Steam Turbine Industry Overview
The global steam turbine market size was valued at USD 16.0 billion in 2021 and is expected to reach USD 19.5 billion by 2030, at a CAGR of 2.3% from 2022 to 2030.
An increased number of power plants are likely to be commissioned to compensate for the energy deficit and this is expected to propel the demand for steam turbines in the coming years. The U.S. emerged as the largest market for steam turbines in North America in 2021. An increase in the number of combined-cycle natural gas plants in the country as they are reliable sources of energy is one of the prominent reasons for the rising demand for steam turbines in the U.S.
Gather more insights about the market drivers, restrains and growth of the Global Steam Turbine Market
Policymakers in the country are focusing on developing sustainable energy generation plants. This is anticipated to surge the number of steam turbine installations in the U.S. in the coming years. The increasing focus of the Government of the U.S. on establishing energy-efficient and clean power generation plants is also contributing to the surge in the number of CHP installations in the country. Rising demand for combined heat and power across North America is expected to drive the market in the region over the forecast period. Policymakers in the U.K. are focusing on reducing carbon emissions and carrying out energy-efficient power generation. This has resulted in the formulation and stringent implementation of various environmental and emission norms in the country. Steam turbines are employed in industrial applications for use in CHP units.
The COVID-19 pandemic has hindered the growth of the market for steam turbines globally owing to the unavailability of steam turbine parts that delay 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. Vendors are opting for digital tools and are following social distancing norms and using PPE to carry out new power plant installations.
Steam Turbine Market Segmentation
Based on the Capacity Insights, the market is segmented into Up to 150 MW, 151 to 300 MW and More than 300 MW.
Based on the End-use Insights, the market is segmented into Power & Utility and Industrial.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
Key Companies Profile:
Ongoing globalization is the key to market competition with international trade forming an important aspect of sustainable growth.
Some of the prominent players in the steam turbine market include:
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