Steam Turbine Market Size, Share & Trends Report

Steam Turbine Market Size, Share & Trends Analysis Report By Capacity (<150 MW, 151-300 MW, >300 MW), By End Use (Power & Utility, Industrial), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Aug, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-1-68038-207-5
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 130

Report Overview

The global steam turbine market demand was 65,999.7 MW in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 1.18% from 2020 to 2027. The steam turbine acts as an important part of the thermal power plant. An increase in the deployment of a combined cycle power plant is expected to emerge as an important factor for market growth over the projected period. Fossil-fuel based power generation sources have dominated the power sector globally owing to their ability to provide base load power, which has driven the market for the steam turbine in the past. Furthermore, ongoing technological advancement in steam turbine development, coupled with research regarding clean coal technology, will aid to drive the market in the forecast period.

U.S. steam turbine market size

The U.S. emerged as one of the major markets for the steam turbines in 2019 owing to a rise in the deployment of combined cycle gas based power generation plants in the country. In 2019, fossil-fuel based power generation sources accounted for a dominating share of 62.7% in the U.S. power sector, of which natural gas accounted for a share of 38.4% and coal accounted for a share of 23.5%.

The rise in awareness regarding energy efficiency in the U.S. has compelled industries across the country to opt for energy-efficient systems and practices. For instance, there has been an increase in waste heat recovery power generation projects in the U.S., which primarily utilize steam turbines for power generation. These factors are expected to enhance the growth of the market in the U.S. in the forecast period.

Constant investments globally in new power generating capacity to encounter the ever-rising electricity demand across industries will boost the market growth. Increasing penetration of co-generation systems and the rapid development of industries across emerging countries are some of the other underlying factors that will drive the product demand.

However, the rise in environmental concerns regarding coal-based power generation has compelled the governments of various countries to take initiatives to lessen dependency on coal-based power generation. Furthermore, the majority of the countries are opting for renewable power generation technologies and imposing emission reduction norms on operating coal-based power plants, which is expected to hinder the market growth in the future.

Capacity Insights

Based on the capacity type, the market is segregated as <150 MW, 151-300 MW, and >300 MW. The >300 MW steam turbine capacity segment emerged as the dominating segment with a volume share of 60.5% in 2019 owing to a rise in the adoption of ultra and supercritical thermal power plants, coupled with the expected renovation of retired fossil-fuel based power generation plants.

Favorable government policies, coupled with rising economic growth factors, have resulted in the healthy expansion of the industries, which, in turn, will fuel the growth of the 151-300 MW steam turbine capacity segment. Furthermore, the rise in demand, rapid industrialization, and expansion of generating capacity for captive power plants will propel the growth of the segment.

Additionally, the rise in environmental concerns regarding coal-based power plants has compelled the majority of the countries to opt for combined cycle gas-based power plants, which utilize both gas turbines as well as steam turbines. These factors will boost the growth of the 151-300 MW steam turbine capacity segment in the forecast period.

Rise in the adoption of renewable energy technologies in the form of biomass and geothermal energy will emerge as one of the major factors for the growth of the <150 MW steam turbine capacity segment. Furthermore, the deployment of waste to energy and waste heat recovery projects will positively impact the <150 MW segment growth in the foreseeable future.

End-use Insights

Based on the end-use, the market for the steam turbines is segregated as power and utility and industrial. The power and utility segment accounted for a dominant share of 89.7% in 2019 in terms of volume and is expected to continue its lead in the forecast period. A large share of fossil-fuel based power generation sources globally has resulted in the growth of the segment.

Furthermore, the rise in the power demand from the residential, commercial, and industrial sectors, coupled with the retirement of old coal-based power generation plants, is likely to boost the development of new fossil-fuel based power generation plants. These factors will result in the growth of the power and utility segment in the forecast period.

Global steam turbine market demand share

Resurging industrial sector growth, coupled with respective government initiatives to improve domestic manufacturing, has driven the industrial segment of the market. The units are installed across industries, such as chemicals, sugar plants, and refineries for heat and electricity generation. Increasing investment in the development of new industrial hubs will further favor the adoption level of the product in the future.

The industrial end-use segment is likely to grow at a significant rate on account of growing industrial operations across the region. As thermal capacity is being added each year owing to the growing demand for power generation. Furthermore, frequent load shedding, blackouts, and power cuts have contributed to the increased demand for steam turbines for captive power plants by the industrial segment.

Regional Insights

Asia Pacific accounted for the largest volume share of 76.8% in 2019. The regional market is dominated by China and India, which account for a significant share in the region. The high rate of growth of industries across China and India has driven the demand for the steam turbines in the respective countries.

Asia Pacific is expected to continue its lead in the market in the future owing to a number of fossil-fuel based and biomass fired power plants under development in countries, such as Indonesia, South Korea, Thailand, Bangladesh, and Japan, which will boost the growth of the regional market.

Europe is anticipated to witness sluggish growth during the projected period, mostly owing to the changing focus from conventional energy sources toward a cleaner, greener, and renewable sources of energy. However, the rise in the deployment of biomass fired power plants, waste to energy plants, and waste heat recovery power generation plants in the region will boost the market growth in Europe.

The Middle East and Africa held a significant market share in 2019 owing to the installation of a number of fossil-fuel based power generation plants in countries, such as Oman, UAE, Iran, and Egypt. Furthermore, the region is expected to witness growth in the forecast period with a number of fossil-fuel based power generation projects under the pipeline.

Key Companies & Market Share Insights

The global steam turbine industry is consolidated owing to the presence of a few vendors that hold a dominant market share globally. Major vendors are focusing on research & development activities for technological advancement to optimize steam turbine performance, coupled with the development of clean coal technology. Well-known industry players across the market are mainly focusing on various key premeditated assets that include product customization, development of innovative product range, and inorganic growth ventures as part of their plan. Additionally, for up-gradation and maintenance, market players are providing services to gain competitive benefits over other market players. Some of the prominent players in the steam turbine market include:

  • General Electric

  • Mitsubishi Hitachi Power Systems, Ltd.

  • Siemens AG

  • Ansaldo Energia

  • MAN Energy Solutions

Steam Turbine Market Report Scope 

Report Attribute

Details

Market demand in 2020

54,514.2 MW

Volume forecast in 2027

72,471.3 MW

Growth Rate

CAGR of 1.18% from 2020 to 2027

Market size value in 2020

22.2 billion

Revenue forecast in 2027

30.6 billion

Growth Rate

CAGR of 1.67% from 2020 to 2027 (Revenue-based)

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in MW, revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue and volume forecast, company share, competitive landscape, growth factors, and trends

Segments covered

Capacity, end-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

The U.S.; Russia; The U.K.; China; India

Key companies profiled

General Electric; Mitsubishi Hitachi Power Systems, Ltd.; Siemens AG; Toshiba Energy Systems & Solutions Corporation; Ansaldo Energia; Doosan Škoda Power; Bharat Heavy Electricals Limited; MAN Energy Solutions; Fuji Electric Co., Ltd.; Harbin Electric Corporation

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Segments Covered in the Report

This report forecasts volume and revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global steam turbine market report on the basis of capacity, end-use, and region:

  • Capacity Outlook (Volume, MW; Revenue, USD Million, 2016 - 2027)

    • <150 MW

    • 151-300 MW

    • >300 MW

  • End-use Outlook (Volume, MW; Revenue, USD Million, 2016 - 2027)

    • Power & Utility

    • Industrial

  • Regional Outlook (Volume, MW; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

    • Europe

      • Russia

      • The U.K.

    • Asia Pacific

      • China

      • India

    • Central & South America

    • The Middle East & Africa

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