Global Industrial Steam Turbine Market Overview
As per MRFR analysis, the Industrial Steam Turbine Market Size was estimated at 11.01 (USD Billion) in 2022. The Industrial Steam Turbine Market Industry is expected to grow from 11.29(USD Billion) in 2023 to 14.2 (USD Billion) by 2032. The Industrial Steam Turbine Market CAGR (growth rate) is expected to be around 2.58% during the forecast period (2024 - 2032).
Key Industrial Steam Turbine Market Trends Highlighted
The Industrial Steam Turbine Market growth is driven by several factors, including the rising demand for efficient power generation, increasing industrialization in emerging economies, and the need for cleaner energy sources. Opportunities exist in the development of advanced materials and designs to improve turbine performance, as well as the integration of renewable energy sources into steam turbine systems.
Recent trends in the market include the increasing adoption of digital technologies for remote monitoring and control, as well as the growing popularity of modular steam turbines that offer flexibility and cost-effectiveness. Additionally, there is a shift towards more sustainable practices, with steam turbines being used in combined heat and power (CHP) systems and waste heat recovery applications.
Key market drivers include the need for reliable and efficient power generation, increasing industrialization in developing countries, and the growing demand for sustainable energy sources. As the demand for electricity continues to rise, steam turbines remain a crucial technology for meeting this demand due to their high efficiency and reliability. Additionally, the increasing focus on environmental sustainability and the need to reduce greenhouse gas emissions are driving the adoption of steam turbines in CHP systems and waste heat recovery applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Steam Turbine Market Drivers
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Government Regulations Driving Decarbonization
Governments worldwide are implementing stringent regulations to reduce greenhouse gas emissions and promote sustainable energy practices. Industrial steam turbines play a crucial role in decarbonization efforts by generating electricity with lower carbon emissions compared to fossil fuel-based power plants. The increasing adoption of renewable energy sources, such as solar and wind, is also driving the demand for steam turbines for grid balancing and energy storage applications.Moreover, government incentives and policies aimed at promoting energy efficiency and reducing carbon footprint are further fueling the growth of the Global Industrial Steam Turbine Market Industry.
Industrial Expansion and Process Optimization
Rapid industrialization and economic growth in emerging economies are leading to increased demand for electricity and process heat in various industries, including power generation, oil and gas, chemicals, and manufacturing. Steam turbines are widely used in these industries to generate electricity, provide process heat, and drive machinery. The growing focus on process optimization and energy efficiency in industrial operations is also contributing to the adoption of steam turbines as they offer high efficiency and reliability.
Technological Advancements and Digitalization
Technological advancements are continuously improving the efficiency, performance, and reliability of steam turbines. The integration of digital technologies, such as sensors, automation, and data analytics, is enabling real-time monitoring, predictive maintenance, and remote control of steam turbines. These advancements enhance operational efficiency, reduce downtime, and optimize maintenance schedules, leading to increased productivity and cost savings.Digitalization is also facilitating the development of new steam turbine designs and materials, further driving innovation in the Global Industrial Steam Turbine Market Industry.
Industrial Steam Turbine Market Segment Insights
Industrial Steam Turbine Market Product Capacity Insights
The Global Industrial Steam Turbine Market segmentation by Product Capacity into '0 to 50 MW', '51 to 100 MW', '101 to 250 MW', '251 to 500 MW', and 'Above 500 MW' provides valuable insights into the market dynamics and growth potential of each segment. The '0 to 50 MW' segment accounted for a significant share of the Global Industrial Steam Turbine Market revenue in 2023, owing to its widespread adoption in various industries such as power generation, manufacturing, and oil and gas. This segment is expected to continue its dominance throughout the forecast period, driven by the increasing demand for efficient and cost-effective power generation solutions in emerging economies.
The '51 to 100 MW' segment is projected to witness steady growth over the coming years, primarily due to its suitability for small and medium-sized power plants. This segment is anticipated to gain traction in regions with growing industrialization and increasing demand for reliable power supply. The '101 to 250 MW' segment is expected to experience significant growth, driven by the increasing adoption of steam turbines in combined cycle power plants. Combined cycle power plants offer higher efficiency and lower emissions compared to conventional power plants, which is driving the demand for steam turbines in this capacity range.
The '251 to 500 MW' segment is poised for substantial growth, primarily attributed to the rising demand for larger steam turbines in baseload power plants. These turbines offer higher power output and improved efficiency, making them a preferred choice for large-scale power generation projects. The 'Above 500 MW' segment is expected to witness moderate growth, catering to the specific requirements of ultra-supercritical power plants.
These turbines are highly efficient and operate at extremely high temperatures and pressures, enabling them to generate large amounts of power with minimal fuel consumption. Overall, the Global Industrial Steam Turbine Market is expected to exhibit a steady growth trajectory over the forecast period, driven by the increasing demand for efficient and reliable power generation solutions across various industries. The market is characterized by the presence of established players as well as emerging entrants, offering a wide range of products and services to meet the diverse needs of customers.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Steam Turbine Market Operating Environment Insights
The operating environment segment of the Global Industrial Steam Turbine Market is expected to grow at a significant rate in the coming years. The growth of this segment is primarily attributed to the increasing demand for electricity from fossil fuel power plants, nuclear power plants, cogeneration plants, and renewable energy power plants. Fossil fuel power plants accounted for the largest share of the operating environment segment in 2023, and this trend is expected to continue in the coming years. The growth of this segment is driven by the increasing demand for electricity from emerging economies such as China and India.
Nuclear power plants are also expected to witness significant growth in the coming years, as countries look to reduce their dependence on fossil fuels. Cogeneration plants, which generate both electricity and heat, are also expected to see increased demand in the coming years, as they offer a more efficient way to generate electricity. Renewable energy power plants, such as solar and wind power plants, are also expected to witness significant growth in the coming years, as countries look to reduce their carbon footprint. The oil and gas industries are also expected to contribute to the growth of the operating environment segment, as they use steam turbines to power their operations.
Industrial Steam Turbine Market Steam Parameters Insights
The Global Industrial Steam Turbine Market is segmented by steam parameters into subcritical, supercritical, and ultra-supercritical. Among these, the supercritical segment held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The growing adoption of supercritical steam turbines in power plants to improve efficiency and reduce emissions is driving the segment's growth.
Supercritical steam turbines operate at higher pressures and temperatures, enabling them to convert more of the heat energy in the steam into mechanical energy, resulting in higher efficiency and reduced fuel consumption.The increasing demand for electricity and the need for cleaner and more efficient power generation methods are fueling the growth of the supercritical steam turbine segment.
Industrial Steam Turbine Market End-User Industry Insights
The end-user industry segment of the Global Industrial Steam Turbine Market plays a critical role in shaping market dynamics and growth prospects. Among the key end-user industries, Power Generation holds a dominant share, accounting for over 40% of the global market revenue in 2023. The growing demand for reliable and efficient power generation to meet increasing energy needs is a primary driver for this segment's growth.
Oil and Gas, Manufacturing, Chemicals, and Pulp and Paper are other significant end-user industries, contributing to the overall market expansion.Each of these industries relies on steam turbines for various applications, including power generation, process heating, and mechanical drive systems. This growth is attributed to factors such as increasing industrialization, rising demand for energy-efficient solutions, and government initiatives to promote sustainable practices.
Industrial Steam Turbine Market Turbine Design Insights
The Turbine Design segment plays a crucial role in the Global Industrial Steam Turbine Market, offering a diverse range of options to cater to specific industry requirements. They are commonly employed in smaller-scale industrial applications, such as power generation and mechanical drives. Multi-Shaft turbines, on the other hand, are gaining traction in larger-scale plants, as they offer improved efficiency and flexibility. These turbines are particularly suitable for combined cycle power plants, where they can harness exhaust gases from gas turbines to generate additional power.
Sliding Pressure turbines offer the advantage of maintaining constant pressure throughout the turbine, resulting in improved efficiency and reduced maintenance costs. They are often used in applications where variable steam conditions are encountered, such as in cogeneration plants or district heating systems. Backpressure turbines, as the name suggests, utilize the backpressure generated by the turbine to drive other processes, such as heating or desalination.
This design is commonly employed in industrial settings where steam is required for both power generation and process heating. The Global Industrial Steam Turbine Market is driven by factors such as rising demand for energy-efficient solutions, increasing industrialization, and growing emphasis on renewable energy sources. However, factors such as fluctuating raw material prices and stringent environmental regulations pose challenges to market growth.
Industrial Steam Turbine Market Regional Insights
The Global Industrial Steam Turbine Market segmentation by region includes North America, Europe, APAC, South America, and MEA. The APAC region is expected to dominate the market with a significant market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth in the APAC region is attributed to the increasing demand for electricity from emerging economies like China and India.
Europe is expected to hold the second-largest market share due to the presence of a large number of industrial facilities. North America is expected to be the third-largest market, followed by South America and MEA. The MEA region is expected to witness significant growth during the forecast period due to the increasing investment in power generation projects.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Steam Turbine Market Key Players And Competitive Insights
Major players in the industrial steam turbine market are focusing on developing advanced technologies to meet the growing demand for efficient and reliable power generation solutions. Leading Industrial Steam Turbine Market players are investing in research and development to enhance the performance and efficiency of their products. The development of the industrial steam turbine market is driven by the increasing adoption of steam turbines in power plants, industrial facilities, and marine applications. The competitive landscape of the Industrial Steam Turbine Market is characterized by the presence of both established and emerging players.
General Electric is a leading player in the industrial steam turbine market and has a strong global presence. The company offers a wide range of steam turbines for various applications, including power generation, industrial processes, and marine propulsion. General Electric's steam turbines are known for their reliability, efficiency, and durability. The company has a strong focus on innovation and continues to invest in research and development to improve the performance of its products.
Siemens is another major player in the Industrial Steam Turbine Market. The company offers a comprehensive portfolio of steam turbines for power generation, industrial applications, and marine propulsion. Siemens' steam turbines are highly efficient and reliable, and they are used by customers around the world. The company has a strong global presence and a well-established distribution network. Siemens is committed to providing its customers with the best possible products and services.
Key Companies in the Industrial Steam Turbine Market Include
- Bloom Energy
- Shanghai Electric
- General Electric
- Siemens AG
- Hyundai Heavy Industries
- Kawasaki Heavy Industries
- MAN Energy Solutions
- Mitsubishi Heavy Industries
- Doosan Heavy Industries Construction
- Toshiba
- RollsRoyce Power Systems
- Harbin Electric
- Ansaldo Energia
- Bharat Heavy Electricals
Industrial Steam Turbine Market Industry Developments
The Global Industrial Steam Turbine Market is anticipated to reach a value of 11.29 billion USD by 2023, exhibiting a CAGR of 2.58% during the forecast period of 2024-2032. This growth is attributed to increasing demand for energy-efficient and reliable power generation solutions, particularly in emerging economies. Factors such as rising industrialization, expanding manufacturing sectors, and government initiatives promoting sustainable energy practices contribute to the market's growth.
The market is witnessing technological advancements, with manufacturers focusing on developing turbines with improved efficiency, reduced emissions, and increased flexibility. Additionally, the growing trend towards distributed power generation and microgrids is expected to drive demand for industrial steam turbines.
Industrial Steam Turbine Market Segmentation Insights
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Industrial Steam Turbine Market Product Capacity Outlook
- 0 to 50 MW
- 51 to 100 MW
- 101 to 250 MW
- 251 to 500 MW
- Above 500 MW
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Industrial Steam Turbine Market Operating Environment Outlook
- Fossil Fuel Power Plants
- Nuclear Power Plants
- Cogeneration Plants
- Renewable Energy Power Plants
- Oil and Gas Industries
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Industrial Steam Turbine Market Steam Parameters Outlook
- Subcritical
- Supercritical
- Ultra-supercritical
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Industrial Steam Turbine Market End-User Industry Outlook
- Power Generation
- Oil and Gas
- Manufacturing
- Chemicals
- Pulp and Paper
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Industrial Steam Turbine Market Turbine Design Outlook
- Single-Shaft
- Multi-Shaft
- Sliding Pressure
- Backpressure
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Industrial Steam Turbine Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
11.01(USD Billion) |
| Market Size 2023 |
11.29(USD Billion) |
| Market Size 2032 |
14.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
2.58% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Bloom Energy, Shanghai Electric, General Electric, Siemens AG, Hyundai Heavy Industries, Kawasaki Heavy Industries, MAN Energy Solutions, Mitsubishi Heavy Industries, Doosan Heavy Industries Construction, Toshiba, RollsRoyce Power Systems, Harbin Electric, Ansaldo Energia, Bharat Heavy Electricals |
| Segments Covered |
Product Capacity, Operating Environment, Steam Parameters, End-User Industry, Turbine Design, Regional |
| Key Market Opportunities |
1 Growing Renewable Energy Industry2 Increasing Demand for Energy Efficiency3 Upgradation of Aging Infrastructure4 Expansion in Industrial Applications5 Government Incentives for Sustainable Power Generation |
| Key Market Dynamics |
1 Growing Demand for Energy Efficiency2 Increasing Adoption of Combined Cycle Power Plants3 Government Initiatives for Decarbonization4 Technological Advancements in Steam Turbine Design |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global industrial steam turbine market is expected to reach USD 14.2 billion by 2032, growing at a CAGR of 2.58% from 2024 to 2032.
Asia Pacific is expected to dominate the global industrial steam turbine market throughout the forecast period, owing to the increasing demand for electricity and the growing industrial sector in the region.
Industrial steam turbines are primarily used in power generation, oil and gas, and other industrial applications such as paper and pulp, chemicals, and metals.
Some of the key players in the global industrial steam turbine market include Siemens, General Electric, Mitsubishi Heavy Industries, Doosan Heavy Industries Construction, and Harbin Electric.
The global industrial steam turbine market is expected to grow at a CAGR of 2.58% from 2024 to 2032.
The growth of the global industrial steam turbine market is attributed to factors such as increasing demand for electricity, growing industrial sector, and government initiatives to promote energy efficiency.
Some of the challenges faced by the global industrial steam turbine market include intense competition, fluctuating raw material prices, and stringent environmental regulations.
Opportunities for the global industrial steam turbine market include technological advancements, increasing demand for renewable energy, and growing awareness of energy efficiency.
Some of the key trends in the global industrial steam turbine market include the adoption of digital technologies, increasing demand for customized solutions, and growing focus on sustainability.
The global industrial steam turbine market is expected to reach USD 14.2 billion by 2032.
