Steam Turbine Market 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
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
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Rapid industrialization is fueling the demand for steam turbines to generate electricity.
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Development of efficient turbines and rapid adoption of technology are driving the market.
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High price of steam turbines impedes the market.
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Steam turbines required longer start time when compared to gas turbines, thus restraining the steam turbine market.
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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.
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 (000’ 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