PUBLISHER: The Business Research Company | PRODUCT CODE: 1678417
PUBLISHER: The Business Research Company | PRODUCT CODE: 1678417
The steam turbine functions as a mechanism converting pressurized steam's thermal energy into rotational work, utilizing heat sources such as gas, coal, nuclear, or solar to generate high-temperature steam. Its key components comprise rotors and blades.
Steam turbines find application in various plant types, including those reliant on gas, coal, nuclear, and alternative sources. Gas steam turbines utilize gas to create steam by heating water to extremely high temperatures. These turbines typically come in reaction and impulse designs, categorized by their power capacities: rated power (60 MW), rated power (60-200 MW), and rated power (> 200 MW). They operate using technologies such as steam cycle, combined cycle, and cogeneration, serving diverse industries such as power generation, utilities, and industrial sectors.
The steam turbines market research report is one of a series of new reports from The Business Research Company that provides steam turbines market statistics, including steam turbines industry global market size, regional shares, competitors with a steam turbines market share, detailed steam turbines market segments, market trends and opportunities, and any further data you may need to thrive in the steam turbines industry. This steam turbines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The steam turbine market size has grown marginally in recent years. It will grow from $17.09 billion in 2024 to $17.39 billion in 2025 at a compound annual growth rate (CAGR) of 1.7%. The growth in the historic period can be attributed to industrialization and power demand, expansion of power generation capacity, utilization in thermal power plants, cogeneration and combined heat and power (CHP) systems, reliability and longevity of steam turbines.
The steam turbine market size is expected to see steady growth in the next few years. It will grow to $19.06 billion in 2029 at a compound annual growth rate (CAGR) of 2.3%. The growth in the forecast period can be attributed to integration in nuclear power plants, increasing demand for district heating systems, focus on energy efficiency in industries, replacement and upgradation in aging infrastructure, emergence of small-scale and modular power plants. Major trends in the forecast period include development of advanced steam turbine controls, focus on upgrading and retrofitting existing steam turbine plants, growth in small-scale and micro steam turbines, introduction of advanced steam turbine materials, collaborations for research and development in steam turbine technology.
The growing emphasis on renewable energy is anticipated to drive the expansion of the steam turbine market. Renewable energy, often referred to as clean energy, offers reliable power supplies and diversifies fuel sources, enhancing energy security while minimizing the risk of fuel spills. The primary objective of prioritizing renewable energy is to promote economic development, improve energy security, increase access to electricity, and combat climate change. This heightened focus generates a demand for steam turbines, which are a clean energy source for electricity production with minimal environmental impact. For instance, in April 2023, a report from the U.S. Energy Information Administration (EIA), a federal agency in the U.S., indicated that renewable energy production and consumption reached record levels in 2022, contributing approximately 13% (13.40 quads) to total energy production and 13% (13.18 quads) to total energy consumption. Furthermore, hydropower generation and geothermal energy utilization both experienced a 4% increase in 2022 compared to 2021. Consequently, the increasing focus on renewable energy is expected to propel the growth of the steam turbine market.
The growth projections for the steam turbine market anticipate a significant uptick due to the expansion of the manufacturing sector. This sector, often referred to as industry, encompasses activities involved in producing tangible goods through raw material processing. Steam turbines are pivotal in this domain, offering efficient power and mechanical drive for various processes. Their reliability and adaptability make them indispensable in optimizing production and energy consumption across facilities. An August 2023 report by the National Association of Manufacturers (NAM) highlighted a rise in manufacturing value-added output from $2.905 trillion to $2.895 trillion in 2023's first to fourth quarters, contributing 10.9% to the US economy initially. This growth underscores the driving force behind the steam turbine market's expansion.
Companies in the steam turbine market are prioritizing the development of cutting-edge technologies, including integrated production control systems, aiming to broaden their consumer base, boost sales, and elevate revenue streams. These systems, encompassing a comprehensive suite of interconnected technologies and processes, aim to efficiently manage and optimize various production aspects within industrial settings. In December 2022, Yokogawa Electric Corporation unveiled the CENTUM VP R6.10, a significant addition to their integrated production control system under the OpreX Control and Safety System. Notably, this version introduces advanced capabilities for steam turbine control in compressor drives and the seamless management of multiple compressor trains. Its distinctiveness lies in consolidating process control and turbomachinery control on a single CENTUM VP system, offering an expanded range of control functions. Beyond operational benefits, it significantly enhances engineering, procurement, and maintenance processes, uniquely supporting steam turbine control for compressor drives and streamlining operations via the integrated control of multiple compressor trains.
Imerys S.A., a French mining company, collaborated with E.ON SE, a German electric utility company, in June 2023. Their partnership aims to construct an advanced energy recovery facility at Imerys' site, employing a high-efficiency steam turbine to generate up to 29 MWel of electricity from syngas. This initiative caters to local energy needs while contributing power to approximately 40,000 households and explores potential district heating network opportunities using residual plant heat.
In February 2022, EDF, a French electric utility company, completed the acquisition of American General Electric Company (GE). EDF acquired GE Steam Power's nuclear steam turbine business to consolidate a global steam turbine equipment and services provider within the EDF group. General Electric Company, based in the US, specializes in technologies and services for nuclear and coal power plants, including steam turbines, through its subsidiary, GE Steam Power.
Major companies operating in the steam turbine market include Hitachi Ltd., Siemens AG, General Electric Company, Toshiba Corporation, Shanghai Electric Group Corp, Kawasaki Heavy Industries Ltd., Doosan Enerbility Co Ltd., Dongfang Electric Corporation Ltd., Fuji Electric Ltd., Weg SA, Black & Veatch Corporation, MAN Energy Solutions SE, Harbin Electric Company Limited, Solar Turbines Incorporated, Bharat Heavy Electricals Limited, Ansaldo Energia SpA, Power Machines Ltd., Babcock & Wilcox Enterprises Inc., NPO Saturn PJSC, Elliot Group Corp, Triveni Turbine Limited, Turboden S.p.A., L&T-MHI Power Turbine Generators Pvt Ltd., Vericor Power Systems LLC, Arani Power Systems Ltd., Turbine Technology Services Corporation, Beijing Beizhong Steam Turbine Generator Co Ltd., CMI Energy India Pvt Ltd, Dresser-Rand Group Inc.
Western Europe was the largest region in the steam turbine market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the steam turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The steam turbine market consists of sales of the steam turbine including back-pressure steam turbines, extraction steam turbines, and condensing steam turbines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Steam Turbine Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on steam turbine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for steam turbine ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The steam turbine market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.