Steam turbine market size / share to raise $ 17.7 billion by 2028 with a 2.20% CAGR

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Major players in the steam turbine market include 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 and Ansaldo Energia.

Chicago, November 14, 2022 (GLOBE NEWSWIRE) – The report “Steam Turbine Market by Design (Reaction, Pulse), Exhaust (Condensation, Non-Condensation), Fuel (Fossil Fuel, Biomass, Geothermal), End Use (Industrial, Utility), Technology (Steam Cycle, Combined Cycle, Cogeneration) and region (North America, Europe, APAC, RoW) – Global forecast through 2028“; states that the steam turbine market is expected to grow by $ 15.5 billion in 2021 and is expected to reach $ 17.7 billion by 2028; it is expected to grow at a CAGR of 2.20% from 2021 to 2028.

The number of power plants built globally compensates for the energy shortage. Together with the growing emphasis placed on it by politicians from different nations to build clean and energy efficient power plants, this is one of the key factors affecting the business. Combined power plants (CHPs) are also becoming increasingly needed as more uses are discovered for excess heat from electricity generation. This is helping the market, as is the introduction of cutting-edge innovations like cryptocurrency and 5G technology, which use a significant amount of electricity to function.

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List of key players in the steam turbine:

  • Toshiba Corporation

  • Fuji Electric Co. Ltd

  • Istom SA

  • Mitsubishi Hitachi fuel systems

  • Siemens AG

  • Diesel & Turbo SE Men’s

  • Bharat Heavy Electricals Ltd.

  • Doosan Skoda Power

  • Kawasaki Heavy Industries

  • Ansaldo Energia

Steam turbine Market dynamics: drivers, restrictions, opportunities

Drivers: Increased power demand
Restrictions: Restrictions due to climatic problems
Chance: Increase in government policies

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Recent developments

  • In June 2022, The 700 MW nuclear steam turbines were manufactured by GE and BHEL using technology transfer agreements and licenses. This project involves 12 of the 700 700 MWe pressurized heavy water reactors that NPCIL creates with their nuclear reactor technology (PHWR). The nation will have 8.4 GW of CO2-free electricity, which is more than enough to power more than 14 million homes.

  • In December 2021 the Guangdong Energy Group Co. Ltd., a state-owned power company of Guangdong Province, in the Greater Bay Area. ordered two GE 9HA.01 gas turbines for its Guangdong Huizhou combined cycle power plant. This order was made public by General Electric and Harbin Electric Corporation.

  • In July 2021, Nuclear Power Corporation of India Limited (NPCIL) has granted a contract to Bharat Heavy Electricals Limited (BHEL) to supply 12 locally produced 700 MWe heavy pressurized water reactor (PHWR) steam generators, which would be built in four different locations nationwide.

Steam Turbine Market Scope:

Report attribute

Details

Reference year

2021

Historic year

2018 – 2020

Forecast year

2022-2028

Segments covered

By design, by exhaust, by fuel, by end use, by technology

Forecast unit

Value (billions of dollars) and volume (units)

Quantitative units

Revenue in USD / billion and CAGR from 2022 to 2029

Regions covered

North America, Europe, Asia Pacific, the Middle East and Africa, Latin America and the Rest of the World

Steam Turbine Market Segmentation:

Global Steam Turbine Market – By Design

Global Steam Turbine Market – By Exhaust

Global Steam Turbine Market – By Fuel

  • Fossil fuel

  • biomass

  • Geothermal

Global Steam Turbine Market – For End Use

Global Steam Turbine Market – By Technology

  • Steam cycle

  • Combined cycle

  • Cogeneration

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The impulse category in the steam turbine market is expected to be the fastest growing segment during the forecast period

The impulse segment is expected to grow faster during the forecast period. High-speed jets of water or steam collide with the turbine blades in this turbine, which rotates the turbine and uses this winding to generate energy. The chemical and electrical industries make extensive use of impulse turbines. Pulse turbines are used in the chemical industry to transform heat energy from hot vapors and gases into mechanical work. Pulse turbines are used in the energy sector to produce electricity in hydroelectric plants and steam thermal power plants. The main advantage of a pulse turbine is its ability to start without the need for ancillary equipment such as compressors, which reduces the initial and ongoing costs of generating electricity.

Industrial category of the steam turbine market to record the highest CAGR from 2022 to 2027

The industrial category is expected to represent the highest CAGR of the steam turbine market from 2022 to 2027. The need for steam engines in the industrial sector has increased rapidly. In large industries such as chemical plants and refineries, among others, these engines are mostly used. Furthermore, important investments have recently been made in the construction and construction of new industrial plants, increasing the demand for steam turbines. In addition, steam turbines are used in industrial applications in the form of cogeneration units. These units create outputs in various ways and are more efficient than single units. The increased need for steam turbines in in-house power plants in the industrial sector is also the result of frequent load limitations and power outages.

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Regional insights-

North America is expected to grow at a significant pace in steam turbine market share from 2022 to 2027

North America is the fastest growing region in the steam turbine market. The growing integration of combined cycle technologies for captive electricity generation within the region is responsible for the growth of the market in this area. The adoption of combined cycle technology in captive power generation in heavy industries is another factor driving the increase. Product penetration will be aided by a paradigm shift in favor of the manufacturing sector and an expansion of its applicability in the metals, cellulose and paper and food and beverage sectors. Further support for the market assessment will be the gradual replacement of decommissioned coal-fired power plants with combined cycle technology.

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