Product Code: SR112023A5400
Market Overview:
The global steam turbine market size reached US$ 24.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.03% during 2023-2028.
A steam turbine is a machine that relies on steam to extract thermal energy and convert it into mechanical work on a rotating output shaft. It is a technological component with advanced design and operational procedures that offer enhanced efficiency, maximum power output per unit, improved power densities, and the highest mean times between failure. Apart from this, it is highly reliable, with less vibrations and a high power-to-weight ratio compared to reciprocating engines. As a result, it finds extensive applications in power generation, petrochemical, and oil and gas industries.
Steam Turbine Market Trends:
At present, there is a rise in the number of power plants across the globe to compensate for the energy deficit. This, along with the growing focus of policymakers in several countries to establish energy-efficient and clean power generation plants, represents one of the key factors driving the market. Moreover, there is an increase in the demand for combined heat and power plants (CHP) to use the waste heat from electricity production for various purposes. This, coupled with the introduction of advanced technologies, such as cryptocurrency and 5G technology, which requires high power for their operation, is positively influencing the market. In addition, governments of several countries are undertaking climate change mitigation initiatives to stabilize greenhouse gas levels in the environment by allowing ecosystems to adapt naturally to climatic change. In line with this, the rising utilization of electric vehicles (EVs) to replace fossil fuels in the transportation sector is offering lucrative growth opportunities to industry investors. Besides this, the increasing employment of geothermal energy for desalination of water, heavy water production, and extraction of minerals from geothermal fluids is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global steam turbine market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on exhaust type, capacity, technology and application.
Breakup by Exhaust Type:
Condensing
Non-Condensing
Breakup by Capacity:
Less than 120 MW
121-350 MW
351-750 MW
More than 750 MW
Breakup by Technology:
Steam Cycle
Combined Cycle
Cogeneration
Breakup by Application:
Power Generation
Petrochemicals
Oil & Gas
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Arani Power Systems Limited, Doosan Skoda Power, Elliott Company (Ebara Corporation), Fuji Electric Co. Ltd., General Electric Company, MAN Energy Solutions SE (Volkswagen AG), Mitsubishi Heavy Industries Ltd, Shanghai Electric Group Company Limited, Siemens Energy AG, Toshiba Corporation, Turbine Generator Maintenance Inc. and Turbocam Inc.
Key Questions Answered in This Report
- 1. What was the size of the global steam turbine market in 2022?
- 2. What is the expected growth rate of the global steam turbine market during 2023-2028?
- 3. What are the key factors driving the global steam turbine market?
- 4. What has been the impact of COVID-19 on the global steam turbine market?
- 5. What is the breakup of the global steam turbine market based on the exhaust type?
- 6. What is the breakup of the global steam turbine market based on the capacity?
- 7. What is the breakup of the global steam turbine market based on the technology?
- 8. What is the breakup of the global steam turbine market based on the application?
- 9. What are the key regions in the global steam turbine market?
- 10. Who are the key players/companies in the global steam turbine market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Steam Turbine Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Exhaust Type
- 6.1 Condensing
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Non-Condensing
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Capacity
- 7.1 Less than 120 MW
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 121-350 MW
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 351-750 MW
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 More than 750 MW
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
8 Market Breakup by Technology
- 8.1 Steam Cycle
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Combined Cycle
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Cogeneration
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by Application
- 9.1 Power Generation
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Petrochemicals
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Oil & Gas
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 9.4 Others
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.2 Asia-Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
11 SWOT Analysis
- 11.1 Overview
- 11.2 Strengths
- 11.3 Weaknesses
- 11.4 Opportunities
- 11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 Arani Power Systems Limited
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.2 Doosan Skoda Power
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.2.3 Financials
- 15.3.2.4 SWOT Analysis
- 15.3.3 Elliott Company (Ebara Corporation)
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 SWOT Analysis
- 15.3.4 Fuji Electric Co. Ltd.
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.4.3 Financials
- 15.3.4.4 SWOT Analysis
- 15.3.5 General Electric Company
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.5.3 Financials
- 15.3.5.4 SWOT Analysis
- 15.3.6 MAN Energy Solutions SE (Volkswagen AG)
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 SWOT Analysis
- 15.3.7 Mitsubishi Heavy Industries Ltd
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.7.3 Financials
- 15.3.7.4 SWOT Analysis
- 15.3.8 Shanghai Electric Group Company Limited
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.9 Siemens Energy AG
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.9.3 Financials
- 15.3.10 Toshiba Corporation
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
- 15.3.10.3 Financials
- 15.3.10.4 SWOT Analysis
- 15.3.11 Turbine Generator Maintenance Inc.
- 15.3.11.1 Company Overview
- 15.3.11.2 Product Portfolio
- 15.3.12 Turbocam Inc.
- 15.3.12.1 Company Overview
- 15.3.12.2 Product Portfolio