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In 2022, the market size for steam turbines was estimated at USD 16,543.80 million. A compound annual growth rate (CAGR) of 4.87% is anticipated for the Steam Turbine market from 2023 to 2030, taking it from USD 16,969.27 million to USD 20,747.68 million. The main primary factors propelling the growth of the steam turbine market are the rising demand for onsite power generation and the rising demand for electricity on a global scale.
The International Energy Agency predicts a 4.6% increase in worldwide energy consumption in 2021, twice as fast as in 2018. In a steam turbine, water is heated to generate mechanical or rotational energy. In a steam turbine, water is heated to generate mechanical or rotational energy. It is anticipated that the global energy demand would climb by 48% over the next 20 years as a result of the substantial increase in global population. Currently, 80 percent of the world's energy demands are met by fossil fuels.
Steam turbines, which also generated 45% of the country's electricity in 2021, create the majority of the electricity in the world. A boiler is a common component of steam turbines, where a fuel is burned to produce hot water and steam in a heat exchanger. A turbine is then propelled by the steam, and the turbine turns a generator. Most of the largest electric generation facilities in the US employ steam turbines.
The steam turbine market has been divided into three categories based on rated capacity: up to 150 MW, 150–300 MW, and over 300 MW. In 2022, the over 300 MW segment had the highest market share (56.63%). Steam turbines with a capacity of up to 150 MW are predicted to experience a significant growth during the forecast period as a result of the increased demand for industrial CHP units. CHP units are increasingly common in a range of process industries due to their higher efficiency than single units. Recently, there has been an increase in demand for CHP, which can also produce direct power, electricity, and heat. Due to the high demand for small steam turbines in small- and mid-sized combined cycle power plants (CCPP), combined heat and power (CHP), petrochemicals, biomass, and concentrated solar power (CSP) solutions, the 151 to 300 MW segment is anticipated to experience the highest growth during the forecast period. Additionally, manufacturers of steam turbines are focusing more on the small steam turbine category due to the high demand from the steel, cement, chemical, and other industries.
The market has been divided into Coal, Nuclear, Biomass, and Others based on the type of heat source. The largest market sector among them, accounting for 55.54% of the global market in 2022, is the coal segment. Steam turbines can utilise a variety of fuel sources in the accompanying boiler or other heat source, including coal, oil, natural gas, wood, and waste products, in addition to the waste exhaust heat recovered in a heat recovery steam generator. Among the fuels used by industrial boilers are wood, coal, natural gas, oil (including residual oil, the substance left over after the profitable distillates have been separated for separate sale), municipal solid waste, and sludge. The cost of an installation is greatly increased by the equipment needed for handling, storing, and preparing solid fuel. In order to avoid environmental or space occupancy issues, these fuels are only employed when it is anticipated that the facility will have a high annual capacity factor. Biomass is organic material that is renewable and comes from both plants and animals. The majority of the yearly energy consumption in the United States up to the middle of the 1800s was made up of biomass. In many countries, particularly in less developed ones, cooking and heating with biomass is a common practise. The use of biomass fuels for electricity generation and transportation is expanding in many industrialised countries as a means of reducing carbon dioxide emissions from burning fossil fuels. In 2021, biomass accounted for 5% of the primary energy utilised in the United States and over 5 quadrillion British thermal units (Btu).
Report Coverage
Global Steam Turbine research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Steam Turbine report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Steam Turbine competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Steam Turbine market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Steam Turbine market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Steam Turbine market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Shanghai Electric, Dongfang Electric Corp Ltd , Harbin Electric Corporation, Bharat Heavy Electricals Limited, Toshiba, Doosan, Ansaldo Energia, MAN Energy Solutions, Fuji Electric Co., Ltd., WEG
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Steam Turbine market based on the below-mentioned segments:
Global Steam Turbine Market, By Type
Condensing
Noncondensing
Global Steam Turbine market, By Heat Source
Coal
Nuclear
Biomass
Others
Global Steam Turbine Market, By End User
Industrial
Power & Utility
Global Steam Turbine market, Regional Analysis
The International Energy Agency predicts a 4.6% increase in worldwide energy consumption in 2021, twice as fast as in 2018. In a steam turbine, water is heated to generate mechanical or rotational energy. In a steam turbine, water is heated to generate mechanical or rotational energy. It is anticipated that the global energy demand would climb by 48% over the next 20 years as a result of the substantial increase in global population. Currently, 80 percent of the world's energy demands are met by fossil fuels.
Steam turbines, which also generated 45% of the country's electricity in 2021, create the majority of the electricity in the world. A boiler is a common component of steam turbines, where a fuel is burned to produce hot water and steam in a heat exchanger. A turbine is then propelled by the steam, and the turbine turns a generator. Most of the largest electric generation facilities in the US employ steam turbines.
The steam turbine market has been divided into three categories based on rated capacity: up to 150 MW, 150–300 MW, and over 300 MW. In 2022, the over 300 MW segment had the highest market share (56.63%). Steam turbines with a capacity of up to 150 MW are predicted to experience a significant growth during the forecast period as a result of the increased demand for industrial CHP units. CHP units are increasingly common in a range of process industries due to their higher efficiency than single units. Recently, there has been an increase in demand for CHP, which can also produce direct power, electricity, and heat. Due to the high demand for small steam turbines in small- and mid-sized combined cycle power plants (CCPP), combined heat and power (CHP), petrochemicals, biomass, and concentrated solar power (CSP) solutions, the 151 to 300 MW segment is anticipated to experience the highest growth during the forecast period. Additionally, manufacturers of steam turbines are focusing more on the small steam turbine category due to the high demand from the steel, cement, chemical, and other industries.
The market has been divided into Coal, Nuclear, Biomass, and Others based on the type of heat source. The largest market sector among them, accounting for 55.54% of the global market in 2022, is the coal segment. Steam turbines can utilise a variety of fuel sources in the accompanying boiler or other heat source, including coal, oil, natural gas, wood, and waste products, in addition to the waste exhaust heat recovered in a heat recovery steam generator. Among the fuels used by industrial boilers are wood, coal, natural gas, oil (including residual oil, the substance left over after the profitable distillates have been separated for separate sale), municipal solid waste, and sludge. The cost of an installation is greatly increased by the equipment needed for handling, storing, and preparing solid fuel. In order to avoid environmental or space occupancy issues, these fuels are only employed when it is anticipated that the facility will have a high annual capacity factor. Biomass is organic material that is renewable and comes from both plants and animals. The majority of the yearly energy consumption in the United States up to the middle of the 1800s was made up of biomass. In many countries, particularly in less developed ones, cooking and heating with biomass is a common practise. The use of biomass fuels for electricity generation and transportation is expanding in many industrialised countries as a means of reducing carbon dioxide emissions from burning fossil fuels. In 2021, biomass accounted for 5% of the primary energy utilised in the United States and over 5 quadrillion British thermal units (Btu).
Report Coverage
Global Steam Turbine research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Steam Turbine report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Steam Turbine competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Steam Turbine market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Shanghai Electric, Dongfang Electric Corp Ltd , Harbin Electric Corporation, Bharat Heavy Electricals Limited, Toshiba, Doosan, Ansaldo Energia, MAN Energy Solutions, Fuji Electric Co., Ltd., WEG |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Steam Turbine Market from 2021 to 2030.
- Market Forecast for Steam Turbine Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Steam Turbine competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Steam Turbine
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Steam Turbine market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Steam Turbine market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Shanghai Electric, Dongfang Electric Corp Ltd , Harbin Electric Corporation, Bharat Heavy Electricals Limited, Toshiba, Doosan, Ansaldo Energia, MAN Energy Solutions, Fuji Electric Co., Ltd., WEG
Primary Target Market
- Market Players of Steam Turbine
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Steam Turbine market based on the below-mentioned segments:
Global Steam Turbine Market, By Type
Condensing
Noncondensing
Global Steam Turbine market, By Heat Source
Coal
Nuclear
Biomass
Others
Global Steam Turbine Market, By End User
Industrial
Power & Utility
Global Steam Turbine market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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