The steam turbine market is estimated to be valued at US$ 16.63 Bn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Steam turbines are rotating machines that extract thermal energy from pressurized steam and convert it into mechanical work output. The most common use of steam turbines is to drive an electrical generator to generate electricity. Steam turbines can power a wide range of applications including power plants, large ships, factories, and petrochemical facilities. With rising global energy demands and increase in industrialization worldwide, the demand for steam turbines is expected to rise significantly during the forecast period.

Market Dynamics:
The steam turbine market size is expected to witness significant growth over the forecast period owing to two key drivers. Firstly, growing global energy demand driven particularly by rising population and industrialization in developing countries such as China and India are compelling nations to increase power generation capacities. This is expected to boost the demand for steam turbines which are critical components of thermal power plants that generate majority of the world's electricity. Secondly, industrial expansion especially in the manufacturing, petrochemical, oil & gas industries require abundant process steam for various applications which is often produced through steam turbines, thereby augmented their adoption. Introduction of supercritical and ultrasupercritical steam turbine technology that improves thermal efficiency of power plants is also expected to support the market growth during the forecast period.

SWOT Analysis

Strength:
- Steam turbines have high reliability and efficiency as they work excellently in heavy load power applications. They are highly durable and can last for decades.
- Steam turbines offer flexible generation which allows power plants to ramp up or down production quickly based on demand. They can integrate renewable energy sources smoothly.
- Established technology with significant operational experience worldwide provides advantages in maintaining and servicing steam turbines effectively.

Weakness:
- Steam turbines require a significant amount of initial capital investments for setting up associated infrastructure including boiler, condenser, etc. This increases project costs.
- They depend on the consistent supply of fuel (coal, natural gas, etc.) to produce steam which can affect power output. Fuel price volatility impacts generation costs.

Opportunity:
- Growing demand for reliable baseload power generation across industries drives the need for installing new steam turbines. Several upcoming thermal power projects will need steam turbines.
- Developments in supercritical steam turbines technology has improved efficiency. Advanced alloys allow higher steam temperatures and pressures leading to reduced fuel consumption.

Threats:
- Rising focus on using renewable energy and transitioning to cleaner fuels are challenges for coal-fired thermal power. This threatens stable demand growth for steam turbines.
- Technological advancements in gas turbines, combined cycle plants, and energy storage are increasing competition in the power generation market.

Key Takeaways
The global steam turbine market is expected to witness high growth, exhibiting CAGR of 2.2% over the forecast period, due to increasing investments in setting up new coal-fired and combined cycle power plants.

Asia Pacific dominates the global market with maximum steam turbine installations in major economies like China and India. Nations are rapidly investing in thermal power plants to meet rising electricity demand. China accounts for over 40% of the global market share currently due to its huge power demand and coal-dominated energy mix.

Key players operating in the steam turbine market are 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. These companies largely supply high-capacity steam turbines worldwide. GE leads the global market with over 25% share due to its wide product portfolio and global service network.

For more details on the report, Read - https://www.trendingwebwire.com/steam-turbine-market-size-outlook-share-and-opportunity-analysis-2023-2030/