May 18, 2024
Steam Turbine Market

Propelled By Rising Demand For Renewable Energy Sources, The Steam Turbine Market Exhibits Promising Growth

Large paragraph: Steam turbines convert thermal energy from pressurized steam into rotary motion. They are widely used in power plants to generate electricity. Steam turbines play a vital role in maximizing the power generation from renewable energy sources such as biomass, geothermal, and solar thermal energy. Moreover, steam turbines provide reliable baseload power and help reduce carbon footprint.

The global Steam Turbine Market is estimated to be valued at US$ 16.63 Bn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising demand for renewable energy sources is one of the key factors driving the growth of the steam turbine market. Renewable energy sources such as solar, wind, biomass, and geothermal are experiencing increased adoption worldwide owing to supportive government policies and growing environmental concerns. Steam turbines help maximize the power generation from renewable sources and integrate intermittent renewable energy into the grid efficiently. For instance, concentrated solar power plants utilize steam turbines to convert solar thermal energy into electricity. Similarly, biomass and geothermal power plants also use steam turbines. This rising integration of steam turbines with various renewable energy technologies is expected to boost the demand over the forecast period.

SWOT Analysis
Strength: Steam turbines have high efficiency, reliability, durability and flexible operations. They can utilize a variety of fuels and have proven technology and design.
Weakness: Steam turbines require a significant initial investment and have high maintenance costs. Their design is complex with many moving parts. Environmental regulations around emissions are becoming more stringent.
Opportunity: There is opportunity in replacing aging power generation infrastructure with newer efficient steam turbines. Growth in renewable energy integration is driving the need for grid stability solutions where steam turbines can play a role.
Threats: Rising focus on renewable energy is a threat as it reduces dependency on fossil fuels typically used in steam plants. Technologies such as gas turbines, combined cycle plants and distributed energy resources also pose competition.

Key Takeaways

The Global Steam Turbine Market Demand is expected to witness high growth. The market was valued at US$ 16.63 Bn in 2023 and is forecast to reach US$ 18.32 Bn by 2030, expanding at a CAGR of 2.2% during the forecast period.

Regional analysis

Asia Pacific dominates the global market with China, India, Japan, and South Korea being major countries. The region accounts for around 65% share of the total market owing to growing electricity demand and focus on expanding power generation capacity utilizing affordable coal.

Key players

Key players operating in the Steam Turbine Market are General Electric (GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Å koda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd. GE is a leader with largest installed base worldwide. Siemens Energy and Mitsubishi Power are other top suppliers focusing on innovations to improve turbine efficiency.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it