According to a recent market study published by Growth Market Reports, titled, “The Global Steam Turbine Market, By Pet Type, By Form, By Source, By Distribution Channel, and by Region: Size, Share, Trends and Opportunity Analysis, 2017-2032”, the Steam Turbine Market was valued at USD 3,494.5 Million in 2023 and is expected to reach USD 5,652.5 Million in 2032, expanding at a CAGR of 5.5% during the forecast period.
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The steam turbine is a kind of heat engine that extracts thermal energy from steam and converts it into rotary motions. Charles Parsons invented the modern steam turbine in 1884, and it is guided by thermodynamic efficiency principles, with an emphasis on the various stages of steam expansion. The steam turbine has become a key component in the generation of energy. As mentioned above, the steam turbine converts steam energy in steam into rotary motion. Coupled to a generator, this then is converted into electricity. Steam turbines can be found in key energy generation processes, including thermal power stations and district cooling schemes. A steam turbine is powered by high-pressure steam generated by a boiler or heat recovery steam generator (HRSG). Steam turbines, compared to gas and microturbines, do not consume fuel directly. Rather, the fuel driving the process is the fired boiler or plant machinery that generates heat for the HRSG (for example, a gas turbine). Steam turbines are common in many industrial facilities.
Cogeneration and CHP systems are intended to capture and utilize waste heat generated during electricity generation. Instead of dissipating heat into the environment, it is used to heat buildings, provide process heat for industrial applications, or meet other thermal energy requirements. By utilizing previously wasted heat, these systems achieve significantly higher overall energy efficiency than traditional power generation methods. Steam turbines are critical components in these systems because they efficiently convert captured thermal energy into electricity. Cogeneration and CHP systems save users money by eliminating the need for separate sources of electricity and heat. These systems, which generate electricity and heat from the same fuel source, can reduce energy costs and increase energy independence in industries, commercial buildings, and residential complexes. Steam turbines help to reduce costs by converting heat into electricity more efficiently, maximizing the value of the fuel input. Many countries are planning to increase efforts to improve electricity and heat generation efficiency by incorporating cogeneration, also known as 'combined heat and power' (CHP), into fossil fuel power plants or solar heat collectors. The global market for cogeneration equipment is expected to reach approximately 23.2 billion US dollars in 2025.
However, renewable energy sources such as wind, solar, and hydroelectricity are preferred due to their low environmental impact and contributions to climate change mitigation. Concerns about air pollution, greenhouse gas emissions, and the dwindling supply of finite resources have prompted governments around the world to prioritize renewable energy deployment and supporting policies, such as subsidies and renewable energy targets. Renewable energy technologies, particularly wind and solar photovoltaic, or PV, panels, have become cost-competitive with traditional fossil fuel-based power generation, such as steam turbines, over the last decade.
Despite the restrains, many countries' power generation infrastructures are ageing and need to be upgraded or replaced to ensure reliability, efficiency, and safety. Steam turbines, which are commonly used in conventional power plants, have long operational lives but can become inefficient or obsolete over time. Investments in capacity expansion frequently entails retiring old, inefficient power plants, and replacing them with modern, more efficient facilities outfitted with advanced steam turbine technology. The projection of the world's investments in power generating capacity is expected to reach around USD 11 trillion during between 2023 and 2050 period, Asia Pacific is likely to invest around 50% of world investment, USD 6.0 trillion on power generating capacity.
Key Takeaways from the Study:
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Key players operating in the market are Ansaldo Energia, Elliott Group, Energent Corporation, Fuji Electric, Glauber Equipment Corporation, Howden Group, Kessels, MAN Energy Solutions, NLine Energy, Shin Nippon, Shinko, Siemens AG, Strebl Energy, Triveni Turbine Ltd, Turbine Generator Maintenance, Inc. (TGM), Turtle Turbines, and WEG. These companies are considered key manufacturers of Steam Turbine based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
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Based on Capacity, the global Steam Turbine market is segmented into Upto 20kW [Micro Steam Turbine], 20kW - 50kW, 51kW - 150kW, 151kW - 250kW, 251kW - 500 kW, 501kW- 999kW, 1000KW – 1500KW, 1500KW – 2MW, 2MW – 3MW, 3MW – 4MW, 4MW – 5MW, 5MW – 8MW, 8MW – 10MW, 10MW – 12MW, 12MW – 15MW, 15MW – 20MW, 20MW – 25MW, 25MW – 30MW, 30MW – 40MW, and 40MW – 50MW. The 20kW - 50kW segment is expected to grow rapidly due to increasing demand for decentralized power generation, technological advancements making smaller turbines more efficient, their role in renewable energy integration, industrial applications, emphasis on energy efficiency, and market expansion in developing regions. These factors collectively contribute to a high CAGR for this segment.
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Based on Design/Action of Steam, the global Steam Turbine market is segmented into Reaction and Impulse. The reaction segment is projected to expand at a CAGR of XX% between 2023 and 2031. Advancements in steam turbine technology, such as materials science, aerodynamics, and control systems, have resulted in continuous improvements to reaction design turbines.
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Based on Fuel Type, the global Steam Turbine market is segmented into Coal, Natural Gas, Biomass, Nuclear Fuel, Solid Waste & By Products (wood chips), Others (Refinery Residual Oil and Refinery Off Gases). The coal segment is projected to expand at a CAGR of XX% between 2024 and 2032. Coal is a cost-effective option for electricity generation in many regions, particularly in emerging economies with abundant coal reserves.
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Based on application, the global Steam Turbine market is segmented into Combined Heat And Power, Mechanical Drive [API & NON-API], District Heating And Cooling Systems, Combined Cycle Power Plants, Injection Turbines, Reheat Turbines, Concentrated Solar Power. The combined heat and power segment is projected to expand at a CAGR of XX% between 2024 and 2032.
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Based on end use industry, the global Steam Turbine market is segmented into Power Generation (Geothermal energy, Biomass, Nuclear), Oil & Gas (Refining), Iron and Steel, Chemical, Textile, Sugar, Paper, Food Processing, Desalination Plant, Others. The power generation segment is projected to expand at a CAGR of XX% between 2024 and 2032. The demand for electricity increases, as global population grows and economies expand. This boosts the demand for increasing power generation capacity, and steam turbines are one of the primary technologies used for large-scale electricity production. The power generation segment held a XX % value share of the market in 2022.
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Based on Region, the global Steam Turbine market is segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa (MEA). In North America, the market growth in North America is attributed to the presence of a larger number of power plants that use steam turbines. Based on data from the CHP Installation Database, about 699 sites in the US are using steam turbines for CHP operation. Moreover, 70% of the pulp and paper industry in the US uses steam turbines. Europe is one of the major producers of polyolefins across the globe, followed by Asia Pacific. Steam turbines are essential for successful operations in refining and petrochemical plants, such as at the wet gas compressor and regenerator air blower of a fluidized catalytic cracking unit (FCCU). Moreover, Russia held XX% market share in 2023.
Report Scope:
Report Metric |
Details |
Market Value in 2023 |
US$ 3,494.5 Million |
Market Growth Rate (from 2017 to 2032) |
5.5% |
Historical Data |
2017 to 2022 |
Base Year |
2023 |
Forecast Period |
2024 – 2032 |
Units Considered |
Value (US$ Million) |
Market Segments |
By Capacity (Upto 20kW [Micro Steam Turbine], 20kW - 50kW, 51kW - 150kW, 151kW - 250kW, 251kW - 500 kW, 501kW- 999kW, 1000KW – 1500KW, 1500KW – 2MW, 2MW – 3MW, 3MW – 4MW, 4MW – 5MW, 5MW – 8MW, 8MW – 10MW, 10MW – 12MW, 12MW – 15MW, 15MW – 20MW, 20MW – 25MW, 25MW – 30MW, 30MW – 40MW, and 40MW – 50MW), By Design/Action of Steam (Reaction, Impulse), By Fuel Type (Coal, Natural Gas, Biomass, Nuclear Fuel, Solid Waste & By Products [wood chips], Others [Refinery Residual Oil and Refinery Off Gases]), By Application (Combined Heat And Power, Mechanical Drive [API & NON-API], District Heating And Cooling Systems, Combined Cycle Power Plants, Injection Turbines, Reheat Turbines, Concentrated Solar Power), By End Use Industry (Power Generation [Geothermal energy, Biomass, Nuclear], Oil & Gas [Refining], Iron and Steel, Chemical, Textile, Sugar, Paper, Food Processing, Desalination Plant, Others) |
Key Companies Profiled |
Ansaldo Energia, Elliott Group, Energent Corporation, Fuji Electric, Glauber Equipment Corporation, Howden Group, Kessels, MAN Energy Solutions, NLine Energy, Shin Nippon, Shinko, Siemens AG, Strebl Energy, Triveni Turbine Ltd, Turbine Generator Maintenance, Inc. (TGM), Turtle Turbines, and WEG |
Customization Scope |
Report customization available on request |
Pricing and Purchase Options |
Avail of tailor-made purchase options to meet your research requirements. |
Target Audience:
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Supply-side: Manufacturer, Distributors, Wholesaler, and Supplier.
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Demand Side: Power Generation, Chemical, Paper, District Heating Systems, Distillery, Sugar, Iron & Steel, Oil & Gas (Refining), and Concentrated Solar Power (CSP).