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Steam Turbine Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032

Publisher Global Market Insights
Published Oct 01, 2024
Length 150 Pages
SKU # GMI19478233

Description

Steam Turbine Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032


The Global Steam Turbine Market, valued at USD 22.9 billion in 2023, is expected to grow at a steady CAGR of 3% from 2024 to 2032. This growth is largely driven by increasing demand for reliable and efficient electricity, especially in emerging economies, where new power plant construction is on the rise. Additionally, the modernization of existing infrastructure and the growing adoption of energy-efficient technologies further boost the market potential. Steam turbines transform thermal energy from pressurized steam into rotational mechanical energy, making them essential in power generation. Rising industrial power needs, along with the adoption of combined heat and power systems, are key drivers of market expansion.

The integration of advanced control systems further promotes the deployment of steam turbines, particularly in large-scale power generation, where high-capacity turbines are essential. Moreover, continuous investments in power infrastructure to meet increasing energy demands, along with ongoing technological advancements aimed at improving operational efficiency, are propelling the industry forward. The steam cycle turbine market is projected to grow at a CAGR of over 2.5% through 2032, driven by the global focus on reducing landfill waste and improving waste management. This trend is boosting the adoption of steam turbines, especially when combined with advanced algorithms that optimize operational cycles and efficiency.

Additionally, the deployment of these turbines is increasing across industries such as refining, petrochemicals, and steel, fueled by the growing emphasis on decarbonization and the adoption of alternative fuels and hybrid systems. In the U.S., the steam turbine market is expected to surpass USD 400 million by 2032. Growth in manufacturing facilities, in line with the adoption of efficient turbines across several industries, drives this expansion. The increasing use of steam turbines in geothermal and biomass-powered plants also contributes to market growth. Furthermore, government initiatives aimed at improving turbine efficiency, including investments in upgrades, repairs, and emissions control technologies, are enhancing the market outlook.

Table of Contents

150 Pages
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Market estimates & forecast parameters
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid
1.4.2.2 Public
Chapter 2 Executive Summary
2.1 Industry 360°  synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
4.1 Introduction
4.2 Strategic outlook
4.3 Innovation & sustainability landscape
Chapter 5 Market Size and Forecast, By Design, 2021 - 2032 (USD Million & MW)
5.1 Key trends
5.2 Reaction
5.3 Impulse
Chapter 6 Market Size and Forecast, By Exhaust, 2021 - 2032 (USD Million & MW)
6.1 Key trends
6.2 Condensing
6.3 Non-condensing
Chapter 7 Market Size and Forecast, By Fuel, 2021 - 2032 (USD Million & MW)
7.1 Key trends
7.2 Fossil fuel
7.3 Biomass
7.4 Geothermal
Chapter 8 Market Size and Forecast, By End Use, 2021 - 2032 (USD Million & MW)
8.1 Key trends
8.2 Industrial
8.2.1 Refinery
8.2.2 Chemical plant
8.2.3 Sugar plant
8.2.4 Pulp & paper
8.2.5 Others
8.3 Utility
Chapter 9 Market Size and Forecast, By Capacity, 2021 - 2032 (USD Million & MW)
9.1 Key trends
9.2 ≤ 3 MW
9.3 > 3 MW - 100 MW
9.4 > 100 MW
Chapter 10 Market Size and Forecast, By Technology, 2021 - 2032 (USD Million & MW)
10.1 Key trends
10.2 Steam cycle
10.3 Combined cycle
10.4 Cogeneration
Chapter 11 Market Size and Forecast, By Region, 2021 - 2032 (USD Million & MW)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 UK
11.3.2 France
11.3.3 Russia
11.3.4 Germany
11.3.5 Spain
11.3.6 Italy
11.4 Asia Pacific
11.4.1 China
11.4.2 Japan
11.4.3 South Korea
11.4.4 India
11.4.5 Australia
11.4.6 Indonesia
11.4.7 Malaysia
11.4.8 Thailand
11.5 Middle East & Africa
11.5.1 Saudi Arabia
11.5.2 UAE
11.5.3 Iran
11.5.4 Egypt
11.5.5 South Africa
11.5.6 Nigeria
11.5.7 Turkey
11.5.8 Morocco
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Chile
Chapter 12 Company Profiles
12.1 Ansaldo Energia
12.2 Bharat Heavy Electricals Limited
12.3 Chart Industries
12.4 Chola Turbo
12.5 Dongfang Turbine
12.6 Doosan Skoda Power
12.7 Ebara Elliott Energy
12.8 Fuji Electric
12.9 Hangzhou Turbine Power Group
12.10 Kawasaki Heavy Industries
12.11 MAN Energy Solutions
12.12 Mitsubishi Power
12.13 NCON Turbo Tech
12.14 Shin Nippon Machinery
12.15 Siemens Energy
12.16 Sumitomo Heavy Industries
12.17 Toshiba Energy Systems & Solutions
12.18 Trillium Flow Technologies
12.19 Triveni Turbine
12.20 Turbotech Precision Engineering
 

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