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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.
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.
Who are the major players in the steam turbine market?
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.
Why is the steam turbine industry booming in U.S.?
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.
What is the market share of reaction designed steam turbine?
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.
How big is the steam turbine market?
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.
Which segment of steam turbine is expected to grow the fastest?
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.