Steam Turbine Market to Record USD 3.42 billion between 2022 and 2027, The increasing demand for power generation drives growth - Technavio

NEW YORK, Jan. 23, 2024 /PRNewswire/ -- The steam turbine market size is expected to grow by USD 3.42 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum will progress at a CAGR of 3.82% during the forecast period. The increasing demand for power generation drives growth. A steam turbine is a mechanical device that utilizes pressurized steam to convert heat energy into rotational motion and has largely replaced reciprocating steam engines. This is due to its high thermal efficiency and power-to-weight ratio. Furthermore, steam turbines play a vital role in power generation, accounting for approximately 80% of the world's electricity production. Also, since the global economy has become increasingly digitalized, there is a growing demand for efficient and reliable power generation. To find a preview of the drivers, opportunities, and potentials request a free sample report

The market is fragmented due to the presence of many global and regional players. This comprises category-focused, industry-focused, and diversified vendors. The global off-grid segment is expected to grow rapidly during the forecast period due to the Growing demand for power generation. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the competitive landscape and offers information on several companies. ALSTOM SA, Baker Hughes Co., Dongfang Electric Corp. Ltd., Doosan Corp., Downer EDI Ltd., Ebara Corp., General Electric Co., Hangzhou Steam Turbine Power Group Co. Ltd., Harbin Turbine Co. Ltd., Heinzmann GmbH and Co. KG, Howden Group Ltd., Mitsubishi Heavy Industries Ltd., Moog Inc., Nanjing Turbine and Electric Machinery Group Co. Ltd., Porsche Automobil Holding SE, Shandong Qingneng Power Co. Ltd., Shanghai Electric Group Co. Ltd., Siemens AG, Sumitomo Heavy Industries Ltd., and Triveni Engineering and Industries Ltd.

• ALSTOM SA: The company offers a large number of steam turbine cylinder retrofits with DEC600 MW steam turbine units. It also offers different products, light rail vehicles, metros, and other locomotives.

By End-user

The utility segment will be significant during the forecast period. Several power plant operators use steam to generate electricity and use steam turbines as their primary propulsion system. The size of the power plant, the type and configuration of equipment used in the steam power plant, etc are determined by the amount of steam required to generate electricity.

By Geography

• APAC will contribute 71% to the growth during the forecast period.

To know additional highlights and key points on various segments and their impact in coming years, Get a FREE Sample Report.

Steam Turbines: Key Points to Consider

• The global steam turbine is poised for growth, driven by the industrial sector's expansion and the demand for efficient power generation.
• CHP turbines, serving as steam turbines in industrial applications, offer higher efficiency and multiple outputs.
• The industry is influenced by factors such as technological advancements, environmental regulations, and the shift towards fossil fuel alternatives, with a focus on turbine efficiency, renewable energy, and heat recovery.
• Key segments include power plants, cogeneration, and retrofitting/upgrades, reflecting trends, competitive landscape, and investment patterns in line with global energy policies.

Imperative Insights on the following aspects:

• What was the size of the global steam turbine market by value?
• What will be the size of the industry in 2027?
• How has industry perform over last 5 years?
• What factors are affecting the strength of competition?
• What main segments are included?

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ToC:

Executive Summary

Landscape

Market Sizing

Historic Sizes

Five Forces Analysis

Segmentation by End-user

Segmentation by Type

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.

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SOURCE Technavio