Updated On May 15, 2024

By SaraNextGen

Steam Turbine Market Research Report

Global Steam Turbine Market Report, Size, Growth, Trends & segmentation By Type, By Rated Capacity, By Exhaust Type, By Application & Forecast 2027.

• Steam Turbine Market:

• The GMI Research forecasts that the steam turbine market is witnessing an upsurge in demand during the forecast period. This is mainly due to the increasing industrialization and the strong demand for electricity and the introduction of more effective turbines.

• Steam Turbine Market’s leading Manufacturers:

• Toshiba Corporation

• Dongfang Electric Corporation

• Bharat Heavy Electricals Limited

• General Electric Company

• Mitsubishi Heavy Industries, Ltd.

• Siemens AG

• Harbin Electric International Company Limited

• Doosan Heavy Industries & Construction

• Alstom SA

• Sulzer Ltd.

• Steam Turbine Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers

• The global steam turbine market is predicted to witness an upsurge in demand during the forecast period due to the increasing industrialization and the strong demand for electricity and more effective turbines & technology. According to steam turbine market analysis, the growing use of steam turbines in sectors to run engines in large ships, to run generators at power plants, and use of smaller capacity steam turbines to drive pumps and fans at petrochemical plants are certain factors that are expected to drive the growth of the steam turbine market share in terms of revenue. As per the steam turbine market report, less space needed, huge capacity, and a larger range of speed will bolster the market growth. According to steam turbine market forecast, regular blackouts, power cuts, and load shedding have encouraged the development of large-scale thermal power projects, which will further fuel the demand for steam turbines.

• As per steam turbine market outlook, a longer start-up time of steam turbines and regulatory policy limitations on fossil-fuel-fired power plants in comparison to gas turbines and reciprocating engines will hinder the growth of the market in the upcoming years.

• Regional Drivers

• Based on region, the Asia-Pacific is projected to dominate the market in the forecast period. The rising economic growth and the increasing requirement to access electricity are the major factors accelerating the growth of the global steam turbine market. In addition to this, the growing installation of thermal power generation units in India, China, and other Southeast Asian economies will support the growth of the steam turbine market. The growing penetration of heavy equipment sectors, rapid industrialization, and increasing oil & gas industry are steam turbine market trends that are accelerating the growth of the market.

• Steam Turbine Market Segmentation: Segmentation by Type:

• Steam Cycle

• Combined Cycle

• Cogeneration

• Segmentation by Rated Capacity:

• 1-120 MW

• 121-350 MW

• 351-750 MW

• Above 750 MW

• Segmentation by Exhaust Type:

• Condensing

• Non-condensing

• Segmentation by Application:

• Coal

• Nuclear

• Biomass

• Others

• Segmentation by Region:

• North America

  • United States of America

  • Canada

• Asia Pacific

  • China

  • Japan

  • India

  • Rest of APAC

• Europe

  • United Kingdom

  • Germany

  • France

  • Spain

  • Rest of Europe

• RoW

  • Brazil

  • South Africa

  • Saudi Arabia

  • UAE

  • Rest of the world (remaining countries of the LAMEA region)