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on June 25, 2024
The latest report by IMARC Group, titled “Steam Turbine Market Report by Exhaust Type (Condensing, Non-Condensing), Capacity (Less than 120 MW, 121-350 MW, 351-750 MW, More than 750 MW), Technology (Steam Cycle, Combined Cycle, Cogeneration), Application (Power Generation, Petrochemicals, Oil & Gas, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market. The global steam turbine market size reached US$ 25.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 35.6 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.
Factors Affecting the Growth of the Steam Turbine Industry:
- Increasing Power Generation Needs:
The steam turbine market is propelled by escalating global electricity demands driven primarily by rapid urbanization, industrial expansion, and technological advancements. As populations grow and economies develop, the need for reliable and scalable power generation becomes paramount. Steam turbines excel in this context due to their versatility in utilizing various fuel sources such as coal, natural gas, and renewables like biomass and geothermal energy. Their efficiency in converting thermal energy into mechanical power makes them indispensable in large-scale power plants and industrial facilities worldwide. Furthermore, steam turbines offer the flexibility to integrate with emerging energy storage technologies and smart grid systems, enhancing grid stability and energy resilience. This adaptability positions steam turbines as a cornerstone in meeting current and future energy demands sustainably.
- Technological Advancements:
The evolution of steam turbine technology is driving market growth through continuous improvements in efficiency, reliability, and operational flexibility. Modern steam turbines leverage advanced materials, aerodynamics, and digital controls to achieve higher efficiency levels and lower emissions. Enhanced blade designs and manufacturing techniques improve aerodynamic performance, reducing energy losses and enhancing overall turbine efficiency. Digital control systems enable real-time monitoring and optimization, ensuring optimal performance under varying operating conditions. Furthermore, integration with predictive maintenance and remote monitoring technologies minimizes downtime and extends turbine lifespan, reducing lifecycle costs for operators. These technological advancements bolster the competitiveness of steam turbines in traditional power generation and open new avenues in combined heat and power (CHP) systems, district heating, and industrial applications, where efficiency gains and operational reliability are crucial.
- Environmental Regulations and Sustainability:
Environmental concerns and stringent regulations worldwide are pivotal factors driving the adoption of steam turbines in power generation. Steam turbines offer significant advantages in reducing greenhouse gas emissions compared to conventional combustion technologies. They are increasingly integrated into combined cycle power plants and cogeneration systems, where they utilize waste heat to enhance overall efficiency and minimize environmental impact. Moreover, steam turbines play a crucial role in renewable energy applications by enabling efficient conversion of biomass, geothermal, and concentrated solar thermal energy into electricity. As governments worldwide intensify efforts to combat climate change and promote sustainable development, steam turbines are poised to play a pivotal role in transitioning towards cleaner energy sources. Their ability to support decarbonization efforts while ensuring reliable and cost-effective electricity supply positions them as essential components of future energy systems.
For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/steam-turbine-market/requestsample
Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
- Arani Power Systems Limited
- Doosan Škoda Power
- Elliott Company (Ebara Corporation)
- Fuji Electric Co. Ltd.
- General Electric Company
- MAN Energy Solutions SE (Volkswagen AG)
- Mitsubishi Heavy Industries Ltd
- Shanghai Electric Group Company Limited
- Siemens Energy AG
- Toshiba Corporation
- Turbine Generator Maintenance Inc.
- Turbocam Inc
Steam Turbine Market Report Segmentation:
By Exhaust Type:
- Condensing
- Non-Condensing
Condensing represents the leading segment due to its efficiency in maximizing power output by utilizing exhaust steam for additional electricity generation.
By Capacity:
- Less than 120 MW
- 121-350 MW
- 351-750 MW
- More than 750 MW
121-350 MW accounts for the largest market share owing to its balance between operational flexibility and economies of scale, making it ideal for medium to large-scale power generation projects.
By Technology:
- Steam Cycle
- Combined Cycle
- Cogeneration
Steam cycle represents the largest segment as it leverages the Rankine cycle principle to efficiently convert thermal energy into mechanical power, ensuring high efficiency and reliability in power generation.
By Application:
- Power Generation
- Petrochemicals
- Oil & Gas
- Others
Power generation holds the majority of the market share on account of increasing global electricity demand and the essential role of steam turbines in providing reliable, scalable power generation solutions.
Regional Insights:
Asia Pacific’s dominance in the steam turbine market is attributed to rapid industrialization, urbanization, and significant investments in infrastructure development, driving demand for electricity generation across diverse sectors.
Global Steam Turbine Market Trends:
The global steam turbine market is primarily driven by increasing electricity demand worldwide, fueled by urbanization, industrialization, and digitalization. Steam turbines, known for their efficiency and versatility in utilizing various fuel sources including coal, natural gas, and renewables, play a crucial role in meeting these escalating energy needs. Apart from this, ongoing technological advancements further propel market expansion, with innovations enhancing turbine efficiency, Furthermore, the implementation of stringent environmental regulations mandating cleaner energy solutions is fueling market growth, as steam turbines are well-suited for combined heat and power (CHP) applications and integration with renewable energy sources, contributing to reduced carbon footprints.
Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=5400&flag=C
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
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.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.
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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Posted in: Business, Technology
Topics:
steam turbine market