Steam Turbine Market to Reach $22.4 Billion, Globally, by 2032 at 2.6% CAGR: Allied Market Research

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Jun 15, 2023, 10:01 ET

The global steam turbine market is experiencing rapid growth worldwide, owing to factors such as a rise in demand for energy and a reduction in the production of energy from fossil sources

PORTLAND, Ore., June 15, 2023 /PRNewswire/ -- Allied Market Research published a report titled, "Steam Turbine Market by Design (Reaction and Impulse), by End-use Industry (Power Generation, Petrochemical, Oil and Gas, and Others), and by Forging Capacity (Large Forging and Ultra Large Forging): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global steam turbine industry generated $17.5 billion in 2022 and is anticipated to generate $22.4 billion by 2032, witnessing a CAGR of 2.6% from 2023 to 2032.

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Drivers, Restraints, and Opportunities-

The global steam turbine market is experiencing rapid growth worldwide, owing to factors such as a rise in demand for energy and a reduction in the production of energy from fossil sources. On the other hand, the higher efficiency of other turbines restricts market growth. However, advancements that promote the use of steam turbines will present new growth opportunities for the global market in the coming years.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2021	$17.5 Billion
Market Size in 2031	$22.4 Billion
CAGR	2.6 %
No. of Pages in Report	428
Segments Covered	Design, End-Use Industry, Forging Capacity, and Region
Drivers	Rise in demand for energy
Drivers	Reduction in fossil-based energy generation
Opportunities	Advancements promoting the use of steam turbine
Restraints	Higher efficiency of other turbines

COVID-19 Scenario:

The COVID-19 pandemic outbreak had a negative impact on the global steam turbine market due to the temporary closure of feminine care product manufacturing firms during the lockdown.
Not only the production but also the sale of steam turbines was hampered across the world due to the pandemic.
However, the market has returned to its normal situation.

The impulse segment to maintain its leadership status throughout the forecast period-

Based on design, the impulse segment held the highest market share in 2022, accounting for nearly two-thirds of the global steam turbine market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 2.8% from 2023 to 2032, because its carbon emissions are less than average.

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The power generation segment to maintain its dominance throughout the forecast period-

Based on end-use industry, the power generation segment held the highest market share in 2022, accounting for nearly half of the global steam turbine market and is expected to maintain its dominance throughout the forecast period. The same segment would also cite the fastest CAGR of 3.0% from 2023 to 2032. The growth is attributed to the fact that as demand for power increases, the requirement for steam turbines is expected to escalate significantly, as steam turbines help in power generation.

The large forging segment to rule the roost by 2032-

Based on forging capacity, the large forging segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global steam turbine market revenue, and is projected to rule the roost during the forecast period. The same segment would also display the fastest CAGR of 2.7% from 2023 to 2032. Large forgings are used to manufacture rotor shafts due to their superior strength and resistance to fatigue, which thus acts as a driving factor for their growth.

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Asia-Pacific to maintain its dominance by 2032-

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global steam turbine market revenue, and is likely to dominate the market during the forecast period. The same region is expected to witness the fastest CAGR of 3.1% from 2023 to 2032. The rise of steam turbine production, owing to the presence of high-potential markets such as India and China, is expected to drive the growth of the steam turbine market.

Leading Market Players:

General Electric (GE) Co.
Turbine Generator Maintenance Inc.
Toshiba Corporation
Siemens AG
Arani Power Systems
Elliott Group
TURBOCAM
Doosan Škoda Power
Chola Turbo Machinery International Pvt. Ltd.
Triveni Turbines
Mitsubishi Power

The report provides a detailed analysis of these key players in the global steam turbine market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

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