Westford, USA, Dec. 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global steam turbine market will attain a value of USD 20.32 Billion by 2031, with a CAGR of 2.5% during the forecast period (2024-2031). The global steam turbine market will witness substantial growth in the forecast period owing to high energy demand coupled with constant investments for capacity expansions. Steam turbines are machines that capture steam thermal energy onto a rotating output shaft and transform it to mechanical work. Also, the rapid expansion of marine excavation will greatly influence the steam the growth of steam turbine market size. Future growth of global steam turbine market will be due to the necessity to minimize energy demand and supply gaps, as well as current development in thermal power projects. Rising economic and environmental regulations to reduce carbon emission will further fuel demand for steam turbine market along with increasing investment in large scale development of thermal power projects.
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Steam Turbine Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 16.68 Billion |
| Estimated Value by 2031 | $ 20.32 Billion |
| Growth Rate | Poised to grow at a CAGR of 2.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Capacity, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Implementation of cogeneration and CHP systems |
| Key Market Opportunities | Increasing emphasis on renewable energy |
| Key Market Drivers | Growing demand for electricity |
Growing Consumption of Electricity to Increase Use of Steam Turbine Utility
Utility segment is dominating the market with the largest steam turbine market share during the prediction period. Power plants depend on them to produce electrical energy, while the dimensions and design are determined by the steam requirement. Utilization of traditional coal in steam turbines for power generation is confronted with rising environmental issues, along with carbon emissions and stricter emission norms. The growing electricity consumption of the industrial sector necessitates cleaner power sources. These components are critical for several applications, such as combined-cycle natural gas and CHP systems. Renewable energy sources such as biomass, and concentrated solar power for clean power generation are increasingly becoming popular. They are used for power and heat generation in industrial segments like petrochemicals, with some of them being used in captive power plants. Logistical challenges and installation of turbines affect the steam turbine buyers.
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Growing Demand for Electricity to Increase Power Generation to Vast Amount
Power generation segment is witnessing the fastest during the steam turbine market forecast period. Recent rise in the electricity generation among thermal power utilities is expected to drive the segment dominance. They are available in different sizes, but generally not exceed 1.5 gigawatts (2,000,000 hp) for electrical power production and they were developed to be utilized widely at large thermal power plants. Steam turbines have been the workhorse of electrical power generation applications. Steam turbine units can use any combustion fuel as the exothermic creating energy source, whereas coal has been the historical fuel type. Environmental concerns have reduced the use of coal-fired power plants and increased the usage of clean energy sources such as natural gas.
Growing Urbanization to Increase Power Generation to Drive Market Growth in Asia Pacific
The Asia Pacific region is dominating the market with the largest steam turbine market size. This growth is largely driven by the expansion of sectors that are electricity intensive, with key contributors being China, Japan and India. Also, with the countries witnessing urbanization and industrialization, electricity is reaching one of its peak demands, thereby prompting governments to welcome private players in the power generation space. This encourages competition and efficiency that lower electricity prices. In APAC, this is mainly applicable to chemical, pharmaceutical and waste material industries. The market is further divided into combination cycle and impulse segment. The steam turbine industry growth is further accelerated by heavy government investments in power generation industries such as geothermal and utility sectors.
Steam Turbine Market Insight
Drivers
Restraints
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Segments covered in Steam Turbine Market are as follows:
Key Players Operating in Steam Turbine Market
Key Questions Answered in Steam Turbine Market
This report provides the following insights:
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