Steam Turbine Market Analysis

Steam Turbine Market Analysis

The impulse steam turbine market is projected to attain 5.3% gains during 2022-2030. Wide-scale deployments across large industries including petrochemical, chemical, refineries, pulp & paper, and food processing plants will foster the segment growth. The technological advancements offer key benefits including compact size, easy maintenance & low cost, thus accelerating the market demand.
 

Extensive investments in addition of new generating capacities combined with rising electricity demand primarily across developing nations will spur the condensing steam turbine acceptance. Its ability to extract maximum energy from steam makes it a preferable option for thermal power generation, which in turn will be influencing the market outlook. The growing awareness of environmental & energy security together with the increasing adoption of advanced auxiliary technologies will boost the industry landscape.
 

The fossil fuel powered steam turbine market segment held nearly 90% of the revenue share in 2021. Increasing investments in combined cycle plants and continuous expansion of coal-fired generating capacity will augment the business landscape.
 

Industrial application is set to witness an upsurge due to a growing demand for onsite power generation and a positive outlook for steam-intensive industries. Increasing applicability across sugar plants, refineries, pulp & paper plants, and chemical plants will bolster the steam turbine market share. Favorable policies on the addition of power-generating capacities to meet the rising electricity demand and mitigate demand-supply mismatch will foster the business dynamics.
 

The >3 MW - 100 MW rated steam turbines will project an appreciable momentum on account of surging deployments of large-scale power-generating stations including thermal & combined cycle plants. The growing deployment of super and ultra-super-critical technology together with the conversion of existing power stations into combined-cycle systems are some of the paramount factors, stimulating product adoption. Ongoing government initiatives to incorporate a sustainable energy network combined with the incorporation of energy-efficient technologies will further energize the industry dynamics.
 

The combined cycle power plants segment is predicted to register 5.2% growth rate between 2022 and 2030. Steam turbines are deployed with gas turbines to enhance the plant efficiency by utilizing the exhaust gas heat to produce more power. Stringent emission norms to limit GHG emissions and declining natural gas prices will propel steam turbine market revenue share. The ongoing government efforts to promote domestic manufacturing in line with a positive outlook toward long-term political stability will also fuel the industry potential.
 

The COVID-19 pandemic has a marginal effect on the steam turbine industry owing to the imposition of lockdowns and a significant decline in the capital expenditure, in terms of upgrades & expansion of power generation activities. However, government measures to resume operations across large industries, manufacturing facilities, and infrastructure projects will stimulate the market growth. Stringent emission norms & unreliable power supply and an increasing demand for clean power generation will prompt product deployment.
 

The Asia Pacific steam turbine market size is poised to surpass USD 20 billion by 2030. Rising significant thermal capacity additions and a beneficial impact of the utilization of geothermal energy will garner the industry overview. The increasing utilization of cogeneration technology along with the flourishing industrial sector will escalate growth.
 

The North America region to showcase significant growth driven by the growing penetration of combined cycle technologies to captive power generation across heavy industries. A paradigm shift toward the manufacturing sector merged with increasing applicability across the food & beverage, pulp & paper, and metal industries will complement product penetration. Additionally, the ongoing replacement of retired coal-fired power plants with combined cycle technology will further support market valuation.