SAN FRANCISCO, The global steam turbine market size is expected to reach USD 19.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.3% from 2022 to 2030.
The increasing deployment of combined heat and power (CHP) units in industrial and utility applications will boost market growth. Steam engines form an integral part of thermal power plants operating across the world. However, with increasing environmental concerns, the focus has been shifted from coal-fired thermal power stations to clean energy sources, including natural gas, fuel cells, and renewable energy generation plants.
Key Insights & Findings from the report:
The power and utility segment emerged as the largest segment and accounted for a revenue share of 85.3% in 2021. Increasing environmental concerns have restricted the usage of coal-fired power plants and clean energy sources such as natural gas. Moreover, the usage of renewable energy resources has become the need of the hour. The U.S. emerged as the largest market in North America in 2021. An increase in the number of combined-cycle natural gas plants in the country as they are reliable sources of energy is one of the prominent reasons for the rising demand for in steam turbines the U.S. Asia Pacific is expected to maintain its dominance in terms of both volume and value over the forecast period as the construction of a number of fossil and biomass power plants is under development in countries, which, will support the growth of the market. The growth of the market in India is driven by the rapidly rising investments in the country’s power generation infrastructure, coupled with growing concerns about environmental degradation.
Read 73-page market research report, “Steam Turbine Market Size, Share & Trends Analysis Report By Capacity (<150 MW, 151 – 300 MW, >300 MW), By End-use (Power & Utility, Industrial), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecast, 2022 – 2030”, published by Grand View Research.
Steam Turbine Market Growth & Trends
The growth of Industrial segment of the market can be attributed to the increased industrial activities across the world. Steam turbines are employed in industrial applications in the form of CHP units. These units offer better efficiency than single units and produce outputs in multiple ways. Steam turbines are widely used for CHP applications in Europe. Extraction-condensing type steam turbines are used in large industrial CHP applications. These turbines are deployed in combined-cycle plants wherein they extract a portion of the steam for the process.
The increasing installations of thermal power generation units in China and Southeast Asian countries are expected to fuel the growth of the market in coming years due to increase in energy demand. China, being rich in coal reserves, still focuses on coal-fired power plants despite their hazardous impact on the environment. In India, the market is anticipated to witness promising growth once the internal issues related to coal reserves in the country get resolved.
The global spread of the COVID-19 disrupted supply chains and sharply curtailed demand for commodities worldwide. The restrictions imposed on the supply and transportation owing to slowing down or halting of operations of factories due to partial or complete lockdowns in different countries to contain the spread of coronavirus negatively impacted the growth of the market worldwide.
Steam Turbine Market Segmentation
Grand View Research has segmented the global steam turbine market on the basis of capacity, end-use, and region:
Steam Turbine Capacity Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
Up to 150 MW 151 to 300 MW More than 300 MW
Steam Turbine End-use Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
Power & Utility Industrial
Steam Turbine Regional Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
North America U.S.Europe U.K. RussiaAsia Pacific China IndiaCentral and South America Middle East and Africa
List of Key Players of Steam Turbine Market
General Electric Mitsubishi Power Ltd. Siemens Energy Toshiba Corporation Doosan Škoda Power Ansaldo Energia S.p.A Bharat Heavy Electricals Limited, MAN Energy Solutions Fuji Electric Co., Ltd. Harbin Electric Corporation
Check out more related studies published by Grand View Research:
Energy Storage Systems Market – The global energy storage systems market demand is expected to reach 402.0 GW by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2021 to 2028. Growing demand for efficient and competitive energy resources, increasing development for variable energy sources, and rising battery demand are factors anticipated to fuel the demand for energy storage systems. Fuel Cell Market – The global fuel cell market size is expected to reach USD 33.09 billion by 2027, exhibiting a CAGR of 15.5% over the forecast period, according to a new report published by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the growth. Lithium Iron Phosphate Battery Market – The global lithium iron phosphate battery market size is projected to reach USD 15.24 billion by 2027, expanding at a CAGR of 15.2% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising demand for EVs and HEVs and high requirement of renewable energy battery storage systems are driving the industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
This article was shared with Prittle Prattle News as a Press Release by PRNewswire.
