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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.
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.
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.
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.
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.