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Steam Turbine Market Size

Report ID: GMI1269
Published Date: Oct 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Steam Turbine Market Size in 2023:	USD 22.9 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	3%
2032 Value Projection:	USD 30.3 Billion
Historical Data for:	2021 - 2023
No. of Pages:	150
Tables, Charts & Figures:	60
Segments covered:	Design, Exhaust, Fuel, End Use, Capacity, Technology and Region
Growth Drivers:	Growing investment toward generating capacity expansion Rising utilization of cogeneration technology Focus on combined cycle generation
Pitfalls & Challenges:	High initial investment

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of steam turbine reached USD 22.9 billion in 2023 and is set to grow at a CAGR of over 3% from 2024 to 2032, driven by rising demand for reliable and efficient electricity along with the growth in new power plant construction.

The steam cycle segment is expected to register a CAGR of over 2.5% through 2032, led by growing emphasis on reducing landfill waste and enhancing waste management.

The reaction designed steam turbine market is likely to exceed USD 25 billion by 2032, on account of ongoing innovations including optimized blade designs and advanced steam flow management systems combined.

U.S. market for steam turbine market will cross over USD 400 million by 2032, due to the increasing applicability of these systems across geothermal and biomass powered power plants.

Major players in the industry 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.