The steam turbine market primarily comprises steam turbines
that are used for power generation in thermal and nuclear power plants. Steam
turbines convert thermal energy from pressurized steam into rotary motion to
power an electrical generator for power production. Steam turbines provide
advantages such as reliability and fuel flexibility as they can run on fossil
fuels as well as renewable fuels. The rising demand for power across the globe
due to rapid industrialization and urbanization has been a major factor driving
the installation of new power plants, which in turn is propelling the demand
for steam turbines in utility applications.
The Global
steam turbine market is estimated to be valued at US$ 19.16 Bn in 2024 and is
expected to exhibit a CAGR of 7.3% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the steam turbine market are Neuro Care Group,
Myndlift Ltd, Brainmaster Technologies, Inc., Mitsar Co. Ltd, Emotiv,
Brainworks, Mindfield Biosystems Ltd. , Narbis, Thought Technology Ltd.,
InteraXon Inc., Mind Media USA Inc., and NeuralScan. These players are focusing
on new product launches and mergers & acquisitions to strengthen their
global presence.
The rising focus on sustainable energy generation represents a major opportunity
for
Steam
Turbine Market Demand manufacturers. Many countries are shifting from
fossil fuel-based power plants to renewable and cleaner energy sources such as
solar, wind, hydro, and nuclear. This trend is expected to drive the demand for
steam turbines in utility-scale renewable power generation projects.
The steam turbine market leaders are expanding their global footprint by
setting up manufacturing plants in high growth regions. For instance, Siemens
Energy opened a new steam turbine manufacturing facility in Zhangjiagang, China
in 2021. Mitsubishi Hitachi Power Systems is expanding its sales and service
network across Asia Pacific and the Middle East.
Market Drivers
The rising demand for electricity across the globe due to rapid
industrialization and increasing population is a key driver for the steam
turbine market. Steam turbines find widespread adoption in utility-scale power
plants to generate bulk electricity. The growing requirement for reliable power
supply will augment the installation of new coal, gas, nuclear, and renewable
energy-based power plants, driving the demand for steam turbines.
Market Restraints
Stringent environmental norms regarding carbon emissions from coal and
gas-fired power plants pose a major challenge for the steam turbine market.
Many countries are formulating new policies to reduce reliance on fossil fuels
for power generation. This trend can negatively impact the installation of new
coal and gas-fired thermal power plants in the coming years. High capital
investment requirements for setting up nuclear and renewables-based power
plants also restrain the demand for steam turbines to some extent.
Segment
Analysis
The steam turbine market is dominated by the fossil fuel
steam turbine segment. Power plants use fossil fuels like coal, gas, and oil to
generate steam, which then spins turbines that generate electricity. Fossil
fuels currently dominate the global power production mix, with coal, natural
gas, and oil meeting around 80% of worldwide electricity demand. This makes
fossil fuel steam turbines an essential technology for the power industry.
Within fossil fuels, the coal sub-segment leads the market as coal continues to
be the most economically viable fuel for bulk power generation globally. Steam
turbines adapted for coal-fired power plants account for a major share in the
overall market.
Global Analysis
North America holds the largest share in the global steam
turbine market. The strong presence of key industry players and increasing
investments in the replacement and upgradation of aging power infrastructure
are fueling market growth. Asia Pacific exhibits the fastest growth rate driven
by economic development, industrial expansion and rising electricity
consumption in major emerging countries like China and India. China leads the
Asia Pacific region owing to heavy investments by the government to scale up
domestic power generation and replace older coal-fired plants with more
efficient turbine models. Europe holds significant importance for the steam
turbine ecosystem due to ongoing repairs and life extensions of existing
nuclear and coal-fired fleets.
Get More
Insights on- Steam
Turbine Market
About
Author:
Ravina
Pandya, Content Writer,
has a strong foothold in the market research industry. She specializes in
writing well-researched articles from different industries, including food and
beverages, information and technology, healthcare, chemical and materials, etc.
(https://www.linkedin.com/in/ravina-pandya-1a3984191)
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