Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 12.74 Billion | USD 16.39 Billion | 2.7% | 2024 |
The global industrial steam turbines market size was worth around USD 12.74 Billion in 2024 and is predicted to grow to around USD 16.39 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 2.7% between 2025 and 2034.
The report analyzes the global industrial steam turbines market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the industrial steam turbines industry.
Industrial turbines burn fuel and air at high pressure and temperature to generate electric power. The thermal energy and potential energy of steam are converted to kinetic energy due to steam expansion in the stationary nozzle buckets of the steam turbine. After that, steam jets containing high kinetic energy produce mechanical energy when the rotor rotates due to these jets striking the rotor buckets. This mechanical energy can be used to produce electricity by joining the steam turbine rotor to a generator. A rise in the number of power plants is likely to be commissioned to compensate for the energy scarcity and this is anticipated to propel the demand for steam turbines in the coming years globally.
Industrial steam turbines in comparison to other forms of power generation turbines are a cheaper substitute to produce low-cost electricity when the source of power is a fossil fuel, making it an attractive prospect for electricity production, thereby driving the growth of the market. The demand for industrial steam turbines is growing due to factors such as increasing power requirements, growing infrastructure developments, rapid industrialization, migration of a large chunk of the population from less developed to highly developed areas, and growing human population. Moreover, the difficulties associated with the exponential rate of exhaustion of non-renewable sources of energy coerce the manufacturers of industrial steam turbines to manufacture more efficient and durable equipment leading to a healthy growth of the industrial steam turbine market.
Increasing focus on renewable energy & climate change mitigation initiatives would further fuel the global steam turbine market
Several regulations for the promotion of low carbon fuels in order to reduce the environmental hazardous emissions, a growing focus on the development of low scale thermal power plants, and a growing preference for optimizing energy across industries are the factors driving the growth of the steam turbine market.
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.
Growing preference for gas turbines in power generating plants
One of the important factors that can come across as a restraint to the growth of the industrial steam turbine market is the growing preference for gas turbines in power generating plants. This is due to the increasing burden from environmental activists on reducing the level of pollution caused by the steam turbines run by fossil fuels as well as being able to generate power through a variety of fuel sources and being highly efficient.
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.
The global industrial steam turbines market is segmented based on Rated Capacity, Type, Operating Principle, Exhaust Type, Power Source, and region.
Based on Rated Capacity, the global industrial steam turbines market is divided into Less than 125 MW, 125-300 MW, 300-550 MW, 550-750 MW, and Above 750 MW.
On the basis of Type, the global industrial steam turbines market is bifurcated into Steam Cycle, Combined Cycle, Cogeneration, and Trigeneration.
By Operating Principle, the global industrial steam turbines market is split into Reaction turbine and Impulse turbine.
In terms of Exhaust Type, the global industrial steam turbines market is categorized into Condescending, Extraction, Back pressure, and Re-heat.
By Power Source, the global Industrial Steam Turbines market is divided into Fossil Fuels, Solar, and Others (Nuclear, etc.).
Report Attributes | Report Details |
---|---|
Report Name | Industrial Steam Turbines Market |
Market Size in 2024 | USD 12.74 Billion |
Market Forecast in 2034 | USD 16.39 Billion |
Growth Rate | CAGR of 2.7% |
Number of Pages | 195 |
Key Companies Covered | Harbin Electric Machinery Co., Ltd., Dongfang Electric Corporation, Elliott Group, Kawasaki Heavy Industries Ltd., General Electric Company, Siemens AG, Mitsubishi Heavy Industries, Ltd., Toshiba America Energy Systems Corporation, Ansaldo Energia s.p.a, Peter Brotherhood Ltd., Fuji Electric Co., Ltd., Bharat Heavy Electricals Limited, Doosan Škoda Power, TGM Kanis Turbinen GmbH, OJSC Power Machines, and others. |
Segments Covered | By Rated Capacity, By Type, By Operating Principle, By Exhaust Type, By Power Source, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, The Middle East and Africa (MEA) |
Base Year | 2024 |
Historical Year | 2020 to 2024 |
Forecast Year | 2025 to 2034 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Asia-Pacific is anticipated to be dominant throughout the forecast period. The market growth in this region is majorly attributed to the growing demand for steam turbines in countries such as Thailand, Japan, South Korea, and Indonesia, among others, due to the development of several coal-fired plants in these countries. China is expected to be the fastest-growing market for steam turbines across the world, followed by India, during the forecast period. North America and Europe are also expected to offer promising growth opportunities during the forecast period. The increasing utilization of cogeneration technology across the region will further stimulate business growth. There are many Independent Power Producers (IPP) in Europe using combined-cycle power plants, which operate on natural gas to provide power to electric grids and steam to one or more industrial customers.
The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the industrial steam turbines market on a global and regional basis.
The global industrial steam turbines market is dominated by players like:
The global industrial steam turbines market is segmented as follows;
By Rated Capacity
By Type
By Operating Principle
By Exhaust Type
By Power Source
By Region
FrequentlyAsked Questions
Leading players in the global industrial steam turbines market include Harbin Electric Machinery Co., Ltd., Dongfang Electric Corporation, Elliott Group, Kawasaki Heavy Industries Ltd., General Electric Company, Siemens AG, Mitsubishi Heavy Industries, Ltd., Toshiba America Energy Systems Corporation, Ansaldo Energia s.p.a, Peter Brotherhood Ltd., Fuji Electric Co., Ltd., Bharat Heavy Electricals Limited, Doosan Škoda Power, TGM Kanis Turbinen GmbH, OJSC Power Machines, among others.
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