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

Industry Prospective:

The global Industrial Steam Turbines Market was worth around USD 25241.6 million in 2021 and is estimated to grow to about USD 29444.28718 million by 2028, with a compound annual growth rate (CAGR) of approximately 2.6 percent over the forecast period. The report analyzes the digital remittance 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 digital remittance market.

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Industrial Steam Turbines Market: Overview

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.

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COVID-19 Impact:

COVID-19 pandemic has negatively affected the growth of the market for steam turbines globally because of the unavailability of steam turbine parts that interrupt their production and cause logistic issues. This further results in delays in ongoing steam turbine installation projects. A reduction in new orders for turbine installations is being witnessed owing to the diversion of funds by steam turbine buyers to sustain the COVID-19 crisis. Steam turbine manufacturers have taken subsequent steps to provide turbines to end-users with ongoing projects.

Industrial Steam Turbines Market: Growth Drivers

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.

Industrial Steam Turbines Market: Restraints

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.

Industrial Steam Turbines Market: Segmentation

The global Industrial Steam Turbines Market is segregated based on Rated Capacity, Type, Operating Principle, Exhaust Type, Power Source, and Application.

By Type, the global market is segregated into Steam Cycle, Combined Cycle, Cogeneration, and Trigeneration. Among them, the steam cycle technology is projected to generate the largest demand during the forecast period. It is estimated that the increasing installation of a number of coal-fired plants in the Southeast Asian countries in recent years, will spiral the demand for steam turbines with steam cycle technology over the forecast period.

By Application, the global market is bifurcated into Power and Utility, and Industrial. Over the years, there has been a swift rise in the demand for steam engines in the industrial sector. These engines are majorly installed in heavy industries such as chemical plants and refineries. Also, there have been large investments, in the recent year, towards the development and setup of new industrial facilities which is fueling the market growth for steam turbines.

Report Scope:

Regional Landscape

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.

Competitive Landscape

Some of the main competitors dominating 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, and OJSC Power Machines.

Global Industrial Steam Turbines Market is segmented as follows:

By Rated Capacity

• Less than 125 MW
• 125-300 MW
• 300-550 MW
• 550-750 MW
• Above 750 MW

By Type

• Steam Cycle
• Combined Cycle
• Cogeneration
• Trigeneration

By Operating Principle

• Reaction turbine
• Impulse turbine

By Exhaust Type

• Condescending
• Extraction
• Back pressure
• Re-heat

By Power Source

• Fossil Fuels
• Solar
• Others (Nuclear, etc.)

By Application

• Power and Utility
• Industrial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa