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.

The steam turbine market provides rotating motion and is a heat engine that extracts thermal energy from pressurized steam and uses it to do mechanical work on a rotating output shaft. Steam turbines are fundamental component of steam-based power plants where they are generally used to drive an electrical generator in order to generate electricity. Advantages of steam turbines include high efficiency, reliable power output, and ability to easily integrate with other power generation sources like nuclear plants and combined cycle gas turbines. Steam turbines find widespread applications in power generation, marine propulsion, and industrial sectors due to their ability to effectively convert thermal energy to mechanical energy.

Market key trends:
One of the key trends driving growth of the steam turbine market size is rising adoption of renewable power sources. Growing concerns regarding environmental impacts of fossil fuels have increased investments in renewable energy like solar and wind power globally. Steam turbines play a vital role in renewable powerplants as they are able to integrate intermittent renewable sources and ensure stable grid operation. For example, solar and wind farms often employ steam turbines that can quickly ramp up or down their output to balance unpredictable renewable energy feeds into the grid. This ability of steam turbines to complement renewable integration is expected to significantly drive their demand over the forecast period.

Porter’s Analysis
Threat of new entrants: The steam turbine market has moderate barriers for new entrants due to high initial investment required for setting up manufacturing facilities.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like gas turbines and presence of many suppliers.
Bargaining power of suppliers: Major suppliers like raw material and component suppliers have low to moderate bargaining power due to availability of alternative suppliers.
Threat of new substitutes: Steam turbines face threat from emerging natural gas turbines and renewable energy sources.
Competitive rivalry: High due to the presence of large global players.

SWOT Analysis
Strength: Steam turbines offer reliability and efficiency. Major players have strong R&D capabilities.
Weakness: Steam turbines require high initial investment and have long gestation period. They are less flexible compared to gas turbines.
Opportunity: Increasing demand for power generation especially in Asia Pacific region. Growth in waste heat recovery systems.
Threats: Stringent environmental regulations.Declining costs of renewable energy sources.

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 demand for power generation especially across developing nations in Asia Pacific. The market size for steam turbine is projected to reach US$ 20 Bn by 2030 from US$ 16.63 Bn in 2023.

Regional analysis: Asia Pacific dominates the global steam turbine market currently and is expected to continue its dominance during the forecast period owing to rising power demand and increasing investments in power generation projects across China, India and Southeast Asian countries.

Key players: Key players operating in the steam turbine market are General Electric, Siemens Energy, Mitsubishi Power, Toshiba Corporation, Doosan Å koda Power, Ansaldo Energia, Bharat Heavy Electricals Limited (BHEL), and Fuji Electric. GE and Siemens are the global leaders with a significant market share. Mitsubishi, Toshiba and Doosan also have a strong presence across Asia and other regions.

For more details on the report, Read - https://creativenewsalert.weebly.com/blog/the-steam-turbine-market-is-estimated-to-witness-high-growth-owing-to-increasing-power-demand