Steam Turbine Market Size 2020 Emerging Technologies, Trends, Forecast to 2023

Posted by Anvi on March 18th, 2020

Steam Turbine Market Scenario:

A steam turbine consists of a variety of auxiliary devices which help to convert steam into kinetic energy. Steam turbines are used for power generation in industries and to drive pumps and fans at petrochemical plants. Market Research Future (MRFR) has recently published a research report on the global steam turbine market and has asserted the Steam Turbine Market Size to reach a valuation of USD 19.21 Mn at a CAGR of 4.2% over the review period of 2017-2023.

Large-scale industrialization and urbanization across the globe are accompanied by towering energy demands, which is a key factor supporting the growth of the steam turbine market. Steam turbine finds widespread application as steam power generation involves lower operational cost and exhibits higher efficiency and output. Steam turbines are highly versatile and can be used across diverse industries such as power generation, nuclear plants, process plants, oil and gas, aviation, as well as domestic and smaller related industries.

The trend of modernizing aging coal plants with modern steam turbines and greater interest in CCGT plants for power generation has impacted the market positively. The progressive shutdown of various coal-fired facilities has affected the demand for steam turbines, but the demand has remained resilient due to the introduction of clean coal technologies. Various power producers have been able to identify opportunities for steam turbine installation to reap the benefits of incremental improvements in single power stations’ operations. Rapid conversion of open-cycle gas turbine (OCGT) plants to CCGT mode has also been a boon for the market growth.

Segmentation

The steam turbine market has been segmented based on plant fuel, capacity, exhaust type, and end user industry.

By plant fuel, the steam turbine market has been segmented into Coal, Gas, Nuclear, and others.

By capacity, the steam turbine market has been segmented into Up to 120 MW, 121-750 MW and Above 750 MW.

By exhaust type, the steam turbine market has been segmented into Condensing steam turbines and Non-condensing steam turbines.

By end user industry, the steam turbine market has been segmented into Power & Utility, Industrial and other.

Competitive Landscape

Siemens AG (Germany), Elliott Group (U.S.), Toshiba Corporation (Japan), Fuji Electric Co., Ltd.,( Japan), Man Diesel & Turbo SE (Germany ), Alstom SA (France), General Electric (U.S.), ABB (Switzerland), and Mitsubishi Hitachi Power Systems (Japan) are the notable players in the steam turbine market.

Regional Analysis

Region-wise, the steam turbine market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

The APAC region is likely to remain the most lucrative for the growth of the steam turbine market. In APAC, the demand for electricity is rising fast, and coal-fired power generation has continued to sustain despite deep emission concerns, in part, due to, the abundant supply of coal in the region, Moreover, coal powered generation is relatively simple to operate and durable.

Conversely, coal-fired generation capacity has been markedly reduced in Europe and North America, and these markets are likely to showcase moderate growth over the forecast period.

Other factors supporting the growth of the steam turbine market include the advantages provided by steam turbines such as the reduction in CO2 emissions, energy efficiency, and low cost. Steam turbines are a key technology in the nuclear sector. Consolidation of nuclear sector in various developing countries and various proposed nuclear developments are likely to boost the growth of the steam turbine market.

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