Steam Turbine Market to grow by USD 3,416.12 million from 2022-2027|Increasing demand for power generation drives the market – Technavio

NEW YORK, July 20, 2023 /PRNewswire/ — The steam turbine market size is estimated to grow by USD 3,416.12 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 3.82% during the forecast period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

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Steam Turbine Market – Segmentation Assessment

Segment Overview

Technavio has segmented the market based on end-user (Utility and Industrial), Type (Reaction and Impulse), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The market share growth by the utility segment will be significant during the forecast period. Power plant operators that utilize steam for electricity generation primarily rely on steam turbines as their primary propulsion system. The production of electricity is facilitated by a turbine that drives a generator. The size of the power plant, the equipment configuration, and other factors are determined by the amount of steam required for electricity generation. The expansion of the global industrial sector is closely linked to the growth of industrial activities. In industrial applications, steam turbines, specifically CHP turbines, are employed. These turbines are capable of producing multiple outputs and exhibit higher efficiency compared to single units. As a result, the increasing adoption of steam turbines in power utilities is projected to propel the growth of this segment within the global steam turbine market during the forecast period. 

Geography Overview

By geography, the global steam turbine market is segmented into APAC, North America, Europe, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global steam turbine market.

• APAC is estimated to account for 71% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. During the forecast period, the APAC region is anticipated to witness substantial growth in the global steam turbine market. Notably, countries like China, Japan, and India are playing a significant role in driving the revenue growth of the regional gas turbine market. This can be attributed to the remarkable expansion observed in the electricity consumption sector across the Asia-Pacific region. The increasing urban populations and improving living standards have elevated electricity to a valuable commodity in major APAC countries. Consequently, several governments in the APAC region have taken the initiative to open up the power generation sector to private operators, aiming to enhance efficiencies in power generation and distribution.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report

Steam Turbine Market – Market Dynamics

Key Steam Turbine Market Driver

The increasing demand for power generation is a major factor driving market growth. A steam turbine is a mechanical device that utilizes pressurized steam to convert heat energy into rotational motion. It has largely replaced reciprocating steam engines due to its high thermal efficiency and power-to-weight ratio. Steam turbines play a vital role in power generation, accounting for approximately 80% of the world’s electricity production. As the global economy becomes increasingly digitalized, there is a growing demand for efficient and reliable power generation. Steam turbines offer a reliable and cost-effective solution, leading to an anticipated increase in demand during the forecast period. With a significant portion of electricity globally being generated by steam power plants, the rising population and subsequent surge in electricity demand will further drive the need for steam turbines. By utilizing gas turbines in conjunction with steam turbines, power plants can optimize energy production by utilizing the gas and heat generated in the process to produce additional steam and generate more electricity. Combined cycle power plants, backed by steam turbines, are capable of achieving power generation efficiencies exceeding 50% in large-scale industrial applications. In the United States, steam turbines are widely employed in power generation, making them a critical component of various industries. Their high efficiency, cost-effectiveness, and positive environmental impact contribute to their significant presence. Therefore, the increasing demand for power generation is expected to be the primary driver of growth in the global steam turbine market during the forecast period.

Significant Steam Turbine Market Trend

The increasing focus on renewable technologies is an emerging trend supporting the steam turbine market growth. Steam turbines have found extensive applications in various renewable energy fields, including solar heat, biomass, district heating, desalination, and waste-to-energy or power plants. The growing interest in renewable energy is anticipated to drive the expansion of the steam turbine market. Steam turbines play a crucial role in heat-based renewable energy generation, such as concentrating solar, geothermal, biomass, and waste power plants. By combining steam turbines with heat storage systems, it becomes possible to achieve affordable, predictable, and carbon-neutral power generation, ensuring grid supply stability and security. Renewable energy, also known as clean energy, offers reliable energy sources and fuel types, contributing to enhanced energy security and reduced potential for fuel pollution. The primary objectives of renewable energy include promoting economic growth, enhancing energy security, increasing access to electricity, and mitigating global warming. Steam turbines serve as a clean energy source with minimal to no environmental impact. With the growing emphasis on renewable energy sources, the global steam turbine market is expected to experience substantial growth throughout the forecast period.

Major Steam Turbine Market Challenge

The mechanical problems associated with steam turbines are challenging the steam turbine market growth. In industrial environments, steam turbines play a vital role as complex mechanical components. These intricate machines consist of numerous moving parts and necessitate specialized maintenance. Insufficient maintenance can lead to various issues, such as blade damage, excessive vibration, overheating, and steam outlet problems. These challenges increase the likelihood of turbine failures, damages, and instability, posing safety concerns for operators and other related issues. Consequently, the presence of these steam turbine-related challenges is anticipated to impede the growth of the global steam turbine market in the forecast period. Furthermore, the installation of a steam turbine entails a significant capital investment. Market participants need to complete various administrative processes and tasks, which incur substantial costs, before commencing turbine construction. Besides the turbine itself, installation costs encompass essential elements such as foundations, control technology, grid connections, assets, electrical installations, road construction, and other associated expenses. These installation costs can vary based on the region and technology employed. As a result, the considerable costs involved in installing steam turbines are likely to diminish the demand for such systems during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Steam Turbine Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the steam turbine market between 2023 and 2027
• Precise estimation of the steam turbine market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the steam turbine market across APAC, North America, Europe, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of the steam turbine market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global steam turbine market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on Global steam turbine market 2017 – 2021 ($ million)

• 4.2 End-user Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – End-user Segment 2017 – 2021 ($ million)

• 4.3 Type Segment Analysis 2017 – 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 30: Chart on End-user – Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user – Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Utility – Market size and forecast 2022-2027
• Exhibit 34: Chart on Utility – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Utility – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Utility – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Utility – Year-over-year growth 2022-2027 (%)

• 6.4 Industrial – Market size and forecast 2022-2027
• Exhibit 38: Chart on Industrial – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Industrial – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Industrial – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Industrial – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user ($ million)
• Exhibit 43: Data Table on Market opportunity by End-user ($ million)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 44: Chart on Type – Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type – Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Reaction – Market size and forecast 2022-2027
• Exhibit 48: Chart on Reaction – Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Reaction – Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Reaction – Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Reaction – Year-over-year growth 2022-2027 (%)

• 7.4 Impulse – Market size and forecast 2022-2027
• Exhibit 52: Chart on Impulse – Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Impulse – Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Impulse – Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Impulse – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 56: Market opportunity by Type ($ million)
• Exhibit 57: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 APAC – Market size and forecast 2022-2027
• Exhibit 63: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.4 North America – Market size and forecast 2022-2027
• Exhibit 67: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.5 Europe – Market size and forecast 2022-2027
• Exhibit 71: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 75: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.7 South America – Market size and forecast 2022-2027
• Exhibit 79: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.8 China – Market size and forecast 2022-2027
• Exhibit 83: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.9 US – Market size and forecast 2022-2027
• Exhibit 87: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.10 India – Market size and forecast 2022-2027
• Exhibit 91: Chart on India – Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on India – Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on India – Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on India – Year-over-year growth 2022-2027 (%)

• 9.11 Japan – Market size and forecast 2022-2027
• Exhibit 95: Chart on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.12 South Korea – Market size and forecast 2022-2027
• Exhibit 99: Chart on South Korea – Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on South Korea – Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on South Korea – Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on South Korea – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 ALSTOM SA 
• Exhibit 111: ALSTOM SA – Overview
• Exhibit 112: ALSTOM SA – Business segments
• Exhibit 113: ALSTOM SA – Key news
• Exhibit 114: ALSTOM SA – Key offerings
• Exhibit 115: ALSTOM SA – Segment focus

• 12.4 Baker Hughes Co. 
• Exhibit 116: Baker Hughes Co. – Overview
• Exhibit 117: Baker Hughes Co. – Business segments
• Exhibit 118: Baker Hughes Co. – Key news
• Exhibit 119: Baker Hughes Co. – Key offerings
• Exhibit 120: Baker Hughes Co. – Segment focus

• 12.5 Dongfang Electric Corp. Ltd. 
• Exhibit 121: Dongfang Electric Corp. Ltd. – Overview
• Exhibit 122: Dongfang Electric Corp. Ltd. – Product / Service
• Exhibit 123: Dongfang Electric Corp. Ltd. – Key offerings

• 12.6 Doosan Corp. 
• Exhibit 124: Doosan Corp. – Overview
• Exhibit 125: Doosan Corp. – Business segments
• Exhibit 126: Doosan Corp. – Key offerings
• Exhibit 127: Doosan Corp. – Segment focus

• 12.7 Ebara Corp. 
• Exhibit 128: Ebara Corp. – Overview
• Exhibit 129: Ebara Corp. – Business segments
• Exhibit 130: Ebara Corp. – Key offerings
• Exhibit 131: Ebara Corp. – Segment focus

• 12.8 General Electric Co. 
• Exhibit 132: General Electric Co. – Overview
• Exhibit 133: General Electric Co. – Business segments
• Exhibit 134: General Electric Co. – Key news
• Exhibit 135: General Electric Co. – Key offerings
• Exhibit 136: General Electric Co. – Segment focus

• 12.9 Hangzhou Steam Turbine Power Group Co. Ltd.
• Exhibit 137: Hangzhou Steam Turbine Power Group Co. Ltd. – Overview
• Exhibit 138: Hangzhou Steam Turbine Power Group Co. Ltd. – Product / Service
• Exhibit 139: Hangzhou Steam Turbine Power Group Co. Ltd. – Key offerings

• 12.10 Harbin Turbine Co. Ltd. 
• Exhibit 140: Harbin Turbine Co. Ltd. – Overview
• Exhibit 141: Harbin Turbine Co. Ltd. – Product / Service
• Exhibit 142: Harbin Turbine Co. Ltd. – Key offerings

• 12.11 Mitsubishi Heavy Industries Ltd. 
• Exhibit 143: Mitsubishi Heavy Industries Ltd. – Overview
• Exhibit 144: Mitsubishi Heavy Industries Ltd. – Business segments
• Exhibit 145: Mitsubishi Heavy Industries Ltd. – Key news
• Exhibit 146: Mitsubishi Heavy Industries Ltd. – Key offerings
• Exhibit 147: Mitsubishi Heavy Industries Ltd. – Segment focus

• 12.12 Nanjing Turbine and Electric Machinery Group Co. Ltd. 
• Exhibit 148: Nanjing Turbine and Electric Machinery Group Co. Ltd. – Overview
• Exhibit 149: Nanjing Turbine and Electric Machinery Group Co. Ltd. – Product / Service
• Exhibit 150: Nanjing Turbine and Electric Machinery Group Co. Ltd. – Key offerings

• 12.13 Porsche Automobil Holding SE 
• Exhibit 151: Porsche Automobil Holding SE – Overview
• Exhibit 152: Porsche Automobil Holding SE – Business segments
• Exhibit 153: Porsche Automobil Holding SE – Key offerings
• Exhibit 154: Porsche Automobil Holding SE – Segment focus

• 12.14 Shandong Qingneng Power Co. Ltd. 
• Exhibit 155: Shandong Qingneng Power Co. Ltd. – Overview
• Exhibit 156: Shandong Qingneng Power Co. Ltd. – Product / Service
• Exhibit 157: Shandong Qingneng Power Co. Ltd. – Key offerings

• 12.15 Shanghai Electric Group Co. Ltd. 
• Exhibit 158: Shanghai Electric Group Co. Ltd. – Overview
• Exhibit 159: Shanghai Electric Group Co. Ltd. – Product / Service
• Exhibit 160: Shanghai Electric Group Co. Ltd. – Key offerings

• 12.16 Siemens AG 
• Exhibit 161: Siemens AG – Overview
• Exhibit 162: Siemens AG – Business segments
• Exhibit 163: Siemens AG – Key news
• Exhibit 164: Siemens AG – Key offerings
• Exhibit 165: Siemens AG – Segment focus

• 12.17 Triveni Engineering and Industries Ltd.
• Exhibit 166: Triveni Engineering and Industries Ltd. – Overview
• Exhibit 167: Triveni Engineering and Industries Ltd. – Business segments
• Exhibit 168: Triveni Engineering and Industries Ltd. – Key offerings
• Exhibit 169: Triveni Engineering and Industries Ltd. – Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 170: Inclusions checklist
• Exhibit 171: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 172: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 173: Research methodology
• Exhibit 174: Validation techniques employed for market sizing
• Exhibit 175: Information sources

• 13.5 List of abbreviations 
• Exhibit 176: List of abbreviations

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