Cognitive is fastest growing segment fueling the growth of the Global Steam Turbine Market.

Steam Turbine Market

The global Steam Turbine Market is estimated to be valued at US$ 16.63 Bn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Steam turbines convert the thermal energy of pressurised steam into rotary motion. They are widely used to generate electricity in thermal power plants. Steam turbines provide reliable, efficient and cost effective power generation.

Market key trends:

One of the key trends in the steam turbine market size is the increasing demand for renewable energy. With growing concerns around greenhouse gas emissions and climate change, many countries are putting efforts to increase the share of renewables in their energy mix. Solar and wind energy projects are being commissioned at large scale. However, solar and wind power are intermittent in nature. Steam turbines help in balancing the variability of renewable power plants. They can quickly adjust their power output to complement the ramping of renewables. This is expected to continue driving demand for steam turbines in the coming years.

Segment Analysis

The global steam turbine market is segmented into impulse and reaction turbine. The reaction turbine segment dominates the market as it offers higher efficiency and better performance in large power generating units and cogeneration applications. The dominance of reaction turbine can be attributed to capability of extracting energy from steam at multiple pressure levels, which improves overall efficiency. In reaction turbines, steam passes through row of stationary and moving blades. This allows steam to impart kinetic energy gradually, which is then converted to mechanical energy.

Key Takeaways

The global steam turbine market is expected to witness high growth, exhibiting a CAGR of 2.2% over the forecast period, due to increasing demand for electricity from industrial and utility sectors.

Regional analysis

Asia Pacific dominates the global steam turbine market and is expected to continue its dominance over the forecast period. This can be attributed to increasing power generation capacities and growing industrialization in China and India. These countries are focusing on developing domestic manufacturing bases to cater to rising demand.

Key players

Key players operating in the steam turbine market are General Electric (GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Å koda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd. General Electric dominates the global steam turbine market owing to its vast product portfolio and widespread geographical presence across major markets.

For more details on the report, Read - https://www.newsstatix.com/steam-turbine-market-share-size-outlook-and-opportunity-analysis-2023-2030/