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Steam Turbine Market to cross $26 Bn by 2030

  • Published Date: June 6, 2022

Steam Turbine Market size is projected to surpass USD 26 billion by 2030, as reported in the latest study by Global Market Insights Inc.

The ongoing refurbishment of existing power plants and increasing utilization of cogeneration technologies is likely to fuel the steam turbine industry growth. Surging electricity demand along with the steady industrial sector evolution will energize the business dynamics. Rising investments from financial institutions and regional development banks including International Finance Corporation (IFC), Asian Development Bank, and African Development Bank technologies will foster the industry landscape.

Robust expansion of industries in line with the flourishing manufacturing sector

The reaction turbine market is poised to register a CAGR of over 5.3% during 2022 to 2030. Wide-scale deployment across large power plants and industrial facilities on account of their ability to provide higher efficiency will drive the business outlook. Favorable government policies across emerging economies coupled with schemes & funding for infrastructure development will garner the business scenario. Ongoing technological advancements together with the increasing urbanization rate will further augment industry growth.

The geothermal-based steam turbine market is anticipated to witness growth across countries with large untapped resources and collective government initiatives to limit carbon emissions. Favorable policies on the utilization of renewable energy resources and the rising utilization of non-conventional energy resources will sway the industry scenario. The introduction of stringent emission norms has resulted in the increasing adoption of combined cycle plants.

Browse key industry insights spread across 770 pages with 1,710 market data tables & 34 figures & charts from the report, “Steam Turbine Market Size By Design (Reaction, Impulse), By Exhaust (Condensing, Non-condensing), By Fuel (Fossil Fuel, Biomass, Geothermal), By End-use (Industrial {Refinery, Chemical Plant, Sugar Plant, Pulp & Paper}, Utility), By Capacity (≤3 MW, >3 MW - 100 MW, >100 MW), By Technology (Steam Cycle, Combined Cycle, Cogeneration), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:

The COVID-19 outbreak represents an unprecedented disturbance in world trade and the global economy as production & consumption is scaled back globally. The pandemic has also forced corporate decision-makers to develop new business strategies to streamline the value chain and work toward business continuity. However, the situation may fade away in the near term on account of ongoing vaccination drives and other precautionary measures by the respective government authorities.

Surging expansion of power plants across the region

The Middle East & Africa steam turbine market is anticipated to be worth USD 2 billion by 2030. Rapid industrialization combined with robust development of sugar & paper plants will energize the regional market. The increasing electricity demand and the shifting focus toward domestic manufacturing will support the market growth. Increasing concerns toward energy security merged with surging deployments of combined cycle power plants will positively boost the business outlook.

Major steam turbine market players includes Toshiba America Energy Systems Corporation, Siemens Energy, Mitsubishi Heavy Industries, General Electric, Ansaldo Energia, Kawasaki Heavy Industries, Bharat Heavy Electricals, Elliott Group, MAN Energy Solutions, Hangzhou Steam Turbine, DONGFANG, Fuji Electric, Doosan Škoda Power, Howden Group, Mitsui E&S Holdings Co., Shin Nippon Machinery, Turbotech Precision Engineering, CTMI - Steam Turbines, Triveni Turbine and PBS Group.

Authors: Ankit Gupta, Shubham Chaudhary