Global Steam Turbine Market Size, Share, Growth Analysis, By Capacity(Up to 150 MW, 151 to 300 MW), By End-use(Power & Utility, and Industrial) - Industry Forecast 2024-2031

Global steam turbine market size was valued at USD 16.27 Billion in 2022 and is poised to grow from USD 16.68 Billion in 2023 to USD 20.32 billion by 2031, at a CAGR 2.5% during the forecast period (2024-2031).

A rise in the commissioning of nuclear power plants is anticipated to address the energy deficit, leading to increased demand for steam-generating turbines in the coming years. By 2022, the United States is predicted to surpass Canada as the largest market in North America. One primary driver for the surge in steam turbine demand is the expansion of combined-cycle natural gas power plants in the country, renowned for their reliability in energy supply. Policymakers in the US are actively promoting the establishment of sustainable energy-producing facilities, which is poised to further stimulate steam turbine installations in the nation. The heightened governmental focus in the US on fostering energy-efficient and environmentally sustainable power generation facilities is also contributing to the rise in Combined Heat and Power (CHP) installations. The escalating demand for thermal power and heat in North America is expected to bolster market growth in the region throughout the forecast period. In the United Kingdom, policymakers are prioritizing efforts to reduce carbon emissions and promote energy-efficient electricity generation. Consequently, stringent environmental regulations and emission standards have been implemented and enforced rigorously. Steam turbines find significant application in industrial settings, particularly in Combined Heat and Power (CHP) units. The global growth of the steam turbine industry has been hindered by the COVID-19 pandemic due to shortages in turbine parts, resulting in manufacturing delays and logistical challenges. This has caused setbacks in ongoing steam turbine construction projects, with purchasers diverting finances to address pandemic-related issues, leading to a decline in turbine installation orders. Steam turbine manufacturers have taken additional measures to support end-users with ongoing projects, utilizing digital tools, adhering to social distancing guidelines, and providing Personal Protective Equipment (PPE) to ensure safety.

Top-down and bottom-up approaches were used to estimate and validate the size of the global Steam Turbine market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Steam Turbine Market Segmental Analysis

The global steam turbine market is segmented based on capacity, end user, and region. By capacity, the market is segmented into up to 150 MW, 151 to 300 MW, more than 300 MW. By end-use, the market is segmented into power & utility, and industrial. By region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Steam Turbine Market

The worldwide need for electricity is steadily increasing, driven by factors such as population growth, urbanization, and industrial expansion. Steam turbines are crucial components in power generation, especially in thermal power plants, where they excel in converting thermal energy into electrical power with high efficiency. This escalating demand for energy stands as a major catalyst for the growth of the steam turbine market.

Restraints in the Global Steam Turbine Market

The installation of steam turbines entails substantial capital investments, covering expenses for equipment, infrastructure, and installation. The considerable initial investment needed for steam turbine projects can pose a barrier, especially for small-scale power generation projects or initiatives in areas with restricted access to financing. The capital-intensive aspect of steam turbine installations has the potential to hinder market expansion.

Market Trends of the Global Steam Turbine Market

As countries worldwide aim to curb greenhouse gas emissions and combat climate change, there's a notable shift towards renewable energy sources. Steam turbines are pivotal in various renewable energy applications, including concentrated solar power (CSP), biomass, geothermal, and waste-to-energy plants. The rising adoption of these renewable energy sources is fueling demand for steam turbines in the market.