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Steam Turbine Market Size, Share, and Industry Report [2031]

Steam Turbine Market

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Segments - by Designs (Reaction and Impulse), Rated Capacity (1-120 MW, 121-350 MW, 351-750 MW, and above 750 MW), Applications (Power Generation, Petrochemical, Oil & Gas, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author :

Aamir Ansari

Fact-checked by :

Vineet Pandey

Editor :

Swapnil Hedau

Report Description

The global steam turbine market was valued at USD 27.58 billion in 2022 and is projected to surpass USD 35.36 billion by 2031, at a CAGR of 2.8% from 2023-2031. Strong development of worldwide economy and high interest of electricity are driving the steam turbine market.

Steam turbine is a generator which utilizes heating water to create mechanical or rotational energy form. Requirement for steam turbine is increasing with growing electricity requirement. Most electric power is produced from steam electric power plants industries, and thus increasing population is expected to fuel the demand for steam turbine.

Steam Turbine Market Dynamics

Rapid industrialization is fueling the demand for steam turbines to generate electricity.
Development of efficient turbines and rapid adoption of technology are driving the market.
High price of steam turbines impedes the market.
Steam turbines required longer start time when compared to gas turbines, thus restraining the steam turbine market.
Renewable sources cannot provide energy around the clock a component of natural gas based plants in the energy is creating opportunities in the steam turbine market.

Impact of Covid-19 on Steam Turbine Market

Covid-19 pandemic has hampered the market due to lockdowns. The demand for steam turbine has decreased during the pandemic, as several industries have temporarily shutdown. Companies are facing huge losses due to the sudden decrease in the demand of steam turbine units.

Scope of the Steam Turbine Market Report

The report on the global steam turbine market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes	Details
Report Title	Steam Turbine Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Designs (Reaction and Impulse), Rated Capacity (1-120 MW, 121-350 MW, 351-750 MW, and above 750 MW), Applications (Power Generation, Petrochemical, Oil & Gas, and Others)
Country	Saudi Arabia
Report Coverage	Market scope, analysis, share, competitive analysis, Divers, restraints, opportunities, and revenue forecast
Key Players Covered in the Report	General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Skoda Power, Chola Turbo Machinery International Pvt. Ltd. and Mitsubishi Hitachi Power Systems Americas Inc

Steam Turbine Market Segment Insights

On the basis of designs, the market is bifurcated into reaction and impulse. The impulse segment holds a key share of the market, due to its compact size and low operational and maintenance cost. High efficiency as compared to reaction turbine makes the impulse steam turbine suitable for large scale power generation.

In terms of rated capacity, the steam turbine market is classified as 1-120 MW, 121-350 MW, 351-750 MW, and above 750 MW. The 1-120 MW segment holds major share of the market due to growing adoption of super-critical and ultra-super-critical technology of 1-120MW and conversion of retiring power stations into combined cycle systems.

Based on applications, the market is classified into power generation, petrochemical, oil & gas, and others. The power generation segment is projected to dominate the market during the forecast period due to its high use in power generation in industries.

On the basis of regions, the global steam turbine market is fragmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific accounted for key share of the market in 2020. China and India held key share of the market in the region due to rapid growth of industries in these countries.

Asia Pacific region is expected to continue its domination owning to the presence of a large number of fossil fuel-based power plants under development in countries such as South Korea, Indonesia, Thailand, Bangladesh, and Japan. The market in Europe is anticipated to expand at a sluggish pace during the forecast period due to the rise in the deployment of biomass power plants, waste energy plants, and waste heat recovery power generation plants in the region.

Segments

Designs

Reaction
Impulse

Rated Capacity

1-120 MW
121-350 MW
351-750 MW
Above 750 MW

Application

Power Generation
Petrochemical
Oil & Gas
Others

Regions

North America
Europe
Latin America
Asia Pacific
Middle East & Africa

Key Players

General Electric (GE) Co
Turbine Generator Maintenance Inc
Toshiba Corporation
Siemens AG
Arani power systems
Elliott Group
TURBOCAM
Doosan Skoda Power
Chola Turbo Machinery International Pvt. Ltd
Mitsubishi Hitachi Power Systems Americas Inc

Competitive Landscape

Major players in the global steam turbine market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Skoda Power, Chola Turbo Machinery International Pvt. Ltd. and Mitsubishi Hitachi Power Systems Americas Inc. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.

Recent Developments:

In September 2021, KT Engineering partnered with World Power Tech, a steam turbine maker targeting small-sized power operator.
In September 2021, Oman’s Yibal Khuff Mega project started production. The mega project is likely to deliver, when fully operational, five million cubic meters of gas per day and around 20,000 bpd of crude. The plant is projected to generate 13MW of electrical power.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Steam Turbine Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Steam Turbine Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Steam Turbine Market - Supply Chain
  4.5. Global Steam Turbine Market Forecast
     4.5.1. Steam Turbine Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Steam Turbine Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Steam Turbine Market Absolute $ Opportunity
5. Global Steam Turbine Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Steam Turbine Market Size and Volume Forecast by Applications
     5.3.1. Power Generation
     5.3.2. Petrochemical
     5.3.3. Oil & Gas
     5.3.4. Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Steam Turbine Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Steam Turbine Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Steam Turbine Demand Share Forecast, 2019-2026
7. North America Steam Turbine Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Steam Turbine Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Steam Turbine Market Size and Volume Forecast by Applications
     7.4.1. Power Generation
     7.4.2. Petrochemical
     7.4.3. Oil & Gas
     7.4.4. Others
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Steam Turbine Demand Share Forecast, 2019-2026
8. Latin America Steam Turbine Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Steam Turbine Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Steam Turbine Market Size and Volume Forecast by Applications
     8.4.1. Power Generation
     8.4.2. Petrochemical
     8.4.3. Oil & Gas
     8.4.4. Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Steam Turbine Demand Share Forecast, 2019-2026
9. Europe Steam Turbine Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Steam Turbine Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Steam Turbine Market Size and Volume Forecast by Applications
     9.4.1. Power Generation
     9.4.2. Petrochemical
     9.4.3. Oil & Gas
     9.4.4. Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Steam Turbine Demand Share Forecast, 2019-2026
10. Asia Pacific Steam Turbine Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Steam Turbine Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Steam Turbine Market Size and Volume Forecast by Applications
     10.4.1. Power Generation
     10.4.2. Petrochemical
     10.4.3. Oil & Gas
     10.4.4. Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Steam Turbine Demand Share Forecast, 2019-2026
11. Middle East & Africa Steam Turbine Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Steam Turbine Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Steam Turbine Market Size and Volume Forecast by Applications
     11.4.1. Power Generation
     11.4.2. Petrochemical
     11.4.3. Oil & Gas
     11.4.4. Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Steam Turbine Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Steam Turbine Market: Market Share Analysis
  12.2. Steam Turbine Distributors and Customers
  12.3. Steam Turbine Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. General Electric (GE) Co
     12.4.2. Turbine Generator Maintenance Inc
     12.4.3. Toshiba Corporation
     12.4.4. Siemens AG
     12.4.5. Arani power systems
     12.4.6. Elliott Group
     12.4.7. TURBOCAM
     12.4.8. Doosan Skoda Power

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