fuji Electric Co., Ltd. GE is a prominent player with large fleet of steam
turbines installed across utility and industrial applications. Siemens Energy
also has strong global presence while Mitsubishi and Toshiba have major share
in Asian markets.
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