Steam Turbine Market Size/Share Expected to Revenue $17.7 Billion by 2028 at a CAGR of 2.20% |  (Analysis, Perspectives, Leaders, Trends, Forecasts, Segmentation, Growth, Growth Rate, Value): Markets N Research

Steam Turbine Market Size/Share Expected to Revenue $17.7 Billion by 2028 at a CAGR of 2.20% | (Analysis, Perspectives, Leaders, Trends, Forecasts, Segmentation, Growth, Growth Rate, Value): Markets N Research

Markets N Research

Major players in the steam turbine market are Toshiba Corporation, Fuji Electric Co. Ltd, Istom SA, Mitsubishi Hitachi Power Systems, Siemens AG, Man Diesel & Turbo SE, Bharat Heavy Electricals Ltd., Doosan Skoda Power, Kawasaki Heavy Industries and Ansaldo Energy. .

Chicago, Nov. 14, 2022 (GLOBE NEWSWIRE) — The report “Steam Turbine Market by Design (Reaction, Impulse), Exhaust (Condensing, Non-Condensing), Fuel (Fossil Fuel, Biomass, Geothermal), End Use (Industrial, Utility), Technology (Steam Cycle, Combined Cycle, Cogeneration) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2028“; states that the Steam Turbine Market is expected to grow from USD 15.5 Billion in 2021 and is projected to reach USD 17.7 Billion by 2028; it is expected to grow at a CAGR of 2.20% from 2021 to 2028.

The number of power plants built around the world makes up for the shortage of energy. Along with the growing emphasis by politicians in several countries on building energy efficient and clean power generation facilities, this is one of the major factors impacting the business. Combined heat and power (CHP) plants are also becoming more necessary as new uses for excess heat from electricity generation are discovered. This helps the market, as does the introduction of cutting-edge innovations like cryptocurrency and 5G technology, which use a significant amount of electricity to operate.

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List of Steam Turbine Key Players:

  • Toshiba Company

  • Fuji Electric Co.Ltd

  • At the same time

  • Mitsubishi Hitachi Power Systems

  • Siemens AG

  • Male Diesel & Turbo SE

  • Bharat Heavy Electricals Ltd.

  • Doosan Skoda Power

  • Kawasaki Heavy Industries

  • Ansaldo Energy

Steam Turbine Market Dynamics: Drivers, Constraints, Opportunities

Drivers: Increase in power demand
Constraints: Restrictions due to climatic concerns
Opportunities: Increase in government policies

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RECENT DEVELOPMENTS

  • In June 2022, 700 MW nuclear steam turbines were produced by GE and BHEL through licensing and technology transfer agreements. This project involves 12 of the 700 MWe pressurized heavy water reactors that NPCIL is creating with its nuclear reactor technology (PHWR). The country will have 8.4 GW of CO2-free electricity, which is more than enough to power more than 14 million homes.

  • In December 2021, the The Electricity Utility of Guangdong Province, Greater Bay Area. has ordered two GE 9HA.01 gas turbines for its Guangdong Huizhou combined cycle power plant. This order was made public by General Electric and Harbin Electric Corporation.

  • In July 2021, Nuclear Power Corporation of India Limited (NPCIL) has awarded a contract to Bharat Heavy Electricals Limited (BHEL) to supply 12 locally fabricated 700 MWe Pressurized Heavy Water Reactor (PHWR) steam generators, which would be built at four different locations across the country.

Scope of Steam Turbine Market:

Report attribute

Details

base year

2021

Historical year

2018 – 2020

forecast year

2022 – 2028

Segments Covered

By Design, By Exhaust, By Fuel, By End Use, By Technology

Forecast units

Value (USD billion) and volume (units)

Quantitative units

Revenue in USD Million/Billion and CAGR from 2022 to 2029

Regions covered

North America, Europe, Asia-Pacific, Middle East and Africa, Latin America and Rest of the World

Steam Turbine Market Segmentation:

Global Steam Turbine Market – By Design

Global Steam Turbine Market – By Exhaust

Global Steam Turbine Market – By Fuel

  • Fossil fuels

  • Biomass

  • Geothermal

Global Steam Turbine Market – By End Use

Global Steam Turbine Market – By Technology

  • Steam cycle

  • Combined cycle

  • Cogeneration

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The pulse category in the steam turbine market is expected to be the fastest growing segment during the forecast period

Pulse segment is expected to witness the fastest growth over the forecast period. High-speed jets of water or steam collide with the turbine blades in this turbine, which spins the turbine and uses this winding to generate power. The chemical and electrical industries make extensive use of impulse turbines. Impulse turbines are used in the chemical industry to transform thermal energy from steam and hot gases into mechanical work. Impulse turbines are used in the electricity sector to generate electricity in hydroelectric facilities and steam thermal power plants. The main advantage of an impulse turbine is its ability to start without the need for auxiliary equipment such as compressors, which reduces the initial and ongoing costs of generating electricity.

Industrial Category of Steam Turbine Market to Register Highest CAGR from 2022 to 2027

The industrial category is expected to account for the highest CAGR in the steam turbine market from 2022 to 2027. The need for steam engines in the industrial sector is rapidly increasing. In large industries like chemical plants and refineries, among others, these motors are mostly deployed. In addition, significant investments have recently been made in the construction and establishment of new industrial facilities, which has stimulated the demand for steam turbines. Additionally, steam turbines are used in industrial applications as cogeneration units. These units create outputs in different ways and are more efficient than single units. The increased need for steam turbines in internal power plants in the industrial sector is also the result of frequent load limitations and power interruptions.

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Regional outlook-

North America is expected to grow at a significant rate in steam turbine market share from 2022 to 2027

North America is the fastest growing region in the steam turbine market. The growing integration of combined cycle technologies for captive power generation in the region is responsible for the growth of the market in this area. The adoption of combined cycle technology in captive power generation in heavy industries is another factor driving the increase. Product penetration will be facilitated by a paradigm shift in favor of the manufacturing sector and an expansion of its applicability in the metals, pulp and paper, and food and beverage sectors. The gradual replacement of decommissioned coal-fired power plants with combined cycle technology will also support market valuation.

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