Steam Turbine Market Report

Steam Turbine Market Analysis By Capacity (<120 MW, 121-350 MW, 351-750 MW, >750MW), By Application (Power & Utility, Industrial), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) And Segment Forecasts, 2014 - 2025

Published: November 2016  |  100 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-207-5

Industry Insights

The global steam turbine market size exceeded USD 11.50 billion in 2015. Increasing deployment of combined heat & power (CHP) units is expected to remain a key driving factor over the forecast period. Steam engines have been an integral part of thermal power plants operating across the world. However, with increasing environment concern focus has been shifted from coal-fired thermal power stations to cleaner resources such as natural gas, fuel cells, and renewable energy.

In the past, most of the developed, as well as developing countries, were facing a major power shortage, and that resulted in increased number of power plants to compensate for the energy deficit, most of which were thermal power plants. This has driven the steam engine market growth in the past.

Significant capacity additions happened in China, and there are over 150 new coal-fired power plants in the pipeline in the country. This is expected to trigger the regional market growth over the forecast period. North American industry is mostly driven by the increased focus on CHP units. Increasing government support towards CHP in Europe is expected to help sustain the local demand.

U.S. steam turbine market revenue by capacity, 2014 - 2025 (USD Million)

U.S. steam turbine market

Capacity Insights

Steam turbines of capacity ranging from 121 MW to 350 MW dominated the market and accounted for over 30% of the global demand in 2015. These turbines are mostly employed in CHP units as well as low capacity power units. Increasing demand for CHP across the developed as well as developing countries is expected to drive the segment growth over the forecast period.

Small capacity steam engines, i.e. < 120 MW are expected to witness highest growth prospects on account of increasing demand for industrial CHP units. CHP units are getting popular across various process industries on account of their greater efficiencies than the single units. CHP also serve as a source of direct power, electricity as well as heat and have observed surge in demand in the recent past.

Application Insights

Steam turbines have been traditionally employed in electrical power generation applications. Power & Utility application segment dominates the industry and is expected to maintain its dominance over the forecast period as well. Steam turbine units can be paired with any combustion fuel, however; coal has been the preferred one from past.

Increasing environment concerns have restricted the usage of coal-fired power plants and cleaner sources such as natural gas, and other renewable energy resources have become the need of the hour.

Steam turbines are employed in industrial applications in the form of CHP units. CHP units have proved to offer better efficiency than the single unit and produce outputs in multiple ways. This is expected to trigger the demand in the industrial sector and is projected to be the fastest growing application segment.

Steam turbine market share by application, 2015

Steam turbine market

Regional Insights

Asia Pacific dominates the global industry with most of the demand coming from China. The country can be seen to rely on coal-fired power generation plants with many plants in the pipeline despite the existing over capacity. The high rate of industrialization in China, as well as India, will probably create an opportunity for the CHPs and thus for the steam turbine market. The region is also expected to witness the fastest growth over the forecast period.

Europe is expected to witness sluggish growth over the forecast period mainly due to the shifting focus from traditional to cleaner and renewable energy sources. Most of the developed European countries have been utilizing natural gas as the primary power generation source coupled with gas turbines. The UK government has decided to replace most of its coal-fired power plants with more sophisticated gas and nuclear power plants.

However, Germany has legally supported the installation of CHP units and have passed a law supporting the same. Some of the other key European economies have also started following Germany’s path and have supported the installation of CHP units. This will probably drive the regional demand over the forecast period.

Competitive Insights

Key companies operating in the global steam turbine market include General Electric Co., Siemens, Mitsubishi Heavy Industries Ltd., Toshiba, Ansaldo, Hitachi, Dresser-Rand, etc. The market is heading toward consolidation with no new entrants in the past few years. Industry giants have been acquiring the smaller players to increase their share and establish the monopoly.

Some of the examples include MAN Diesel & Turbo’s acquisition of MaxWatt Turbines Pvt. Ltd., acquisition of Alstom’s Power Generation and Grid business by GE and Ansaldo acquiring Alstom’s GT 26 and GT36 gas turbine assets and technology.

 

Steam Turbine Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historic data

2014 & 2015

Forecast period

2016 - 2025

Market representation

Volume in MW and revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America & MEA

Country scope

U.S., UK, Germany, France, Japan, China, India

Report coverage             

Revenue forecast, competitive landscape, growth factors and trends

15% free customization scope(equivalent to 5 analyst working days)

If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization

 

Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the steam turbine market on the basis of capacity, application, and region:

  • Capacity Outlook (Volume, Mega Watt; Revenue, USD Million, 2014 - 2025)

    • < 120 MW

    • 121 MW -350 MW

    • 351 MW -750 MW

    • > 750 MW

  • Application Outlook (Volume, Mega Watt; Revenue, USD Million, 2014 - 2025)

    • Power & Utility

    • Industrial

    • Others

  • Regional Outlook (Volume, Mega Watt; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • UK

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America

    • Middle East & Africa 

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