The steam turbine market has been gaining significant traction over the past few years due to the increasing demand for clean energy solutions worldwide. Steam turbines utilize high-pressure steam to propel rotors and generate electricity. They play a vital role in thermoelectric power plants and have high energy conversion efficiency compared to other prime movers. The technology is mature and reliable making it a preferred option for base load power generation across utilities, mining facilities, desalination plants and oil & gas industries. In the utility sector, steam turbines account for more than 95% of total electricity generation. Advances in materials, coatings, and manufacturing techniques have enabled turbine designers to achieve higher operating temperatures and pressures, boosting performance. Initiatives towards sustainable energy adoption and demand response programs are also augmenting the steam turbine installation rates globally.
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 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Rising demand for clean energy solutions is one of the major drivers propelling the steam turbine market forward. Steam turbines are increasingly being utilized in utility-scale renewable energy projects such as concentrated solar power and geothermal power plants owing to their high efficiency and ability to integrate intermittent renewable sources into the grid. In addition, stringent regulations regarding carbon emissions from conventional power plants are compelling utilities to upgrade their aging fleet with advanced supercritical steam turbines capable of lowering emissions footprint. These factors are expected to accelerate the deployment of steam turbines across clean energy infrastructure over the coming years. Another key driver stemming from the heading is the increasing adoption of demand response programs. By modulating turbine output as per changing electricity needs, steam turbines can help optimize grid stability and resource utilization. This unique ability to balance intermittent renewables is enhancing their value proposition among utilities and independent power producers.
The steam turbine market is segmented into impulse and reaction turbines. The reaction turbine segment dominated with over 60% share in 2021 owing to its high efficiency, flexibility, and suitability for most industrial applications. Reaction turbines can operate at a wider range of pressures compared to impulse turbines and are efficient for power generation applications involving steam at medium to low pressures.
Political: Favorable government policies and initiatives toward renewable power generation from wind, solar, biomass, and hydropower have driven investments in clean power technologies. This is positively impacting the steam turbine market.
Economic: Growing investments in capacity addition of coal-fired and nuclear power plants worldwide is a key driver. Steam turbines play a vital role in thermal and nuclear power generation.
Social: Increasing energy demand from industrial, commercial, and residential sectors is propelling the need for power generation capacity additions. This is fueling demand for steam turbines.
Technological: Developments in material sciences have enabled higher operational efficiencies and longer lifecycles of steam turbines. The Internet of Things applications are also being deployed for remote condition monitoring of turbines.
The Global Steam Turbine Market Size is expected to witness high growth over the forecast period driven by capacity additions in the Asia Pacific region.
Regional Analysis: The Asia Pacific region is the fastest growing as well as the largest regional market, accounting for over 55% share in 2021. China, India, and Southeast Asian countries are expected to majorly drive the regional demand for steam turbines mandated by electricity demand growth and initiative towards energy security.
Key players operating in the steam turbine market are Neuro Care Group, Myndlift Ltd, Brainmaster Technologies, Inc., Mitsar Co. Ltd, Emotiv, Brainworks, Mindfield Biosystems Ltd. , Narbis, Thought Technology Ltd., InteraXon Inc., Mind Media USA Inc., and NeuralScan. Key players are focusing on new product launches and enhancing their existing product portfolios with the integration of advanced technologies, such as artificial intelligence. For instance, in October 2022, Mitsubishi introduced Mitsubishi Power’s M501JAC steam turbine, which increases power output by 30 megawatts from the previous M501G model through efficiency improvements.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it