STEAM TURBINE MARKET SIZE, SHARE & TRENDS ANALYSIS REPORT BY

CAPACITY (<150

MW, 151-300 MW, >300 MW), 2023 - 2030

The global steam turbine market size was valued at an impressive US$16.27 billion in 2022 and is projected to register a compound annual growth rate (CAGR) of 2.5% from 2023 to 2030. An increase in the number of power plants is likely to be commissioned to compensate for the energy deficit and this is expected to propel the demand for steam turbines in the coming years, says a key report by Grand View Research.

Figures show the US held the largest market share in North America in 2022. There was an increase in the number of combined-cycle natural gas plants in the country as they are reliable sources of energy. This is one of the prominent reasons for the rising demand for steam turbines in the U.S.

Policymakers there are focusing on developing sustainable energy generation plants. This is anticipated to be a surge the number of steam turbine installations in the U.S. in the coming years.

The increasing focus of the US Government on establishing energy-efficient and clean power generation plants is also contributing to the surge in the number of CHP installations in the country.

Rising demand for combined heat and power across North America is expected to drive the growth for the market in the region over the forecast period.

Policymakers in the UK, for example, are focusing on reducing carbon emissions and carrying out energy-efficient power generation. This has resulted in the formulation and stringent implementation of various environmental and emission norms in the country. Steam turbines are employed in industrial applications for use in CHP units.

The COVID-19 pandemic has hindered the growth of the market for steam turbines globally owing to the shortage of steam turbine parts - this delays their production and has caused logistic issues.

The corollary to this is delays in ongoing steam turbine installation projects. A reduction in new orders for turbine installations has been noticed owing to the diversion of funds by steam turbine buyers to sustain the market during the former COVID-19 crisis.

Steam turbine manufacturers have taken subsequent steps to provide turbines to end users with ongoing projects. Vendors gave been opting for digital tools, have been following social distancing norms and even using PPE to carry out new power plant installations. Based on capacity, the market for steam turbines has been segmented into up to 150 MW, 151 to 300 MW, and more than 300 MW. In terms of revenue, more than 300 MW accounted for the largest share of 61.61% in the global market in 2022. Up to 150 MW capacity steam turbines are expected to witness significant growth on account of increasing demand for industrial CHP units.

FIGURES SHOW THE US HELD THE LARGEST MARKET SHARE IN NORTH AMERICA IN 2022. THERE WAS ALSO AN INCREASE IN THE NUMBER OF COMBINED-CYCLE NATURAL GAS PLANTS.

CHP units are getting popular across various process industries on account of their superior efficiencies than single units.

CHP also serves as a source of direct power, electricity, and heat, and it has observed a surge in demand in the recent past.

Due to high demand of small steam turbines in small- and mid-sized combined cycle power plants (CCPP), combined heat and power (CHP), petrochemicals, biomass, and concentrated solar power (CSP) solutions, the segment is expected to have the highest growth over the forecast period.

In addition, vendors manufacturing steam turbines are more focused on the small steam turbines category due to high demand from steel, cement, chemical, and other industries.

The demand of large capacity steam turbine is expected to see a decline due to the transition to renewable and clean energy technologies from coal-based power technologies in countries across the globe.

However, increasing demand for uninterrupted power supply from developing countries such as China and India is expected to add to the market value of large capacity steam turbines over the forecast period. The demand of large capacity steam turbine is expected to see a decline due to the transition to renewable and clean energy technologies from coal-based power technologies in countries across the globe.

However, increasing demand for uninterrupted power supply from developing countries such as China and India is expected to add to the market value of large capacity steam turbines over the forecast period. Based on end-use, the market has been segmented into power & utility and industrial. In terms of revenue, power & utility segment led the market in 2022 by accounting for a share of 85.55% of the market this year.

This segment is expected to maintain its dominance in the market over the forecast period as well. Steam turbines have been traditionally employed in electrical power generation applications.

Steam turbine units can be paired with any combustion fuel, however; coal has been the preferred fuel in the past.

Increasing environmental concerns have restricted the usage of coal-fired power plants and clean energy sources such as natural gas. Moreover, the usage of renewable energy resources has become the norm.