The global steam turbine market size was valued at $15.5 billion in 2020, and projected to reach $21.3 billion by 2030, with a CAGR of 3.3% from 2021 to 2030.
Steam turbine is a mechanical equipment, which operates by using a heat sources such as gas, coal, nuclear, or solar to heat water to extremely high temperature until it is converted into steam. As that steam flows past a turbine spinning blades, the steam expands and cools. During this process, heat energy is transformed to mechanical energy, which is subsequently converted into electrical energy.
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The global steam turbine market growth is majorly driven by increase in demand for thermal power generation and electric supply. In addition, rapid oil & gas and power demand in developing countries is expected to boost the growth of the steam turbine market.
Furthermore, surge in energy demand and steady investment for expansion of the power industry are expected to have positive impact on the demand and enahnce steam turbine market opportunities. Moreover, the global market is expected to witness notable growth due to increase in efforts to reduce energy demand & supply gaps as well as the development in thermal power projects. In addition, robust economic growth and regulatory standards promoting the use of low emission fuels such as natural gas & biomass in steam turbines notably contribute toward the market growth. However, implementation of stringent government regulations to reduce reliance on traditional energy sources such as coal-fired power generation and their replacement with renewables hinder the market growth. Moreover, the competitive cost of renewable technologies impedes the growth of the global steam turbine market.
Moreover, increase in interest in energy optimization and rapid development in the turbine manufacturing technology, as well as focus on cogeneration power plant in the sugar and steel industries are anticipated to have a favorable impact on the development of the global market during the forecast period. Furthermore, the market growth is driven by increase in regulatory initiatives to minimize carbon emissions as well as increased investments in the development of large-scale thermal power plants in developing countries.
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The global steam turbine industry is segmented into design, application, and region. By design, the market is bifurcated into impulse and reaction. In terms of application, it is fragmented into power generation, petrochemical, oil & gas, and others.
The key players operating in the global steam turbine market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd. Triveni Turbines, and Mitsubishi Power. Among these, General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, and Mitsubishi Hitachi Power Systems Americas Inc. hold significant steam turbine market share.
These market players are adopting different strategies such as design launch, partnership, expansion, merger, and acquisition to stay competitive in the market. For instance, in June 2019, Mitsubishi Hitachi Power Systems (MHPS), Ltd. strengthened its presence by expanding its facilities. MHPS Plant Services Corporation, a new company was opened in Philippines to offer services for power generation facilities.
Elliott Group announced merger of Ebara International Corporation, which is based in Sparks, Nevada. Effective from April 1, 2019, the merged entity became one of the four business units within Elliott Group.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global steam turbine market, owing to significant disruptions in the supply chain.
- The pandemic had halted the production facilities due to the implementation of lockdown, which, in turn, declined the demand for power through steam turbines gradually.
- However, the market is going to recover soon in 2022 as work begins.
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