Steam Turbine Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Steam Turbine Market: Snapshot
The global steam turbine market is estimated to gain a valuation of US$ 30.2 Bn by 2027. Hence, the market for steam turbine is expected to expand at a CAGR of 2.8% during the forecast period of 2020 to 2027. Furthermore, the steam turbine market was valued at US$ 24.1 Bn in 2019.
Steam turbine refers to a generator that uses heating water in order to develop rotational or mechanical energy. The International Energy Agency states that there has been increase in the global energy use by 2.3% in 2018, which is around double the standard rate in the past 10 years. Some of the key reasons of this situation include expanded interest for electricity and sturdy development of global economy. Rise in the demand for electricity is prognosticated to result into promising demand prospects in the global steam turbine market in the upcoming years.
Generally, steam-electric power plants are being increasingly utilized for the production of electric power. The demand for electricity is increasing consistently owing to many factors including the rising global population. This factor, in turn, is propelling the demand avenues in the steam turbine market. In addition, the global market for steam turbine is being driven by surge in the product demand in petrochemical, industrial, and power generation applications.
Companies operating in the global steam turbine market are increasing efforts to improve the quality of products they offer. Hence, they are seen increasing investments in R&D activities. Moreover, several enterprises in the global market for steam turbine are focusing on their regional expansion. As a result, many steam turbine manufacturers are increasing participation in mergers, acquisitions, partnerships, and collaborations. Furthermore, several players operating in the global steam turbine market are strengthening their production abilities so to cater to the rising product demand.
With the assistance of blades joined to a rotor, the steam turbines change thermal energy of steam into mechanical energy. The turbine begins to turn when steam of high pressure goes through the succession of rotor blades. With the developing populace over the world, and robust urbanization in developing economies, the continuous demand for power and energy is heightening reliably, and therefore, the demand in the worldwide steam turbine market is anticipated to extend at a sound rate. The demand for steam turbine will be high from the integration of nuclear energy and the upgradation relating to plants and production. Rise in deep-water marine exploration and excavation and the robust industrial growth are further going to supplement the progress of the market in the years to come.
The market for steam turbine might be challenged due to the prevalence of strict government norms relating to the replacement of generic sources of energy. The rising focus on gas-fired power production and the rising emphasis on the use of clean resources namely natural gas and other forms of renewable energy is anticipated to further inhibit the growth of the global steam turbine market in the years to come. In the years ahead supercritical innovation will be an essential part in expanding the generation limit and in addition proficiency, other than diminishing the greenhouse gasses. It has likewise been noticed that few old steam turbines are achieving a developing stage, which will additionally expand the interest for the high-end steam turbines.
Global Steam Turbine Market: Overview
With the help of blades attached to a rotor, the steam turbines convert thermal energy of steam into mechanical energy. The turbine starts to rotate when high pressure steam passes through sequence of rotor blades. With the growing population across the world, and rapid urbanization in several emerging economies, the demand for energy is escalating consistently, and as a result, the demand in the global steam turbine market is expected to expand at a healthy rate during the forecast period of 2017 to 2025.
This report on the global steam turbine market has been prepared using proven research methodologies, and includes steam turbine market segmentations, market size and growth prospects, value chain analysis, key opportunities, and industry analysis including Porter’s five forces. The report has been prepared to serve as an information guide to targeted audiences such as distributors and suppliers, OEMs, private equity groups. The report also includes a featured section on the companies that are currently active in the global steam turbine market, estimating their market share, financial performance, product benchmarking, and recent strategic initiatives.
The global steam turbine market can be segmented on the basis of type into steam cycle and combined cycle, on the basis of application into coal, nuclear, biomass, and others, on the basis of rated capacity into 1 to 120 MW, 121 to 350 MW, 351 to 750 MW, and above 750 MW. By exhaust type, the market can be segmented into condensing and non-condensing. Geographically, the report studies the potential available for steam turbine market in the regions such as North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Global Steam Turbine Market: Drivers and Restraints
Rapid industrialization in emerging economies and rising global population, which are consistently propelling the demand for energy, are the primary factors augmenting the demand for steam turbine. Steam turbines are essential in generating electricity from various sources such as nuclear, biomass, and coal. Moreover, the report observes that in the coming years, supercritical technology will play an important role in increasing the generation capacity as well as efficiency, besides decreasing the greenhouse gases. It has also been noted that several old steam turbines are reaching a maturing stage, which will further augment the demand for the advanced steam turbines. Currently, steam turbine of capacity between 121 MW to 350 MW serves the maximum demand, owing to its application in CHP units.
Conversely, the growing emphasis on gas-fired power generation, and increasing emphasis on cleaner resources such as natural gas and renewable energy owing to environmental concerns are expected to hinder the growth rate during the forecast period. Each of these factors have been analyzed in detail in the report and their eventual implications have been estimated.
Global Steam Turbine Market: Regional Outlook
India and China are the two most lucrative country-wide markets for steam turbine market, which makes Asia Pacific the most important region for this market. In China, there are more than 150 new coal-fired power plants in pipeline while India is aspiring to strengthen its position in the power sector. General Electric (GE) are introducing 660MW and 800MW supercritical steam turbines in India while Siemens is investing US$44.2 million in the country to expand its steam turbine facility in Vadodara, Gujarat.
Companies mentioned in the research report
Siemens, General Electric Co., Toshiba, Ansaldo, Mitsubishi Heavy Industries Ltd., Hitachi, and Dresser-Rand are some of the leading vendors in the global steam turbine market, which is primed to get consolidated with little potential for new entrants in the new future. Moreover, these prominent players aggressively acquire smaller players to maintain their stronghold over the market and establish their monopoly.
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