The Global Steam Turbine Market Growth Accelerated By Increasing Demand For Renewable Energy Sources

Steam turbines are rotating machines that extract thermal energy from pressurized steam and convert it into mechanical energy. They consist of bladed rotors enclosed in a stationary casing. Steam turbines play a vital role in generating electricity from renewable energy sources like biomass, geothermal, and solar thermal. The increasing focus on reducing carbon footprint is accelerating the adoption of renewable power generation worldwide. This, in turn, is driving the demand for steam turbines in utility-scale renewable power plants as they prove to be more cost-effective compared to gas turbines for electricity generation from these natural heat sources.

Market key trends:
The increasing deployment of renewable power plants worldwide is one of the key trends fueling the growth of the steam turbine market. Solar thermal and geothermal power make use of steam turbines to convert heat energy into electricity in a clean and sustainable manner. Steam turbines also serve as an important component for recovering waste heat from biomass power generation facilities to boost overall plant efficiency. Major countries worldwide are undertaking initiatives and setting renewable energy targets to transition to green sources of energy in line with their decarbonization goals. This is expected to significantly increase the demand for steam turbines for utility-scale renewable installations over the forecast period.
Segment Analysis
The steam turbine market is dominated by the power generation segment which accounts for around 70% market share. Steam turbines are extensively used in thermal power plants for generation of electricity as they act as a prime mover that converts thermal energy into mechanical energy of rotation. Steam turbines used in power generation are high capacity machines that can generate power output ranging from tens of megawatts to over 800 MW from a single unit. Their large size and high efficiency makes them preferred choice for utilities.

Key Takeaways

The Global Steam Turbine Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 on account of rising demand for clean energy generation along with capacity additions in the coal-fired power sector.

Regional analysis:
Asia Pacific region currently dominates the global steam turbine market and is expected to continue its dominance during the forecast period. China, India and Southeast Asian countries are witnessing significant capacity additions in thermal power generation to meet rising electricity demand. This makes Asia Pacific the fastest growing as well as dominating regional market for steam turbines.

Key players:
Key players operating in the steam turbine market include 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. GE is a prominent player with large fleet of steam turbines installed across utility and industrial applications. Siemens Energy also has strong global presence while Mitsubishi and Toshiba have major share in Asian markets.

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