Steam Turbine Market worth $26.8 billion by 2030, Says Global Market Insights Inc.

Selbyville, Delaware, June 07, 2022 (GLOBE NEWSWIRE) —

The steam turbine market is expected to surpass USD 26.8 billion by 2030, as reported in a research study by Global Market Insights Inc. Rising utilization of cogeneration technology along with constantly increasing power demand and favorable regulatory norms to mitigate the demand-supply gap in line with the ongoing expansion of power plants will positively impact the market expansion.

The >100 MW steam turbine market is estimated to expand at a CAGR of 5.2% through 2030. Surging deployments of super-critical and ultra-super-critical technology combined with the conversion of existing power stations into combined cycle systems will spur market demand. Increasing investments in industrial developments coupled with the rising demand for captive power systems will propel industry growth.

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Rapid industrialization and efforts toward energy optimization have significantly enhanced the demand for on-site power generation, which in turn, will favor the market scenario. Rising demand for captive power generation and electricity across heavy industries will amplify market revenue. Increasing demand for cogeneration plants across the sugar mills and manufacturing sector will drive the industry expansion.

The biomass steam turbine market is anticipated to grow on account of strong economic growth and regulatory standards, encouraging low emission fuels including natural gas & biomass. The growing utilization of cleaner fuels along with the replacement of existing thermal power generation systems will augment the demand for biomass-fired power plants. Rapid industrialization coupled with the growing demand for captive power generation has created a positive business scenario for non-condensing steam turbines.

The Europe steam turbine market will witness substantial growth owing to the increasing focus on cogeneration and the ongoing expansion of medium-scale industries. Increasing inclination toward geothermal energy combined with the rising demand for captive generation will accelerate the industry outlook. Growing penetration of combined cycle technologies in line with a positive outlook toward the manufacturing sector will stimulate the market size expansion.

Some key findings of the steam turbine market report include:

  • Surging utilization of cogeneration technology to fulfill the increasing electricity demand is set to fuel the market revenue share.
  • Key players operating across the steam turbine market are Siemens Energy, Mitsubishi Heavy Industries, Bharat Heavy Electricals and MAN Energy Solutions.
  • A positive outlook toward non-conventional energy utilization will boost the demand for steam turbines across the utility sector.
  • Initiatives for the development of the industrial sector & policy framework and trade enhancement & integration will complement market growth.

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Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Steam turbine industry 3600 synopsis, 2018 – 2030

2.1.1    Business trends

2.1.2    Design trends

2.1.3    Exhaust trends

2.1.4    Fuel trends

2.1.5    End use trends

2.1.6    Capacity trends

2.1.7    Technology trends

2.1.8    Regional trends

Chapter 3   Steam Turbine Industry Insights

3.1    Industry ecosystem analysis

3.2    Innovation & technology landscape

3.3    Regulatory landscape

3.4    COVID- 19 impact on the industry outlook

3.5    Impact of Russia-Ukraine war on industry dynamics

3.6    Industry impact forces

3.6.1    Growth Drivers    North America & Europe    Rising utilization of cogeneration technology    Focus toward combined cycle generation    Asia Pacific, Middle East and Africa    Growing investment toward generating capacity expansion    Robust industrial sector growth    Latin America    Positive outlook toward non-conventional energy utilization

3.6.2    Industry Pitfalls & Challenges    High initial investment    Rising demand for renewable energy

3.7    Growth potential analysis

3.8    Porter’s Analysis

3.9    Competitive landscape, 2021

3.10    PESTEL Analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.