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The steam turbine market size is forecast to increase by USD 3.88 billion, at a CAGR of 4.19% between 2023 and 2028. Market expansion is contingent upon various factors, notably the escalating need for power generation, the manifold benefits inherent in its utilization, and the increasing integration within Combined Heat and Power (CHP) systems. However, challenges confront the market, including numerous issues linked to its operation, the burgeoning adoption of gas turbines potentially diminishing the demand, and the substantial upfront investment required for installing these systems. Overcoming these obstacles necessitates strategic initiatives aimed at enhancing their efficiency, diversifying applications, and mitigating cost concerns through innovative financing models. By addressing these challenges effectively, stakeholders can capitalize on the burgeoning opportunities presented by the evolving landscape of power generation, driving sustained growth and resilience in the market. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The Steam Turbine Market is experiencing significant growth due to the increasing demand for electricity and the need for clean power generation. Power plants, particularly those utilizing fossil fuels like natural gas and coal, are the primary consumers of steam turbines. These plants face the challenge of meeting electricity demand while adhering to emission norms and environmental regulations. Combined-cycle natural gas power plants and CHP installations are popular solutions for energy optimization and onsite power generation. They convert mechanical energy from the steam into rotational energy, which in turn generates electricity. The International Energy Agency reports that global energy consumption continues to rise, making the demand for efficient and reliable steam turbines more crucial than ever. They are also used in thermal power projects, where steam engines convert thermal energy into mechanical energy. Renewable technologies, such as wind and solar, are increasingly being integrated into power generation systems, but they remain a vital component in the energy sector. Electrical generators rely on magnetic fields to convert mechanical energy into electrical energy, making these an essential technology in the power industry. Despite the challenges posed by carbon emissions and environmental norms, they continue to play a significant role in meeting the world's electricity demands.
The increasing demand for power generation is notably driving the market growth. They are essential components in power generation, accounting for approximately 80% of the world's electricity production. These devices convert thermal energy from pressurized steam into rotary motion, making them ideal for driving electrical generators. The increasing energy deficit and the shift towards clean power generation have boosted the demand. Combined-cycle natural gas and CHP installations are significant markets due to their efficiency and ability to meet emission norms and environmental standards. Industrial applications, including petrochemicals, biomass, and concentrated solar power, also utilize these. These parts face logistical issues during turbine installations, which can impact buyers in the industrial CHP units and small steam turbines sectors.
Further, high-energy industrial users, such as those in the power and utility, onsite power generation, self-generation, and electric power generation industries, rely on them for power and heat. The industrial segment, including in-house power plants, also uses these instead of coal-fired power plants and gas turbines for combined-cycle plants. Renewable energy resources, such as natural gas and renewable energy technologies, are driving the growth of the market. The International Energy Agency forecasts continued global energy consumption growth, further increasing the demand. Therefore, increasing demand for power generation will be the major factor driving the growth of the global market during the forecast period.
The increasing focus on renewable technologies is a key trend influencing market growth. They play a significant role in power generation, particularly in renewable energy applications such as concentrated solar power, geothermal, biomass, and waste-to-energy power plants. The market is projected to grow due to the increasing emphasis on renewable energy sources. These turbines are crucial for thermal-based renewable energy production and offer affordable, dispatchable, and carbon-neutral power when used with thermal storage. Renewable energy, also known as clean power generation, is becoming increasingly important as the world faces an energy deficit. They are used in various industries, including CHP installations, petrochemicals, and industrial segments, for power and heat generation. High-energy industrial users, such as self-generation units, also utilize steam turbines for onsite power generation. They are essential components in combined-cycle natural gas and coal-fired power plants. They are subject to emission and environmental norms, making it crucial to use efficient and reliable parts.
Moreover, turbine installations can face logistical issues, making it important for buyers to work with experienced suppliers. Renewable energy resources, including biomass and concentrated solar power, are becoming increasingly important in the global energy consumption landscape. The International Energy Agency reports that electricity prices and demand continue to rise, making self-generation an attractive option for many industries. Small steam turbines are also gaining popularity in niche applications. In summary, they are a vital component of power generation, particularly in the renewable energy sector. They offer reliable power sources, fuel diversity, and help reduce carbon emissions, making them an essential part of the transition to clean energy technologies. With increasing emphasis on renewable energy sources, the global market is expected to grow over the forecast period.
The mechanical problems associated with steam turbines are challenging the market growth. They play a vital role in power generation, particularly in power plants that convert thermal energy into mechanical energy for electricity production. Due to their extensive use and complex design, these machines encounter logistical issues in maintenance, especially for their crucial components, such as the blades. The energy deficit and growing demand for clean power generation have led to an increase in their installations in various sectors, including combined-cycle natural gas and CHP units. Industrial applications, such as petrochemicals and biomass, also rely on them for power and heat. Environmental norms and emission regulations have driven the market in renewable energy technologies, such as concentrated solar power and biomass.
Additionally, high-energy industrial users, including self-generation and onsite power plants, also utilize small steam turbines for electrical power generation. The international energy market's shift towards renewable energy resources and the industrial segment's in-house power plants have increased the demand. The buyers include power utilities, electrical power generation companies, and industries that require combustion fuel, such as coal-fired power plants and natural gas. The market is expected to grow due to rising electricity prices and demand, as outlined by the International Energy Agency in its reports on global energy consumption. Their parts, including blades, require regular maintenance to ensure optimal performance and prevent damage from corrosion, heat, and poor maintenance. The resulting high installation costs are likely to reduce the demand during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ALSTOM SA: The company offers a large number of steam turbine cylinder retrofits with DEC600 MW steam turbine units. It also offers different products, light rail vehicles, metros, and other locomotives.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the utility segment will be significant during the forecast period. Power plants rely on them for electrical energy generation, with the size and configuration determined by steam demand. Traditional coal use in steam turbines for power generation faces growing environmental concerns, including carbon emissions and stricter emission norms. The industrial sector's expansion drives the need for cleaner power sources. The parts are essential for various applications, including combined-cycle natural gas and CHP installations. Clean power generation from renewable energy resources, such as biomass and concentrated solar power, is gaining popularity. Industrial segments, including petrochemicals and in-house power plants, use them for power and heat generation. Logistical issues and turbine installations impact steam turbine buyers.
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The utility segment was valued at USD 13.42 billion in 2018. Industrial CHP units and small steam turbines cater to high-energy industrial users. Onsite power generation through self-generation is increasingly common due to rising electricity prices and demand. The International Energy Agency reports global energy consumption continues to increase, necessitating advancements in technology and the integration of gas turbines and combined-cycle plants. Thus, the increasing use of these different steam turbines is expected to drive the growth of the segment in the global market during the forecast period.
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APAC is estimated to contribute 71% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The APAC market is projected to expand substantially due to the increasing demand for electricity in the region. Key contributors to this growth include China, Japan, and India, driven by the expansion of electricity-intensive sectors. Urbanization and industrialization have heightened the value of electricity, leading governments to invite private players into the power generation sector. This fosters competition and efficiency, lowering electricity prices. The chemical, pharmaceutical, and waste material industries are significant consumers in APAC. The combined cycle and impulse segments dominate the market. Government investment in power generation industries, including geothermal energy and the utility segment, further propels market growth. Supply chain disruptions, such as gas shortages, may impact market dynamics.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is a significant sector in the energy industry, characterized by production and distribution. These turbines convert thermal energy into mechanical energy, which is then used to generate electricity. The market is driven by various factors, including the increasing demand for electricity and the shift towards cleaner energy sources. They are used in power generation plants, industrial processes, and various other applications. The technology has undergone significant advancements in recent years, leading to the development of more efficient and cost-effective turbines. The market is expected to grow steadily in the coming years, driven by the increasing demand for electricity and the need for more sustainable energy solutions. The market is competitive, with several key players dominating the landscape.
Consequently, such players include major manufacturers such as Siemens, Mitsubishi Heavy Industries, and General Electric. The market is also characterized by a high degree of innovation, with companies continually investing in research and development to improve the efficiency and performance of their turbines. In conclusion, the market is a dynamic and growing sector, driven by the increasing demand for electricity and the need for more sustainable energy solutions. The market is competitive, with several key players dominating the landscape, and is characterized by a high degree of innovation.
Additionally, generators play a crucial role in various energy applications, providing the power needed to drive multiple systems. In industrial settings, they are often used for water heating, where electricity is converted to heat water for various processes. In transportation, locomotive engines rely on generators to power electric trains or diesel-electric engines. Cogeneration, also known as combined heat and power (CHP), uses generators to simultaneously produce electricity and useful heat from the same energy source, increasing efficiency. Coal-fired power generation, despite environmental concerns, relies on generators to convert thermal energy into electricity. Magnetic fields are fundamental in generators, inducing electric currents through electromagnetic induction. These fields enable the conversion of mechanical energy into electrical energy, essential in both traditional and modern power generation systems.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.19% |
Market Growth 2024-2028 |
USD 3.88 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.3 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 71% |
Key countries |
China, US, India, Japan, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALSTOM SA, Baker Hughes Co., Dongfang Electric Corp. Ltd., Doosan Corp., Downer EDI Ltd., Ebara Corp., General Electric Co., Hangzhou Steam Turbine Power Group Co. Ltd., Harbin Turbine Co. Ltd., Heinzmann GmbH and Co. KG, Howden Group Ltd., Mitsubishi Heavy Industries Ltd., Moog Inc., Nanjing Turbine and Electric Machinery Group Co. Ltd., Porsche Automobil Holding SE, Shandong Qingneng Power Co. Ltd., Shanghai Electric Group Co., Siemens AG, Sumitomo Heavy Industries Ltd., and Triveni Engineering and Industries Ltd. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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