Steam Turbine Market Is Anticipated To Witness Significant Growth Prospects With Rising CAGR By 2025|Grand View Research, Inc. |Grand View Research, Inc.


The global steam turbine market is expected to reach USD 15.48 billion by 2025, according to a new report by Grand View Research, Inc. Steam turbines have been a key part of the global power generation systems from past. However, factors such as limited primary energy sources, increasing awareness regarding environmental pollution, etc. has resulted in rising need towards developing efficient steam turbines.
Steam turbines are now popularly used for combined heat & power (CHP) systems, mainly employed in industrial applications. CHP units offer greater efficiency & flexible output and also operate on cleaner fuels such as natural gas. Legislative support towards CHP installation is expected to foster small and medium capacity steam turbines demand over the forecast period.
Key companies operating in the global steam turbine market include General Electric Co., Siemens, Mitsubishi Heavy Industries Ltd., Toshiba, Ansaldo, Hitachi, Dresser-Rand, etc. The market is heading toward consolidation with no new entrants in the past few years. Industry giants have been acquiring the smaller players to increase their share and establish the monopoly.
Some of the examples include MAN Diesel & Turbo’s acquisition of MaxWatt Turbines Pvt. Ltd., acquisition of Alstom’s Power Generation and Grid business by GE and Ansaldo acquiring Alstom’s GT 26 and GT36 gas turbine assets and technology.
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https://www.grandviewresearch.com/industry-analysis/steam-turbine-market/request/rs4
The performance of the steam turbine greatly influences the overall efficiency, and for the same, market participants focus on improving the turbine efficiency. Companies such as GE have implemented a number of programs focusing on material development. Re-heat technology is another aspect which GE has revealed to have achieved a break through. The company is also working on double re-heat technology which is expected to significantly boost the system efficiency.
Further key findings from the report suggest:
  • The global steam turbine market capacity was 103.16 GW in 2015 and is expected to reach 121.27 GW, growing at a CAGR of 1.6% from 2016 to 2025
  • Steam turbines with <120 MW capacity is expected to be the fastest growing segment on account of increasing demand for small capacity CHP units
  • Power & Utilities is expected to emerge as the largest application segment and accounted for over 70% of total capacity in 2015
  • Industrial application segment is expected to witness the highest growth of 3.3% in terms of revenue over the forecast period
  • Asia Pacific was the leading regional market with capacity share exceeding 50% in 2015
  • Asia Pacific is also expected to witness the fastest growth of 3.2% over the forecast period owing to rapid industrialization and increasing focus on thermal power plants to fulfill increasing electricity demand.
  • Siemens is expected to emerge as the largest player in the industry and is anticipated to hold over 20% of the market share
  • Other companies operating in the market space include General Electric Co., Mitsubishi Heavy Industries Ltd., Toshiba, Ansaldo, Hitachi, Dresser-Rand
Significant capacity additions happened in China, and there are over 150 new coal-fired power plants in the pipeline in the country. This is expected to trigger the regional market growth over the forecast period. North American industry is mostly driven by the increased focus on CHP units. Increasing government support towards CHP in Europe is expected to help sustain the local demand.
Steam turbines of capacity ranging from 121 MW to 350 MW dominated the market and accounted for over 30% of the global demand in 2015. These turbines are mostly employed in CHP units as well as low capacity power units. Increasing demand for CHP across the developed as well as developing countries is expected to drive the segment growth over the forecast period.
Small capacity steam engines, i.e. < 120 MW are expected to witness highest growth prospects on account of increasing demand for industrial CHP units. CHP units are getting popular across various process industries on account of their greater efficiencies than the single units. CHP also serve as a source of direct power, electricity as well as heat and have observed surge in demand in the recent past.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-steam-turbine-market
Grand View Research has segmented the steam turbine market on the basis of capacity, application:
Global Steam Turbine Capacity Outlook (Volume, Mega Watt; Revenue, USD Million, 2014 - 2025)
  • <120
  • 121-350
  • 351-750
  • >750
Global Steam Turbine Application Outlook (Volume, Mega Watt; Revenue, USD Million, 2014 - 2025)
  • Power & Utility
  • Industrial
  • Others
Steam turbines have been traditionally employed in electrical power generation applications. Power & Utility application segment dominates the industry and is expected to maintain its dominance over the forecast period as well. Steam turbine units can be paired with any combustion fuel, however; coal has been the preferred one from past.
Increasing environment concerns have restricted the usage of coal-fired power plants and cleaner sources such as natural gas, and other renewable energy resources have become the need of the hour. Steam turbines are employed in industrial applications in the form of CHP units. CHP units have proved to offer better efficiency than the single unit and produce outputs in multiple ways. This is expected to trigger the demand in the industrial sector and is projected to be the fastest growing application segment.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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