NEW YORK, July 25, 2024 /PRNewswire/ — The global steam turbine market size is estimated to grow by USD 3884.4 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.19% during the forecast period. Growing demand for power generation is driving market growth, with a trend towards increasing focus on renewable energy. However, several problems associated with steam turbines poses a challenge. Key market players include ALSTOM SA, Baker Hughes Co., Dongfang Electric Corp. Ltd., Doosan Corp., Downer EDI Ltd., Ebara Corp., General Electric Co., Hangzhou Steam Turbine Power Group Co. Ltd., Harbin Turbine Co. Ltd., Heinzmann GmbH and Co. KG, Howden Group Ltd., Mitsubishi Heavy Industries Ltd., Moog Inc., Nanjing Turbine and Electric Machinery Group Co. Ltd., Porsche Automobil Holding SE, Shandong Qingneng Power Co. Ltd., Shanghai Electric Group Co., Siemens AG, Sumitomo Heavy Industries Ltd., and Triveni Engineering and Industries Ltd..
Technavio has announced its latest market research report titled Global steam turbine market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Steam Turbine Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.19% |
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Market growth 2024-2028 |
USD 3884.4 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
3.3 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 71% |
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Key countries |
China, US, India, Japan, and South Korea |
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Key companies profiled |
ALSTOM SA, Baker Hughes Co., Dongfang Electric Corp. Ltd., Doosan Corp., Downer EDI Ltd., Ebara Corp., General Electric Co., Hangzhou Steam Turbine Power Group Co. Ltd., Harbin Turbine Co. Ltd., Heinzmann GmbH and Co. KG, Howden Group Ltd., Mitsubishi Heavy Industries Ltd., Moog Inc., Nanjing Turbine and Electric Machinery Group Co. Ltd., Porsche Automobil Holding SE, Shandong Qingneng Power Co. Ltd., Shanghai Electric Group Co., Siemens AG, Sumitomo Heavy Industries Ltd., and Triveni Engineering and Industries Ltd. |
Market Driver
The steam turbine market is experiencing growth due to the increasing focus on renewable energy sources. Steam turbines play a crucial role in thermal-based renewable energy production, such as concentrated solar power, geothermal, biomass, and waste-to-energy power plants. Renewable energy, also known as clean energy, provides reliable power sources and fuel diversity, enhancing energy security and reducing the risk of fuel spills. India, for instance, has an installed renewable energy capacity of 152.36 GW as of January 2022, accounting for 38.56% of all installed power capacity. Power production from renewable energy sources increased from 11.51 BU in January 2021 to 13.15 BU in January 2022. As the emphasis on renewable energy continues to grow, the global steam turbine market is anticipated to expand during the forecast period. Steam turbines are a clean energy source that generates electricity with minimal environmental impact, making them a desirable solution for renewable energy applications.
The Steam Turbine Market is witnessing notable trends in various sectors, including petrochemicals, biomass, concentrated solar power, and renewable energy technologies. Small steam turbines are gaining popularity in power utilities and industrial segments for on-site power generation and self-generation. Electrical power generation from steam turbines is also being adopted by high-energy industrial users in the chemical, sugar, and refining industries for power and heat production. Fossil fuels like coal and natural gas continue to dominate the steam turbine market, but renewable energy resources are rapidly growing. Combined-cycle plants and gas turbines are also key players in the market. The International Energy Agency reports that global energy consumption is increasing, driving demand for steam turbines in electrical power facilities. Nuclear steam turbines are used in nuclear power plants for electricity generation. Steam turbines convert mechanical energy from rotational motion into electrical power, making them essential for industrial processes and utility-scale power generation. Boilers, fuel, hot water, steam, and heat exchangers are crucial components in steam turbine systems.
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Market Challenges
Steam turbines are essential components in industrial settings, converting thermal energy into mechanical energy for electricity production. However, these complex machines require specialized maintenance due to their numerous moving parts. Neglecting maintenance can lead to several issues, including blade damage, excessive vibrations, overheating, and steam leakage. Blade damage is a significant concern as turbine blades, responsible for transforming thermal energy into mechanical energy, are susceptible to wear and tear due to their active role within the machine. Corrosion, heat, and poor maintenance can cause these components to break down. Excessive vibrations can also pose a problem, with the machine trembling due to the spinning motion of the turbine blades. While some vibration is normal, excessive movement can lead to internal mechanisms wearing out and damaging bearings, causing instability. Overheating is another concern as steam turbines rely on a constant heat source to produce steam. While necessary for operation, overheating can lead to drive shaft warping, reducing efficiency and potentially endangering operator safety. Lastly, steam leakage through cracks and faulty parts can occur due to excessive vibrations, heat, and aging. Loose seal rings can cause steam to seep out, reducing efficiency and potentially leading to safety hazards. These issues can pose significant challenges to the growth of the global steam turbine market during the forecast period.
The Steam Turbine Market faces challenges from various fronts, including efficiency and emissions standards. Steam engines used in locomotives and thermal power projects must meet these regulations to minimize energy waste and reduce carbon emissions. Coal-fired power generation is under pressure due to renewable technologies, leading to increased investment in cogeneration and combined cycle segment. Energy optimization is crucial for power generation industries, with electricity demand growing due to urbanization and industrialization. Magnetic fields and electric current in steam turbines convert potential energy into kinetic energy, making them essential mechanical devices in power plants. Supply chain disruptions due to gas prices and logistic issues pose challenges. The chemical, pharmaceutical, and waste material sectors rely on steam turbines for their industrial applications. Government investment in clean power generation and emission norms is driving the market towards combined-cycle natural gas and CHP installations. Steam turbine buyers face logistical issues in turbine installations, and steam turbine parts require regular maintenance. The utility segment and geothermal energy segment are potential growth areas. Power generation plants must balance energy deficit with clean power generation and adhere to environmental norms.
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Segment Overview
This steam turbine market report extensively covers market segmentation by
End-user
1.1 Utility
1.2 Industrial
Type
2.1 Reaction
2.2 Impulse
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 Middle East and Africa
3.5 South America
1.1 Utility- The steam turbine market is driven by the widespread use of steam turbines in power generation, particularly in utility applications. Steam turbines are the primary means of generating electricity in power plants that utilize steam. The size and configuration of steam power plants depend on the amount of steam required for generation. Traditional steam turbines have historically been fueled by coal, but growing environmental concerns have led to a shift towards cleaner alternatives. Siemens Energy is a key vendor in the market, offering a range of steam turbine packages, including the SST-4000 and SST-9000 series. The SST-4000 series is a specialized turbine for non-reheat combined cycle applications, with a power range from 100 to 500 MW. Its unique blade path design ensures high reliability and availability. Over 40 units, with a combined capacity of about 8,200 MW, are already operational or in commissioning phase. The SST-9000 series, with a power output of up to 1,900 MW, is ideal for conventional islands of modern pressurized water reactors in nuclear power plants. Its low-pressure turbines with shrunk-on wheel discs have been tested over many years, ensuring no stress corrosion cracking and no need for rotor or wheel disc replacements during the expected service life. With the increasing use of steam turbines in power utilities, the steam turbine market is expected to grow significantly during the forecast period.
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The global Steam Traps Market is expanding due to rising industrial demand for energy efficiency and maintenance reduction. The Heat Recovery Steam Generator (HRSG) Market is also growing, driven by the need for effective waste heat recovery in power plants, which enhances energy efficiency. Similarly, the Gas Turbines for the Power Industry Market is experiencing significant growth, fueled by the shift towards cleaner energy sources and the need for reliable, efficient power generation. These markets are influenced by technological advancements and increased focus on sustainability.
Research Analysis
Steam turbines are essential components in power generation, converting mechanical energy from a steam source into electrical energy. They play a significant role in various power plants, including combined-cycle natural gas and CHP installations, providing clean power generation and reducing carbon emissions. With the growing energy deficit and increasing electricity demand, steam turbines continue to be in high demand for both onsite power generation and international thermal power projects. The International Energy Agency reports that global energy consumption continues to rise, making the optimization of energy use through steam turbines increasingly important. These generators utilize a magnetic field to create rotational energy, which is then converted into electrical energy. Steam turbines have applications beyond power generation, including water heating and steam engines for locomotives. However, with stricter emission norms and environmental regulations, the focus is shifting towards renewable technologies and cogeneration to reduce the reliance on fossil fuels and coal-fired power generation.
Market Research Overview
The Steam Turbine Market encompasses the production, installation, and maintenance of steam turbines used in various power generation applications. Steam turbines convert mechanical energy from steam into electrical power, making them a crucial component in power plants and industrial processes. The energy deficit worldwide has led to an increased focus on clean power generation, with steam turbines playing a significant role in combined-cycle natural gas and CHP installations. Renewable energy resources, such as biomass, concentrated solar power, and nuclear steam turbines, are also gaining popularity due to stricter emission norms and environmental concerns. Industrial applications, including petrochemicals, sugar plants, refineries, and chemical facilities, rely on steam turbines for power and heat generation. Steam turbine parts, logistical issues, and turbine installations are key considerations for steam turbine buyers. The market includes both condensing and noncondensing steam turbines, with high-pressure steam and lower-pressure steam segments. Consistent power output, steam extraction, and co-generation are essential features of steam turbines. The market size is significant, with the International Energy Agency reporting global energy consumption at over 14,000 TWh in 2019. Electricity prices and demand continue to rise, making onsite power generation and self-generation increasingly attractive options for high-energy industrial users. The market includes various types of steam turbines, including condensing steam turbines, noncondensing steam turbines, and nuclear steam turbines, with rated capacities ranging from small units to large-scale power plants (151-300 MW segment). Combined cycle systems and sustainable energy networks are driving the market towards energy-efficient technologies, such as condensing steam turbines and steam extraction, to meet the growing electricity demand-supply gap.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-user
Utility
Industrial
Type
Reaction
Impulse
Geography
APAC
North America
Europe
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio