Steam Turbine Market

A steam turbine can be defined as a device that converts the thermal energy of steam into mechanical energy. A steam turbine normally consists of a boiler, turbine, condenser, feed pump, and a variety of auxiliary devices. In the steam turbine, the thermal energy contained in the steam is converted to mechanical energy by expansion through the turbine. Turbines force high-pressure steam through multistage rotors and extract all the possible energy from the pressure. It is generally used to drive an electric generator or to create propulsion for ships, airplanes, missiles. Steam turbines are used with many sources of energy that includes nuclear, coal, fossil fuels, and geothermal steam. Steam turbine market has been segmented on its type, by rated capacity, by application, by exhaust type, and by geographical region.

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Rapid industrialization and the growing demand for electricity and the development of more efficient turbines & technology are some of the major factors driving the growth of the steam turbines market. Increasing utilization of steam turbines in industries to run generators at power plants, to run engines in large ships, and use of smaller capacity steam turbines to drive pumps and fans at petrochemical plants are further propelling the market growth. In addition to this, larger capacity, less space requirement, and a greater range of speed are some of the prominent features of steam turbines that contribute to the growth of the market. Frequent power cuts, blackouts, and load shedding have led to the increasing investments toward the development of large-scale thermal power projects, which in turn, are stimulating the demand for steam turbines. Regulatory policy restrictions on fossil-fuel fired power plants and a longer start-up time of steam turbines as compared to gas turbines and reciprocating engines are some of the factors that are expected to hamper the growth of the market.

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Based on the type, the market has been segmented into the steam cycle, combined cycle, and cogeneration. The cogeneration segment is anticipated to grow at a higher CAGR over the forecast period, primarily due to the use of one fuel source for generating electricity and heat simultaneously. Additionally, it requires less amount of fuel, reduces thermal and electrical costs, and decreases the emission of greenhouse gases. This helps in enhancing the operational efficiency of companies, thereby encouraging the end-users to opt for this type of turbine.

Based on the rated capacity, the market is segmented into 1-120 MW, 121-350 MW, 351-750 MW, and above 750 MW. The 1-120 MW segment is expected to account for higher CAGR owing to the utilization of low capacity steam turbines as mechanical drives for pumps, compressors, and other shaft driven equipment. Additionally, the growing application of these low capacity steam turbines in a variety of industries and commercial spaces, including paper, food, chemicals, hospitals, universities, and other medium and large-scale industries, will further surge the segment’s growth.

Based on the application, the market is segmented into coal, biomass, nuclear, and others. The coal segment is expected to grow at a higher CAGR in the market. This is mainly due to the increasing number of coal based power plants across the world. Various advantages offered by coal-fired power plants such as higher reliability, affordability, abundance, known technologies, safety, and efficiency, along with the increasing demand for electricity worldwide, is further contributing to the growth of the market.

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Based on the region, the Asia-Pacific region is anticipated to lead the market over the forecast period. This growth is attributed to the increasing economic growth and the growing need to access to electricity in the region. The increasing installation of thermal power generation units in China, India, and other Southeast Asian countries is expected to foster the market growth. Growing industrialization, increasing penetration of heavy equipment industries, and expansion of the oil & gas sector are further anticipated to support the development of the market in the Asia-Pacific region.

Various notable players operating in the global steam turbine market include Toshiba Corporation, Dongfang Electric Corporation, Bharat Heavy Electricals Limited, General Electric Company, Mitsubishi Heavy Industries, Ltd., Siemens AG, Harbin Electric International Company Limited, Doosan Heavy Industries & Construction, Alstom SA, and Sulzer Ltd., among other.

 Key Developments: 

• • In 2019, GE Steam Power and AAEM Turbine technology LLC, a joint venture formed to manufacture the ‘Arabelle’ steam turbine for the Akkuyu Nuclear Power Plant project in Turkey. This joint venture is expected to strengthen the company customer base and enhance the profitability of the company.
  • In 2019, Toshiba Energy Systems & Solutions Corporation and Kawasaki Heavy Industries collaborated to supply medium-capacity steam turbines of capacity 300 MW or less for utility and industrial thermal power plants. This collaboration is expected to enhance the product portfolio of both the company.

The global Steam Turbine market has been segmented on the basis of type, rated capacity, exhaust type, application, and region. Based on the type, the market has been segmented into steam cycle, combined cycle, and cogeneration. Based on the rated capacity, the market is segmented into 1-120 MW, 121-350 MW, 351-750 MW and above 750 MW. Based on exhaust type, the market is segmented into condensing and noncondensing. Based on application, the market is segmented into coal, biomass, nuclear, and others.

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Key questions answered in this research report:

• • At what pace is global steam turbine market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in steam turbine market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global steam turbine market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various applications of global steam turbine market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Rated Capacity, By Exhaust Type, By Application, and  By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Toshiba Corporation, Dongfang Electric Corporation, Bharat Heavy Electricals Limited, General Electric Company, Mitsubishi Heavy Industries, Ltd., Siemens AG, Harbin Electric International Company Limited, Doosan Heavy Industries & Construction, Alstom SA, and Sulzer Ltd. among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Steam Turbine Market by Type

• • Steam Cycle
  • Combined Cycle
  • Cogeneration

Global Steam Turbine Market by Rated Capacity

• • 1-120 MW
  • 121-350 MW
  • 351-750 MW
  • Above 750 MW

Global Steam Turbine Market by Exhaust Type

• • Condensing
  • Non-condensing

Global Steam Turbine Market by Application

• • Coal
  • Nuclear
  • Biomass
  • Others

Global Steam Turbine Market by Region

• • North America Steam Turbine Market (Option 1: As a part of the free 25% customization)
    • North America Market by Type
    • North America Market by Rated Capacity
    • North America Market by Exhaust Type
    • North America Market by Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Steam Turbine Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Type
    • Europe Market by Rated Capacity
    • Europe Market by Exhaust Type
    • Europe Market by Application
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Steam Turbine Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Type
    • Asia-Pacific Market by Rated Capacity
    • Asia-Pacific Market by Exhaust Type
    • Asia-Pacific Market by Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Steam Turbine Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Type
    • RoW Market by Rated Capacity
    • RoW Market by Exhaust Type
    • RoW Market by Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Steam Turbine Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Toshiba Corporation 
  • Dongfang Electric Corporation
  • Bharat Heavy Electricals Limited
  • General Electric Company
  • Mitsubishi Heavy Industries, Ltd.
  • Siemens AG
  • Harbin Electric International Company Limited
  • Doosan Heavy Industries & Construction
  • Alstom SA
  • Sulzer Ltd.