The global Steam Turbine Market is estimated to be valued at US$ 16.63 Bn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Steam turbines convert the thermal energy of pressurized steam into rotary motion. They have applications ranging from electricity generation to marine propulsion and district heating and cogeneration. Steam turbines are beneficial as their operation involves zero toxic emissions and they have high operational efficiencies.
Market key trends:
One of the key trends in the steam turbine market size is the increasing adoption of supercritical steam turbines. Supercritical steam turbines operate at higher efficiencies than subcritical turbines as they utilize steam at a temperature higher than the critical temperature of water. This helps reduce fuel consumption compared to subcritical turbines. Another key trend is the replacement of aging fleet of steam turbines. Many developed regions like Europe and North America have a large installed base of aging steam turbines and generators which are nearing the end of their operational life. This drives the demand for replacement and upgradation of aging turbines.
SWOT Analysis
Strength: Steam turbines are a mature and reliable technology for power generation with high efficiency. They provide stable base load power generation.
Weakness: Steam turbines have high capital costs for installation. Maintenance and operation of steam turbines also require skilled workforce which increases costs.
Opportunity: Growing demand for renewable energy integration is spurring opportunities for flexible operations of steam turbines. Adoption of digital technologies can optimize steam turbine performance and reduce operating costs.
Threats: Strict environmental normsfavour renewable energy over fossil fuels, posing a threat to coal fired steam turbines. Rising share of distributed energy resources poses a challenge for large centralized steam turbines.
Key Takeaways
The global Steam Turbine Market is expected to witness moderate growth, exhibiting a CAGR of 2.2% over the forecast period, due to increasing demand for base load power generation. Reliable operations and high efficiency of steam turbines make them a preferred option for baseload power.
Regional analysis: Asia Pacific dominates the global steam turbine market with a share of over 45% in 2023. China continues to be a major market on account of rapid industrialization and coal-based power generation. North America and Europe are also major markets however growth is expected to be slower due to saturated markets and shift towards renewables.
Key players operating in the Steam Turbine Market are General Electric (GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Å koda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd. Players are focusing on innovation, efficiency improvement and deploying digital technologies to optimize operations and enhance plant flexibility. Collaboration with renewable energy companies can create new opportunities for steam turbine manufacturers.