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Steam Turbine Market Size By Design (Impulse, Reaction), By Exhaust (Condensing, Non-Condensing), By Fuel (Fossil Fuel, Biomass, Geothermal), End-use (Industrial {Refineries, Chemical Plants, Sugar Plants, Pulp/Paper Plants, Others}, Utility), Capacity (< 3 MW, 3-100 MW, > 100 MW), Technology (Steam Cycle, Combined Cycle, Cogeneration ), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, France, Russia, Germany, Spain, Italy, China, Japan, South Korea, India, Australia, Indonesia, Malaysia, Thailand Saudi Arabia, UAE, Iran, Egypt, South Africa, Nigeria, Turkey, Morocco, Brazil, Argentina, Chile) Application Potential, Competitive Market Share & Forecast, 2018 – 2024

Published Date: April 2018 | 540 Pages | Report ID: GMI1269 Report Format: PDF

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Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Steam Turbine Market size was valued at over USD 14 billion in 2017 and the annual capacity is set to exceed 130 GW by 2024.
 

Europe Steam Turbine Market Size, By Capacity, 2017 & 2024 (USD Million)
Europe Steam Turbine Market Size, By Capacity, 2017 & 2024 (USD Million)

 

Growing measures to mitigate the electricity demand & supply gap along with ongoing development of large thermal power projects will drive the market growth. In 2017, Ansaldo Energia, announced to build a 910 MW gas power station in Iran deploying 300 MW steam turbine unit. Measures toward reducing carbon footprint will urge the replacement of existing systems which will further boost the product demand.
 

Government initiatives to promote low emission fuels including biomass and natural gas will embellish the steam turbine market. Paradigm shift towards cogeneration along with the growing inclination toward energy optimization will further complement the industry landscape. In 2016, cogeneration accounted for over 11% of the total electricity production across the EU 28 region.
 

Steam Turbine Market, By Design

Impulse steam turbine market is anticipated to witness growth owing to its increasing adoption across refineries, cement, pulp and paper, food processing and chemical industries. Compact size and reduced operational stages are some of the key parameters which will boost the product demand.
 

Rising utility sector investments toward mitigating electricity supply deficit coupled with comparatively higher efficiencies will stimulate the reaction steam turbine market growth. These units offer lower pressure drop for each stage resulting in smaller blade size which makes these systems suitable for thermal power generation.
 

Steam Turbine Market, By Exhaust

Growing deployment of coal fired generating stations along with ability to provide improved efficiency will drive the condensing steam turbine market. These products are primarily installed across thermal power stations to extract maximum energy. Measures toward reducing carbon footprint along with stringent energy conservation reforms will further embellish the business growth.
 

Non- condensing or back pressure steam turbine market size is set to witness gains over 6% owing to wide adoption for process steam generation. Ability to provide steam at required pressure, transportability and low steam toxicity are some the prominent features which further will urge the product demand.
 

Steam Turbine Market, By Fuel

Easy availability, low price and high heat output of coal will foster the demand for thermal power stations which will boost the market growth. Investment towards generating capacity additions will further complement the product demand. Thermal power forms a critical portion of energy matrix and may witness sustained penetration with global efforts to meet the accruing electricity demand. As per the International Energy Agency, coal accounts for over 40% of electricity generation in the world.
 

Biomass in 2017, accounted for over 8% of market revenue and is set to witness strong growth owing to supportive regulatory policies toward non-conventional energy utilization. Government norms toward sustainable heat and electricity generation from solid biomass may further enhance the industry outlook. In 2016, installed biomass capacity across the globe grew over 9% from previous year, exceeding 89 GW.
 

Steam Turbine Market, By End-use

Industrial steam turbine market is projected to witness gains over 7% owing to rising industrial infrastructure investments and resurgent growth across energy intensive industries. Refineries, food processing and chemical plants are some of the key industries with increased focus towards energy independence and co-generation. Increasing refurbishment activities subject to low efficiency of existing units will further stimulate the product penetration.
 

Utility steam turbine market size is anticipated to witness substantial growth owing to ongoing investments toward capacity expansion at existing power plants. Development of new combined cycle and coal fired power generation facilities will further provide impetus to industry growth.
 

Steam Turbine Market, By Capacity

< 3 MW steam turbine market, in 2017 accounted for over 5 GW and is set to witness growth owing to its growing utilization across industries including food & beverage, manufacturing, paper mills, sugar plants and refineries. Resurgent economic growth across the globe coupled with shift towards biomass-based generation will further drive demand for these products.
 

3 -100 MW is projected to witness substantial growth subject to ongoing investments toward combined heat and power and geothermal energy utilization. These products also find applications across large industries including cement and chemical plants. Growing utilization of combined cycle plants owing to its high efficiency will positively influence the business growth.
 

Steam Turbine Market, By Technology

Cogeneration is set to witness growth over 8% on account of increasing awareness toward resource optimization and efforts to mitigate greenhouse emissions. These systems offer enhanced efficiency when compared to traditional combustion systems. Energy independence, reduction in energy waste and enhanced operational efficiency will further boost the product demand.
 

Steam cycle technology is set to witness substantial growth in line with growing installation of coal fired plants across emerging economies. Requirement to meet growing electricity demand across the globe has resulted in huge investments toward construction of new power plants. As per WEPP, over 1600 coal fired plants are at various stages of construction in 62 countries across the globe.
 

Steam Turbine Market, By Region

U.S. in 2017, accounted for over 70% of the North America market revenue. Resurgent industrial sector growth coupled with retrofitting of existing generation units will provide impetus to the industry growth. Shift in government stance towards coal utilization will further stimulate the product demand over long term across the nation. For instance, federal government in 2017, announced to withdraw participation from 2015 Paris Climate Accord.
 

China market is set to grow over 5% owing to aggressive economic expansion along with investments toward power and industrial sector. These units are predominantly installed at industrial centers as part of co-generation or combined cycle units. Chemical, sugar, and pulp & paper manufacturing are some the prominent energy intensive industries which will drive the product demand in the country.
 

Growing electricity demand coupled with ongoing investments toward power generation will drive the Nigeria steam turbine market size. In 2017, USAID funded energy initiative, Power Africa, announced the investment of USD 1 billion towards development of country’s power sector with an aim of capacity addition of over 30 GW across Sub-Saharan Africa.
 

Competitive Market Share

Key industry participants in the market include Siemens, Toshiba, General Electric, Ansaldo Energia, Fuji Electric, BHEL, Mitsubishi Hitachi Power Systems, Kawasaki Heavy Industries, Man Diesel & Turbo, Eliott Group, Doosan Skoda Power, Dongfang, Harbin Turbine, Mitsui and TurboTech.
 

Major players across steam turbine industry are focusing on product customization as part of their strategy. Furthermore, companies are providing maintenance and upgradation services to gain competitive advantage across the entire value chain.
 

Steam Turbine Industry Background

 

Steam Turbine Market Segmentation

Steam turbines are rotatory heat engines which convert thermal energy of steam into mechanical and electrical energy. A turbine system comprises of boiler, turbine, feed pump, condenser and other auxiliary devices and are primarily deployed across power plants and industrial centers for power generation purposes.
 


What Information does this report contain?

What was the historic market data from 2013 to 2017, what is the industry growth forecast from 2018 to 2024?
A detailed analysis of regulatory trends, growth drivers, industry pitfalls, challenges and opportunities for participants
Which are the leading market products, applications & regions and how will they perform by 2024?
What are the technology & innovation trends, how will they evolve by 2024?
Which companies lead the industry, how are they positioned in the market in terms of sustainability, competency, production capacity and strategic outlook?


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