Steam Turbine Market Research Report 2022-2027, Size, Future Trends, Global Demand And Growth

Steam Turbine Market Research Report 2022-2027, Size, Future Trends, Global Demand And Growth

March 10
03:25 2023
Steam Turbine Market Research Report 2022-2027, Size, Future Trends, Global Demand And Growth
The global steam turbine market is primarily driven by the rising number of power plants to compensate for the energy deficit.

According to the global steam turbine market research report by IMARC Group, finds that the global market reached a value of US$ 23.13 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 31.07 Billion by 2027, exhibiting a CAGR of 4.60% during 2022-2027.

Steam turbines are machines that extract thermal energy from the stream and transform it into mechanical work on a rotating output shaft. They are highly reliable technological components with innovative design and operating procedures that provide improved power densities, higher efficacy, maximum power output per unit, and the highest mean times between failures. They have a higher power-to-weight ratio than reciprocating engines. As a result, steam turbines find extensive applications in the petrochemical, power generation, and oil and gas industries.

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Market Trends:

The global steam turbine market is primarily driven by the rising number of power plants to compensate for the energy deficit. Moreover, there is a rise in demand for combined heat and power plants (CHP) to use the residual heat from electricity generation for numerous purposes. In line with this, the development of innovative technologies, including cryptocurrencies and 5G technology, requiring high power for operation, is another major growth-inducing factor. Additionally, the rising focus of policymakers in several countries on establishing clean power generation and energy-efficient plants is contributing to the market growth.

Furthermore, governments of numerous countries are taking favorable initiatives to mitigate climate change and stabilize greenhouse gas (GHG) levels in the environment by allowing ecosystems to adapt to climatic change naturally. Along with this, the rising utilization of electric vehicles (EVs) in the transportation sector to reduce dependency on fossil fuels is positively influencing the market growth. Other factors, including the increasing adoption of geothermal energy for water desalination and shifting inclination toward cogeneration and combined cycle technologies, are also anticipated to create a favorable market outlook.

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Steam Turbine Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the steam turbine market has been studied in the report with the detailed profiles of the key players operating in the market.

Major Players Covered:

  • Arani Power Systems Limited
  • Doosan Škoda Power
  • Elliott Company (Ebara Corporation)
  • Fuji Electric Co. Ltd.
  • General Electric Company(NYSE: GE)
  • MAN Energy Solutions SE (Volkswagen AG)
  • Mitsubishi Heavy Industries Ltd
  • Shanghai Electric Group Company Limited
  • Siemens Energy AG(OTCMKTS: SMNEY)
  • Toshiba Corporation
  • Turbine Generator Maintenance Inc.
  • Turbocam Inc.

Key Market Segmentation:

The report has segmented the market on the basis of region, exhaust type, capacity, technology and application.

Breakup by Exhaust Type:

  • Condensing
  • Non-Condensing

Breakup by Capacity:

  • Less than 120 MW
  • 121-350 MW
  • 351-750 MW
  • More than 750 MW

Breakup by Technology:

  • Steam Cycle
  • Combined Cycle
  • Cogeneration

Breakup by Application:

  • Power Generation
  • Petrochemicals
  • Oil & Gas
  • Others

Breakup by Geography:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

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Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About IMARC Group:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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