Steam Turbine Market Size

The global steam turbine market was valued at USD 22.9 billion in 2023 and is estimated to grow at a CAGR of 3% from 2024 to 2032. The rising demand for reliable and efficient electricity along with the growth in new power plant construction particularly in emerging economies will drive the industry dynamics. The modernizing existing infrastructure and the increasing adoption of energy-efficient technologies will further enhance the business potential.

A steam turbine is a mechanical device that transforms thermal energy from pressurized steam into rotational mechanical energy. The increasing industrial power demands and the adoption of combined heat and power systems along with the integration of advanced control systems will drive product deployment. Furthermore, the demand for high-capacity turbines in large-scale power generation will accelerate the industry scenario. Ongoing investments in power infrastructure to meet rising energy needs coupled with continuous technological advancements to enhance operational efficiency will further propel business growth.

Steam Turbine Market Trends

The industry is set for significant growth driven by the simplicity, efficiency and cost-effectiveness of these systems. Major investments in expanding generation capacities coupled with increasing electricity demand will further fuel the business momentum. Its ability to maximize energy extraction from steam makes them highly sought after for thermal power generation, strengthening the industry dynamics. Growing awareness of environmental concerns and energy security combined with the adoption of advanced digital technologies including remote monitoring & predictive maintenance will enhance the business landscape.

Steam Turbine Market Analysis

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The reaction designed steam turbine industry is set to surpass USD 25 billion by 2032. These turbines are recognized for their ability to efficiently manage varying load conditions, deliver superior performance and fuel efficiency, making them an ideal choice for power plants aiming to meet the growing demand. Ongoing innovations including optimized blade designs and advanced steam flow management systems combined with the rapid rise in global trade and economic activity will further enhance the industry's potential.

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The steam cycle steam turbine market is projected to grow at a CAGR of over 2.5% through 2032. The growing emphasis on reducing landfill waste and enhancing waste management is driving the adoption of these technologies. The increasing use of steam turbines coupled with advanced algorithms to optimize operational cycles, and efficiency will boost the business growth. Growing use of these technology across refining, petrochemicals and steel industries in conjunction with increasing focus on decarbonization through alternative fuels and hybrid systems, will further encourage the deployment of these units.

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U.S. steam turbine market will reach over USD 400 million by 2032. The growth of manufacturing facilities along with the adoption of efficient turbines across various industries including will further drive the industry expansion. Increasing applicability of these systems across geothermal and biomass powered power plants will further energize the technological adoption. Additionally, ongoing government initiatives aimed at maximizing turbine efficiency which promote investments in upgrades, repairs and emissions control technologies will enhance the business outlook.

The Asia Pacific steam turbine market is set to experience robust growth fueled by the increasing demand for energy management in urban areas. The region shift toward cleaner energy solutions and a mix of renewable energy with traditional power sources will further propel the industry. Growing investments in infrastructure development and the ongoing modernization of existing power plants further contribute to the industry upward trajectory.

Steam Turbine Market Share

Siemens Energy is one of the key leaders in the energy sector, specializing in power generation, transmission, and industrial applications. Its offerings cater to a wide range of industries, from utility-scale power plants to industrial facilities. The company focus on innovation, digitalization, and sustainability ensures that their turbines offer optimal performance with reduced emissions and improved operational efficiency. It has developed highly efficient, flexible and reliable turbine technologies.

Steam Turbine Market Companies

Major players operating in the steam turbine industry are:

• Ansaldo Energia
• Bharat Heavy Electricals Limited
• Chart Industries
• Chola Turbo
• Dongfang Turbine
• Doosan Skoda Power
• Ebara Elliott Energy
• Fuji Electric
• Hangzhou Turbine Power Group
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Mitsubishi Power
• NCON Turbo Tech
• Shin Nippon Machinery
• Siemens Energy
• Sumitomo Heavy Industries
• Toshiba Energy Systems & Solutions
• Trillium Flow Technologies
• Triveni Turbine
• Turbotech Precision Engineering
  

Steam Turbine Industry News

• In August 2024, Mitsubishi Power delivered its cutting-edge steam turbine for the 500 MW gas turbine combined cycle (GTCC) power plant in Malaysia, as part of a contract with Sinohydro Corp. The steam turbine, can co-fire up to 30% hydrogen, is designed to enhance energy efficiency and minimize emissions. Additionally, Mitsubishi Power has secured an agreement with PETROS to maintain the plant's operational stability and performance after it becomes commercially operational.
  
• In February 2024, Doosan Škoda Power secured a contract to deliver a high-efficiency steam turbine for the expansion of a waste-to-energy plant in Spring Hill, Florida, marking its first collaboration with Covanta outside Europe. Moreover, Covanta partnered with Pasco County to enhance the facility’s capacity by 131,500 tons of waste annually.
  

This steam turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & volume (MW) from 2021 to 2032, for the following segments:

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Market, By Design

• Reaction
• Impulse

Market, By Exhaust

• Condensing
• Non-condensing

Market, By Fuel

• Fossil fuel
• Biomass
• Geothermal

Market, By End Use

• Industrial
  • Refinery
  • Chemical plant
  • Sugar plant
  • Pulp & paper
  • Others
• Utility

Market, By Capacity

• ≤ 3 MW
• > 3 MW - 100 MW
• > 100 MW

Market, By Technology

• Steam cycle
• Combined cycle
• Cogeneration

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Russia
  • Germany
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Indonesia
  • Malaysia
  • Thailand
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Iran
  • Egypt
  • South Africa
  • Nigeria
  • Turkey
  • Morocco
• Latin America
  • Brazil
  • Argentina
  • Chile