Global Steam Turbine Market by Capacity (>300 MW, <150 MW, 151-300 MW), by End Use (Industrial, Power & Utility) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
Summary of the Report
Global steam turbine demand was 65,999.7MW in 2019, and it is projected to grow at a compound annual rate (CAGR of 1.18%) between 2020-2027. The steam turbine is an integral part of the thermal power plants. Market growth will be driven by the increased deployment of combined cycle power plants. The market for steam turbines has been driven by fossil-fuel-based power generation sources. They are able to provide base load power and have dominated the global power sector. The market will be driven by technological advances in steam turbine design, as well as research on clean coke technology.
Due to the increased use of combined cycle gas-based power generation plants, the U.S. became a major market for steam turbines in 2019. The dominating share of the U.S.'s power sector was 62.7%, with natural gas accounting for 38.4% and coal at 23.5%.
Industries across the United States have been forced to adopt energy-efficient practices and systems as a result of increasing awareness about energy efficiency. There has been an increase of waste heat recovery power generation projects in America, which primarily use steam turbines for power generation. These factors will likely boost the U.S. market's growth over the forecast period.
Market growth will be boosted by constant investments in power generation capacity worldwide to meet the growing electricity demand. Other factors driving product demand include the increasing penetration of cogeneration systems and rapid development in emerging countries.
The rise in environmental concerns about coal-based power generation has forced governments to take steps to reduce their dependence on coke-based power generation. The majority of countries are choosing renewable power generation technologies, and imposing emission reduction standards on coal-based power plants. This is likely to limit market growth.
Capacity Insights
The market can be divided by the type of capacity: 150 mw (151-300), and 300 MW. With a volume share of 60%, the >300 MW steam turbine capacity segment was the dominant segment in 2019. This is due to an increase in the use of ultra and supercritical thermal powers plants as well as the planned renovation of fossil-fuel based power generators.
Positive government policies and rising economic growth factors have led to the healthy expansion in the industries. This will in turn fuel the growth in the 151-300MW steam turbine capacity segment. The segment will grow due to rapid industrialization, rising demand, and the expansion of generating capacities for captive power plants.
A majority of countries have opted for combined cycle gas-based power plant designs, which use both steam turbine and gas turbine s . These factors will increase the growth in the 151-300MW steam turbine capacity segment during the forecast period.
The growth in the use of renewable energy technologies such as HTML5_ and geothermal energy will be a major factor in the growth of the 150MW steam turbine capacity segment. In the near future, the growth of the 150MW segment will be positively impacted by the deployment waste to energy and heat recovery projects.
End-use Insights
The market for steam turbines can be divided by end-use. In terms of volume, the power and utility segment held a dominant position of 89.7% in 2019. It is expected to maintain its lead over the forecast period. The segment has seen significant growth due to the large global share of fossil fuel-based power generation sources.
The development of fossil-fuel-based power generation plants is expected to be boosted by the rising power demand from residential, commercial and industrial sectors. These factors will lead to the growth in the utility and power segment over the forecast period.
The market's industrial segment has been driven by a strong industrial sector and government initiatives to improve domestic manufacturing. These units can be found in a variety of industries such as chemical, sugar, and heat and electricity generation. The product will be more widely adopted if there is increased investment in new industrial hubs.
Due to the growing number of industrial operations in the region, the industrial end-use segment will likely grow at a rapid pace. Due to growing power generation demand, thermal capacity is increasing each year. The industrial segment has seen a rise in demand for steam turbines to power captive power plants. This is due to frequent load shedding, blackouts and power outages.
Regional Insights
Asia Pacific was responsible for the largest volume share at 76.8% in 2019, China and India dominate the regional market. The demand for steam turbines has increased due to the high growth rates of the respective industries in India and China.
Asia Pacific will continue to lead the market due to the development of a variety of biomass- and fossil-fuel-based power plants in countries like Indonesia, South Korea and Thailand. This will help to boost the growth of this market.
Europe will experience a slowdown in growth over the forecast period. This is mainly due to the shift from traditional energy sources to cleaner, more sustainable and renewable energy sources. The region's increase in biomass-fired power plants, waste energy plants ,, and waste heat recovery power generation will help boost Europe's market growth.
Due to the installation of many fossil-fuel-based power generation plants in countries such as Iran, Oman, UAE and Egypt, the Middle East and Africa held a substantial market share in 2019. The region is also expected to grow in the future due to the installation of a variety of fossil-fuel based power generator projects.
Market Share Insights & Key Companies
Due to a small number of vendors holding a significant market share, the global steam turbine industry has become consolidated. The major vendors are investing heavily in research and development to improve steam turbine performance. The market's most prominent players are focusing on key assets such as product customization, the development of new product ranges, and inorganic growing ventures. Market players also offer services for maintenance and up-gradation to help them gain competitive advantages over their competitors. The following are some of the most prominent players in steam turbine markets:
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General Electric
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Mitsubishi Hitachi Power Systems, Ltd.
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Siemens AG
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Ansaldo Energia
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MAN Energy Solutions
Up Market Research published a new report titled “Steam Turbine Market research report which is segmented by Capacity (>300 MW, <150 MW, 151-300 MW), by End Use (Industrial, Power & Utility), By Players/Companies MAN Energy Solutions, General Electric, Ansaldo Energia, Siemens AG, Mitsubishi Hitachi Power Systems Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Scope
Report Attributes | Report Details |
Report Title | Steam Turbine Market Research Report |
By Capacity | >300 MW, <150 MW, 151-300 MW |
By End Use | Industrial, Power & Utility |
By Companies | MAN Energy Solutions, General Electric, Ansaldo Energia, Siemens AG, Mitsubishi Hitachi Power Systems Ltd |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 250 |
Number of Tables & Figures | 175 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
Global Steam Turbine Market Report Segments:
The market is segmented by Capacity (>300 MW, <150 MW, 151-300 MW), by End Use (Industrial, Power & Utility).
Steam Turbine Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Steam Turbine Market
Overview of the regional outlook of the Steam Turbine Market:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
Highlights of The Steam Turbine Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of Steam Turbine Market.
- Historical data and forecast.
- Estimations for the forecast period 2028.
- Developments and trends in the market.
1. >300 MW
2. <150 MW
3. 151-300 MW
7. By End Use:1. Industrial
2. Power & Utility
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Steam Turbine Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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Reasons to Purchase the Steam Turbine Market Report:
- The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
- Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
- Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
- The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
- Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Steam Turbine Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Steam Turbine Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Steam Turbine Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Steam Turbine Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Steam Turbine Market Size & Forecast, 2018-2028
4.5.1 Steam Turbine Market Size and Y-o-Y Growth
4.5.2 Steam Turbine Market Absolute $ Opportunity
Chapter 5 Global Steam Turbine Market Analysis and Forecast by Capacity
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Capacity
5.1.2 Basis Point Share (BPS) Analysis by Capacity
5.1.3 Absolute $ Opportunity Assessment by Capacity
5.2 Steam Turbine Market Size Forecast by Capacity
5.2.1 >300 MW
5.2.2 <150 MW
5.2.3 151-300 MW
5.3 Market Attractiveness Analysis by Capacity
Chapter 6 Global Steam Turbine Market Analysis and Forecast by End Use
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by End Use
6.1.2 Basis Point Share (BPS) Analysis by End Use
6.1.3 Absolute $ Opportunity Assessment by End Use
6.2 Steam Turbine Market Size Forecast by End Use
6.2.1 Industrial
6.2.2 Power & Utility
6.3 Market Attractiveness Analysis by End Use
Chapter 7 Global Steam Turbine Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Steam Turbine Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Steam Turbine Analysis and Forecast
9.1 Introduction
9.2 North America Steam Turbine Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Steam Turbine Market Size Forecast by Capacity
9.6.1 >300 MW
9.6.2 <150 MW
9.6.3 151-300 MW
9.7 Basis Point Share (BPS) Analysis by Capacity
9.8 Absolute $ Opportunity Assessment by Capacity
9.9 Market Attractiveness Analysis by Capacity
9.10 North America Steam Turbine Market Size Forecast by End Use
9.10.1 Industrial
9.10.2 Power & Utility
9.11 Basis Point Share (BPS) Analysis by End Use
9.12 Absolute $ Opportunity Assessment by End Use
9.13 Market Attractiveness Analysis by End Use
Chapter 10 Europe Steam Turbine Analysis and Forecast
10.1 Introduction
10.2 Europe Steam Turbine Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Steam Turbine Market Size Forecast by Capacity
10.6.1 >300 MW
10.6.2 <150 MW
10.6.3 151-300 MW
10.7 Basis Point Share (BPS) Analysis by Capacity
10.8 Absolute $ Opportunity Assessment by Capacity
10.9 Market Attractiveness Analysis by Capacity
10.10 Europe Steam Turbine Market Size Forecast by End Use
10.10.1 Industrial
10.10.2 Power & Utility
10.11 Basis Point Share (BPS) Analysis by End Use
10.12 Absolute $ Opportunity Assessment by End Use
10.13 Market Attractiveness Analysis by End Use
Chapter 11 Asia Pacific Steam Turbine Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Steam Turbine Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Steam Turbine Market Size Forecast by Capacity
11.6.1 >300 MW
11.6.2 <150 MW
11.6.3 151-300 MW
11.7 Basis Point Share (BPS) Analysis by Capacity
11.8 Absolute $ Opportunity Assessment by Capacity
11.9 Market Attractiveness Analysis by Capacity
11.10 Asia Pacific Steam Turbine Market Size Forecast by End Use
11.10.1 Industrial
11.10.2 Power & Utility
11.11 Basis Point Share (BPS) Analysis by End Use
11.12 Absolute $ Opportunity Assessment by End Use
11.13 Market Attractiveness Analysis by End Use
Chapter 12 Latin America Steam Turbine Analysis and Forecast
12.1 Introduction
12.2 Latin America Steam Turbine Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Steam Turbine Market Size Forecast by Capacity
12.6.1 >300 MW
12.6.2 <150 MW
12.6.3 151-300 MW
12.7 Basis Point Share (BPS) Analysis by Capacity
12.8 Absolute $ Opportunity Assessment by Capacity
12.9 Market Attractiveness Analysis by Capacity
12.10 Latin America Steam Turbine Market Size Forecast by End Use
12.10.1 Industrial
12.10.2 Power & Utility
12.11 Basis Point Share (BPS) Analysis by End Use
12.12 Absolute $ Opportunity Assessment by End Use
12.13 Market Attractiveness Analysis by End Use
Chapter 13 Middle East & Africa (MEA) Steam Turbine Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Steam Turbine Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Steam Turbine Market Size Forecast by Capacity
13.6.1 >300 MW
13.6.2 <150 MW
13.6.3 151-300 MW
13.7 Basis Point Share (BPS) Analysis by Capacity
13.8 Absolute $ Opportunity Assessment by Capacity
13.9 Market Attractiveness Analysis by Capacity
13.10 Middle East & Africa (MEA) Steam Turbine Market Size Forecast by End Use
13.10.1 Industrial
13.10.2 Power & Utility
13.11 Basis Point Share (BPS) Analysis by End Use
13.12 Absolute $ Opportunity Assessment by End Use
13.13 Market Attractiveness Analysis by End Use
Chapter 14 Competition Landscape
14.1 Steam Turbine Market: Competitive Dashboard
14.2 Global Steam Turbine Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 MAN Energy Solutions
14.3.2 General Electric
14.3.3 Ansaldo Energia
14.3.4 Siemens AG
14.3.5 Mitsubishi Hitachi Power Systems Ltd