Steam Turbine Market Expected to Drive Global Advancements by 2030
Steam Turbine Market Expected to Drive Global Advancements by 2030
Blog Article
Market Overview
Steam turbines convert thermal energy from pressurized steam into mechanical work, which is then converted into electrical power via generators. They are widely used in thermal power generation, including coal, nuclear, biomass, and concentrated solar power plants. In addition, steam turbines form a key part of combined heat and power (CHP) systems, contributing to increased energy efficiency and reduced environmental impact.
According to the research report, the steam turbine market was valued at USD 15.95 billion in 2021 and is expected to reach USD 19.87 billion by 2030, to grow at a CAGR of 2.5% during the forecast period.
Furthermore, the market is seeing a strategic shift as countries and companies seek fossil fuel alternatives, driving growth in biomass, geothermal, and waste-to-energy applications—where steam turbines remain vital for converting heat into usable energy.
Market Segmentation
To offer detailed insights, the steam turbine market is segmented based on type, rated capacity, end-use industry, and application.
By Type:
- Condensing
- Back Pressure
Condensing turbines dominate the market due to their high efficiency in large-scale thermal power generation. They are primarily used in utility-scale plants and are compatible with a range of fuel sources, including coal, nuclear, and biomass.
Back pressure turbines are more prevalent in industrial facilities and CHP systems, where both electricity and process heat are required. These turbines support energy recovery and can significantly improve fuel utilization rates.
By Rated Capacity:
- Up to 150 MW
- 151–300 MW
- Above 300 MW
Steam turbines above 300 MW hold the largest market share, largely driven by demand in utility-scale power stations. However, small and medium-sized turbines (up to 150 MW) are gaining traction in decentralized energy systems and industrial CHP applications.
By End-Use Industry:
- Power Generation
- Oil & Gas
- Petrochemical
- Industrial
- Marine
The power generation segment accounts for the largest share due to widespread use of steam turbines in nuclear, coal, biomass, and solar thermal plants. The oil & gas and petrochemical industries rely on steam turbines for mechanical drive and process steam in refineries and chemical plants.
By Application:
- Thermal Power Plants
- Industrial CHP
- Renewable Energy
- Marine Propulsion
While thermal power plants remain the primary application segment, there is growing demand for steam turbines in renewable energy projects such as geothermal and biomass-based plants. Additionally, industrial CHP systems are gaining prominence for their superior energy efficiency and emissions reduction benefits.
Browse Full Insights:
https://www.polarismarketresearch.com/industry-analysis/global-steam-turbine-market
Regional Analysis
The global steam turbine market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Asia-Pacific
Asia-Pacific leads the global market with the highest installed capacity of thermal and nuclear power plants. China, India, Japan, and South Korea are major contributors, with ongoing investments in power infrastructure modernization and energy diversification.
In India and China, coal-based thermal power generation remains dominant, but a growing share of biomass and waste-to-energy plants is driving demand for flexible, mid-sized turbines. The region is also witnessing significant upgrades of aging infrastructure to improve turbine efficiency and reduce emissions.
North America
North America holds a significant market share due to the presence of nuclear power generation, industrial CHP systems, and petrochemical manufacturing. The United States is a major market, supported by investments in upgrading turbine components, life-extension projects, and the adoption of hybrid and cogeneration plants.
With increasing pressure to reduce greenhouse gas emissions, there is a noticeable shift toward fossil fuel alternatives like biomass and geothermal, where steam turbines are indispensable for energy conversion.
Europe
Europe is expected to witness steady growth due to stringent environmental regulations and rising demand for decentralized power generation. Countries such as Germany, the UK, France, and Italy are leading adopters of CHP systems and waste-to-energy technologies.
The European market benefits from supportive government policies promoting energy efficiency, as well as significant R&D investments in green energy and high-efficiency turbines.
Latin America
Latin America is emerging as a promising market, with countries like Brazil and Mexico focusing on modernizing their power grids and enhancing thermal generation capabilities. Industrialization and growing demand for electricity in remote regions are driving the uptake of small- and mid-capacity steam turbines.
Middle East & Africa
MEA markets are driven by ongoing investments in desalination, petrochemical, and refinery sectors, where steam turbines are essential for mechanical drives. Saudi Arabia, the UAE, and South Africa are key markets, with initiatives to diversify energy portfolios and adopt CHP technologies.
Key Companies in the Steam Turbine Market
The global steam turbine market is moderately consolidated, with a few major players holding significant market shares. Companies are investing in technology upgrades, aftermarket services, and strategic collaborations to enhance product performance and extend lifecycle efficiency.
Leading Market Participants:
- General Electric (GE)
- GE is a global leader in steam turbine manufacturing with a diverse portfolio for fossil, nuclear, and renewable power plants. Its turbines are recognized for high reliability, scalability, and digital monitoring capabilities.
- Siemens Energy
- Siemens offers a wide range of steam turbines with rated outputs from 2 MW to 1,900 MW. The company is at the forefront of advancing turbine efficiency through aerodynamic design, advanced materials, and digital twins.
- Mitsubishi Power (a division of Mitsubishi Heavy Industries)
- Known for delivering ultra-large turbines for high-capacity thermal plants, Mitsubishi Power integrates advanced steam path technology and offers both new installations and refurbishment services.
- Toshiba Energy Systems & Solutions Corporation
- Toshiba is a major player in nuclear and thermal turbine manufacturing, focusing on energy-saving solutions and low-emission technologies. The company is expanding its offerings in fossil fuel alternatives such as biomass and waste heat recovery.
- Doosan Škoda Power
- Specializing in industrial and utility-scale steam turbines, Doosan Škoda Power has a strong presence in Europe, the Middle East, and Southeast Asia. Its modular turbines are designed for easy maintenance and operational flexibility.
- Ansaldo Energia
- Based in Italy, Ansaldo Energia focuses on custom steam turbine solutions for thermal and combined-cycle plants. It emphasizes lifecycle management, retrofitting, and improved thermodynamic performance.
Other key players include Harbin Electric Corporation, Bharat Heavy Electricals Limited (BHEL), Fuji Electric, and Shanghai Electric Group, each contributing to global market development with specialized offerings and localized services.
Emerging Trends in the Steam Turbine Market
- Rise of Combined Heat and Power (CHP) Systems
CHP systems that produce both electricity and usable heat are gaining popularity across industrial and district energy applications. They offer superior fuel efficiency and emissions reduction, aligning with global climate goals. - Digitalization and Predictive Maintenance
Integration of IoT sensors, real-time data analytics, and digital twins is helping monitor turbine performance, minimize downtime, and optimize operational efficiency. - Shift Toward Renewable and Waste-to-Energy Projects
Steam turbines are vital in fossil fuel alternatives such as geothermal, biomass, and municipal solid waste plants, which are becoming central to the energy transition. - Modernization and Retrofitting of Aging Assets
Plant owners are increasingly opting to upgrade or retrofit older turbines with high-efficiency blades, advanced control systems, and emissions-reduction technologies to extend lifespan and meet environmental standards. - Strategic Public-Private Investments
Governments and energy companies are working together to develop sustainable infrastructure, offering incentives for thermal power generation using low-carbon technologies.
Market Challenges
Despite a promising outlook, the steam turbine market faces several challenges:
- Decline in Coal-Fired Power Investments, especially in developed regions
- High Initial Capital Costs associated with new turbine installations
- Competition from Gas Turbines in peaking power and flexible generation
- Technical Complexity in integrating steam turbines into hybrid renewable systems
Conclusion
The global steam turbine market is evolving, driven by energy demand growth, environmental regulations, and technological innovations. With the transition toward efficient, sustainable power generation and industrial energy systems, steam turbines remain indispensable. From thermal power generation to combined heat and power and fossil fuel alternatives, their role is being redefined in a rapidly decarbonizing world.
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