Global Industrial Steam Turbines Market Size, Share Report, Analysis, Trends, Growth 2030

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Steam turbines are used to produce the highest mechanical and motorized power by using the least possible steam in a compact and solid driver arrangement, which generally acts or functions in a direct-drive configuration method. Speed adjustment capabilities and speed variations are crucial for steam turbines. Presently, steam turbines are diversely used in different driver applications for power generation units and mechanical drives that produce nearly 1 million (MW) of capacity worldwide. Basically, in every steam turbine, there is a rotor that has blades and wheels. The blades extract energy from the steam. Steam turbines have been in use for more than 120 years. Steam turbines are versatile equipment and among the oldest prime mover technologies that are still in use. 

The industrial steam turbines market is projected to experience a high growth rate, both in developed and developing countries, during the forecast period. The growth and development of this market are majorly driven by rapid industrialization in developing nations and increasing global population, which, in turn, are constantly fueling the demand for power and energy. Moreover, the rise in population will lead to the growth of smart cities in both urban and semi-urban areas, which, in turn, will increase the demand for electricity. Thus, the increasing demand for electricity will propel the growth and development of this market in the upcoming years. Steam turbines act as an important technology for electricity generation from various sources, such as nuclear, biomass, and coal. The rapid expansion of nuclear-based power plants across the globe will have a positive impact on this market’s growth. Additionally, due to the rapid depletion of non-renewable energy resources, the manufacturers across the globe are investing in R&D to come up with steam turbines that can generate electricity from renewable energy sources. These factors are expected to contribute toward the industrial steam turbines market growth during the forecast period. 

Based on the type, the industrial steam turbines market is fragmented into the steam cycle, combined cycle, cogeneration, and trigeneration. On the basis of rated capacity, the industrial steam turbines market is categorized into less than 125MW, 125-300MW, 300-550MW, 550-750MW, and more than 750MW. On the basis of operating principle, this market is bifurcated into reaction turbine and impulse turbine. Based on exhaust type, this market is classified into condensing, back pressure, extraction, and re-heats. On the basis of the power source, the industrial steam turbines market is divided into fossil fuels, solar energy, and others. On the basis of application, the industrial steam turbines market is categorized into power and utilities and industrial. 

The Asia Pacific witnessed the highest growth rate in the global industrial steam turbines market in 2017 and is likely to continue its regional domination during the forecast period. This growth can be attributed to the rapid industrialization and urbanization across the region. Moreover, this region is a manufacturing hub. The escalating demand and requirement of electricity are also fueling this market’s growth. These factors are anticipated to further drive industry growth in the region over the forecast period. Europe is predicted to hold a substantial revenue share in the industrial steam turbines market. The standard shift toward cogeneration-based power plants and CHP along with strict government norms regarding coal-based power generation faculties will further fuel this market’s growth. 

Some industry players operating in the industrial steam turbines market include Mitsubishi Heavy Industries, Ltd., Harbin Electric Machinery Co., Ltd., Elliott Group, Dongfang Electric Corporation, General Electric Company, Ansaldo Energia S.P.A, Fuji Electric Co., Ltd., Doosan Škoda Power, OJSC Power Machines, Kawasaki Heavy Industries Ltd., Siemens AG, Peter Brotherhood Ltd., Toshiba America Energy Systems Corporation, Bharat Heavy Electricals Limited, and TGM Kanis Turbinen GmbH.