Steam Turbines Market Growth, Size, Share, Trends, and Forecast 2032

According to the report published by Zion Market Research, the global Steam Turbines Market size was valued at USD 15.46 Billion in 2023 and is predicted to reach USD 19.47 Billion by the end of 2032. The market is expected to grow with a CAGR of 2.60% during the forecast period. The report analyzes the global Steam Turbines Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Steam Turbines Market industry.

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Global Steam Turbines Market: Overview

A mechanical device that extracts thermal energy from pressurized steam and uses it to perform mechanical work for rotating the shaft is known as a steam turbine. The turbine generates rotary motion thus it is useful to drive an electrical generator. Steam turbines are widely used in the industrial applications where it combines heat & power system together. Some common types of fuels that are used in the plant for the power generation includes nuclear, coal, and gas.

Global Steam Turbines Market: Growth Factors

In order to fulfill rising demand for global electricity steam turbines is the best option for the generation of electricity at lower cost is expected to drive the global steam turbines market growth. Strong establishment of the industry requires efficient technology and turbines, which leads to further growth in the market. Recently the demand for nuclear energy based electricity generation is increasing across the world thus anticipating opening up new growth opportunities. Plenty availability of coal and low-cost generation of electricity via coal-fired power plants has positively impacted the market.

Growing environmental awareness and inadequate primary energy sources have resulted in increasing the requirement towards developing efficient steam turbines. The steam turbine performances will influence the overall efficiency; thus, many market players are focusing on improving turbine efficiency. Government support for combined heat & power system is anticipated to boost the small and medium capacity steam turbines demand in the coming years.

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Global Steam Turbines Market: Segmentation

The global steam turbines market is segregated based on turbine size, plant fuel, and geography.

The turbine size is divided into 300 MW to 599 MW, less than 300 MW, and 600 MW and above. The 600 MW is the largest segment across the world due to its high efficiency when compared to a small turbine, which is fuelling the market.

On the basis of plant fuel, the market is bifurcated into gas, coal, and nuclear. The coal plant fuel segment is the largest globally.

Region wise, the steam turbines market is diversified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Steam Turbines Market : Report Scope

Global Steam Turbines Market: Regional Analysis

Asia Pacific is expected to emerge as leading region for steam turbines market, where energy demand is high at both industrial and domestic level that will lead to the installation of nuclear, coal and combine cycle power generation facilities. China is the leading consumer of the steam turbines hence huge demand comes from this region. The region is mainly relying on coal-fired power generation plants for the generation of electricity. Rapid industrialization in China and India will give rise in the demand for combined heat & power system which will give rise in the market growth. Europe anticipates having sluggish market growth in the near future owing to shift in focus from traditional to renewable and cleaner energy sources. Many European countries are using natural gas as primary source coupled with gas turbines.

Global Steam Turbines Market: Competitive Players

Key market players dominating the global steam turbines market include:

• Toshiba
• Shanghai Electric Group
• General Electric
• BHEL
• Siemens
• Harbin Turbine Co. Ltd.
• Dongfang Turbine Co. Ltd.

The Global Steam Turbines Market is segmented as follows:

By Turbine size 

• 300 MW to 599 MW
• less than 300 MW
• 600 MW and above

By Plant fuel 

• gas
• coal 
• nuclear

Global Steam Turbines Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.