Steam Turbine Market Growth Analysis 2022, Segments Overview, Size, Regions, Demand, Trends and Forecast 2030 | Istom, Siemens, GE, Mitsubishi, Toshiba, ABB, Elliott, Fuji Electric and Man Diesel & Turbo

Steam Turbine Market Research and Growth Analysis 2022 By Plant Fuel (Coal, Gas, Nuclear and others), By Capacity(Up to 120 MW, 121-750 MW and Above 750 MW), By Exhaust Type (Condensing steam turbines and Non-condensing steam turbines), By End User Industry (Power & Utility, Industrial and other) and Region – Forecast 2022-2030.

The market for steam turbines is estimated to reach about USD 19.21 million by the end of 2023, rising at a CAGR of more than 4.2% between 2022 and 2030.

The worldwide steam turbine market is predicted to grow considerably over the forecast period, owing to increased energy demand and consistent expenditures for capacity expansions. Steam turbines absorb thermal energy from steam and convert it to mechanical effort via a rotating output shaft. Furthermore, the growth of marine excavation will substantially influence the steam turbine business. Furthermore, the market is expected to grow due to increased efforts to alleviate energy demand, supply gaps, and current thermal power project development.

Key Players

• Alstom SA (France)
• Siemens AG (Germany)
• General Electric (U.S.)
• Mitsubishi Hitachi Power Systems (Japan)
• Toshiba Corporation (Japan)
• ABB (Switzerland)
• Elliott Group (U.S.)
• Fuji Electric Co. Ltd.( Japan)
• Man Diesel & Turbo SE (Germany)

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The worldwide steam turbine market will be propelled by strong economic growth and regulatory policies that promote low-emission fuels such as natural gas and biomass. The growing interest in energy optimization and the emphasis on cogeneration will benefit the business landscape. Regulations to reduce carbon emissions and increase expenditures in constructing large-scale thermal power projects will help drive the steam turbine industry. The global pandemic caused by the outbreak of COVID-19 has had a substantial impact on the global steam turbine business. Government policies aiming at preserving social distance have resulted in the closure of virtually all business premises, resulting in a significant decline in energy demand. Furthermore, the industry and the Steam Turbine Market Key Players are suffering from a labor shortage due to the global recession, which has hampered the production capacity of leading manufacturers in the market.

Steam Turbine Market segmentation:

The worldwide steam turbine market has been divided into the following categories:

According to the Type:

• Combined Cycle
• Steam Cycle

According to the Application:

• Coal
• Biomass
• Nuclear
• Others

According to the Rated Capacity:

• 351-750 MW
• 121-350 MW
• 1-120 MW
• Above 750 MW

According to the Exhaust Type:

• Non-condensing
• Condensing

Report Scope:

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Steam Turbine Market Regional analysis:

The worldwide steam turbine market is divided into America, Asia-Pacific, Europe, the Middle East and Africa based on region.

In terms of revenue, Europe led the worldwide steam turbine market in 2020 and is expected to maintain its dominance over the projected period. This is due to a change in emphasis away from conventional energy sources and toward renewable energy sources.

During the projection period, Asia-Pacific is expected to be the most opportunistic segment. The Asia-Pacific region is expected to continue its market leadership because of the large number of fossil fuel and biomass-powered power facilities. The fast industrial expansion in both China and India has spurred demand for steam turbines.

Recent developments:

In July 2021, Bharat Heavy Electricals Limited (BHEL) announced that the Nuclear Power Corporation of India Limited (NPCIL) had awarded it a contract to supply 12 steam generators for indigenously developed 700 MWe pressurized heavy water reactors (PHWRs) to be built in four locations across the country.

General Electric and Harbin Electric Corporation announced in December 2021 that Guangdong Energy Group Co. Ltd, a Chinese state-owned power provider, had bought two GE 9HA.01 gas turbines for its Guangdong Huizhou combined-cycle power plant in Guangdong province, in the Greater Bay Area.

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1… Executive Summary

2 Research Methodology

2.1 Scope Of The Study

2.1.1 Definition

2.1.2 Research Objective

2.1.3 Assumptions

2.1.4 Limitations

2.2 Research Process

2.2.1 Primary Research

2.2.2 Secondary Research

2.3 Market Size Estimation

2.4 Forecast Model

3… Market Dynamics

3.1 Market Drivers

3.2 Market Inhibitors

3.3 Supply/Value Chain Analysis

3.4 Porter’s Five Forces Analysis

4… Global Steam Turbine Market, By Plant Fuel

4.1 Introduction

4.2 Coal

4.3 Gas

4.4 Nuclear

4.5 Others

5… Global Steam Turbine Market, By Capacity

5.1 Introduction

5.2 Up To 120 MW

5.3 121-750 MW

5.4 Above 750 MW

6… Global Steam Turbine Market, By Exhaust Type

6.1 Introduction

6.2 Condensing Steam Turbines

6.3 Non-Condensing Steam Turbines

7… Global Steam Turbine Market, By End User

7.1 Introduction

7.2 Power & Utility

7.3 Industrial

…Continued.

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