Steam Turbine For Power Generation Market Size (2024 - 2029)

The steam turbine for power generation market is projected to experience growth over the forecast period, driven by the development of natural gas combined cycle plants and thermal coal plants, alongside a growing emphasis on uninterrupted power supply. Despite challenges posed by the increasing shift towards renewable energy and clean energy sources, the market is expected to benefit from enhanced efficiency in combined cycle power plants, particularly in North America and Asia-Pacific. The Asia-Pacific region is anticipated to witness the fastest expansion due to rising energy demand and significant investments in countries such as India, China, and Japan.

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Market Size of Steam Turbine For Power Generation Industry

Steam Turbine For Power Generation Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 18.19 Billion
Market Size (2029) USD 21.34 Billion
CAGR (2024 - 2029) 3.24 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Steam Turbine For Power Generation Market Major Players

*Disclaimer: Major Players sorted in no particular order

Steam Turbine for Power Generation Market Analysis

The Steam Turbine For Power Generation Market size is estimated at USD 18.19 billion in 2024, and is expected to reach USD 21.34 billion by 2029, growing at a CAGR of 3.24% during the forecast period (2024-2029).

  • Over the medium term, factors such as upcoming natural gas combined cycle plants and thermal coal plants and growing emphasis on uninterrupted power supply are expected to drive the steam turbine for the power generation market.
  • On the other hand, the increasing adoption of renewable energy power generation and the demand for clean energy sources are expected to hinder the market growth during the forecast period.
  • However, increasing the efficiency of combined cycle power plants, with most of the demand coming from North America and Asia-Pacific, will likely create lucrative growth opportunities in the market during the forecast period.
  • Asia-Pacific is expected to be the fastest-growing market during the forecast period due to the rising energy demand. This growth is attributed to increasing investments in the countries, including India, China, and Japan.

Steam Turbine for Power Generation Industry Segmentation

A steam turbine is simply a metal-constructed rotor motor on an axle, which is one of the essential components of a combined cycle power plant and is used to generate electricity. A mix of compressed air with natural gas fuel is used to run the steam turbine, as well as in the HRSG (heat recovery steam generator). It is also an important component of the coal-based thermal turbine power plant, nuclear-based steam turbine power plant, and geothermal-based steam power plant.

The steam turbine for power generation market is segmented by plant type, capacity, and geography. By plant type, the market is segmented into gas, coal, and other plant types (nuclear, CHP, etc.). By capacity, the market is segmented into below 40 MW and above 40 MW. The report also covers the market sizes and forecasts across major regions. Market sizing and forecasts are made for each segment based on revenue (USD).

Plant Type
Gas
Coal
Other Plant Types (Nuclear, CHP, etc.)
Capacity
Below 40 MW
Above 40 MW
Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
North America
United States
Canada
Rest of North America
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
Europe
Germany
France
United Kingdom
Italy
Spain
NORDIC
Turkey
Russia
Rest of Europe
Middle East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Qatar
Nigeria
Oman
Egypt
Algeria
Rest of Middle East and Africa
South America
Brazil
Argentina
Colombia
Rest of South America
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Steam Turbine For Power Generation Market Size Summary

The steam turbine for power generation market is poised for steady growth over the forecast period, driven by the development of natural gas combined cycle plants and thermal coal plants. The increasing focus on ensuring an uninterrupted power supply is expected to bolster market expansion. However, the rising adoption of renewable energy sources and the demand for cleaner energy solutions may pose challenges to market growth. Despite these challenges, the efficiency improvements in combined cycle power plants, particularly in North America and Asia-Pacific, are anticipated to offer significant growth opportunities. Asia-Pacific is projected to be the fastest-growing region, fueled by rising energy demand and substantial investments in countries like India, China, and Japan.

The market landscape is characterized by a semi-consolidated structure, with key players such as Siemens Energy AG, General Electric Company, Dongfang Turbine Company Limited, Bharat Heavy Electricals Limited, and Mitsubishi Heavy Industries Ltd. playing pivotal roles. The demand for steam turbines is expected to increase due to the ongoing construction of thermal power plants, particularly in Asia-Pacific, where thermal power generation remains a dominant source of electricity. The region's reliance on fossil fuels, alongside the development of natural gas combined cycle plants, underscores the continued relevance of steam turbines in the power generation sector. Recent developments, such as GE Vernova's sale of steam turbine technology to EDF and Valmet's delivery of a turbine control system in Austria, highlight ongoing innovations and strategic partnerships within the industry.

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Steam Turbine For Power Generation Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Need for Continuous 24/7 Supply of Electricity

        2. 1.5.1.2 Increasing Penetration of Natural Gas for Power Generation

      2. 1.5.2 Restraint

        1. 1.5.2.1 Coal Fired Power Plants Carbon Emissions

        2. 1.5.2.2 Increasing Share of Renewables in Energy Mix

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Plant Type

      1. 2.1.1 Gas

      2. 2.1.2 Coal

      3. 2.1.3 Other Plant Types (Nuclear, CHP, etc.)

    2. 2.2 Capacity

      1. 2.2.1 Below 40 MW

      2. 2.2.2 Above 40 MW

    3. 2.3 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Asia-Pacific

        1. 2.3.2.1 China

        2. 2.3.2.2 India

        3. 2.3.2.3 Japan

        4. 2.3.2.4 South Korea

        5. 2.3.2.5 Malaysia

        6. 2.3.2.6 Thailand

        7. 2.3.2.7 Indonesia

        8. 2.3.2.8 Vietnam

        9. 2.3.2.9 Rest of Asia-Pacific

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 France

        3. 2.3.3.3 United Kingdom

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Spain

        6. 2.3.3.6 NORDIC

        7. 2.3.3.7 Turkey

        8. 2.3.3.8 Russia

        9. 2.3.3.9 Rest of Europe

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 Saudi Arabia

        2. 2.3.4.2 United Arab Emirates

        3. 2.3.4.3 South Africa

        4. 2.3.4.4 Qatar

        5. 2.3.4.5 Nigeria

        6. 2.3.4.6 Oman

        7. 2.3.4.7 Egypt

        8. 2.3.4.8 Algeria

        9. 2.3.4.9 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Colombia

        4. 2.3.5.4 Rest of South America

Steam Turbine For Power Generation Market Size FAQs

The Steam Turbine For Power Generation Market size is expected to reach USD 18.19 billion in 2024 and grow at a CAGR of 3.24% to reach USD 21.34 billion by 2029.

In 2024, the Steam Turbine For Power Generation Market size is expected to reach USD 18.19 billion.

Steam Turbine for Power Generation Market Report Snapshots

Steam Turbine for Power Generation Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)