Steam Turbine Market Strategies and Forecast by 2031

MARKET OVERVIEW

A steam turbine is a generator which utilizes heating water to create mechanical or rotational energy. An increased number of power plants are likely to be commissioned to compensate for the energy deficit and this is expected to propel the demand for steam turbines in the coming years. Rising demand for combined heat and power across North America is expected to drive the market in the region over the forecast period. In addition, an increase in the number of combined-cycle natural gas plants in the country as they are reliable sources of energy is one of the prominent reasons for the rising demand for steam turbines in the U.S. Thus, such growing demand for power is anticipated to drive the market growth over the projected period.

MARKET SCOPE

The "Global Steam Turbine Market Analysis to 2031" is a specialized and in-depth study of the power generation product and component with a special focus on the global market trend analysis. The report aims to provide an overview of the steam turbine market with detailed market segmentation by type, capacity, application and geography. The report provides key statistics on the market status of the leading steam turbine market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

• On the basis of type the market is segmented into steam cycle, combined cycle and cogeneration
• On the basis capacity industry, the market is segmented as below 120 MW, 121-350 MW, 351-750 MW and Above 750 MW
• On the basis application, the market is segmented as power generation, petrochemical, oil & gas and others

MARKET DYNAMICS

Drivers    

• Increase in power consumption drives the market growth
• Increase in combined cycle and co-generation operations

Restraints

• Regulatory Policy Restrictions on Fossil-Fuel Fired Power Plants restraints the market growth

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South and Central America. The steam turbine market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the steam turbine market in these regions.

IMPACT OF COVID-19 ON STEAM TURBINE MARKET

The emergence of the COVID-19 has severely impacted the power generation industries, which resulted decline in the steam turbine market in the year 2021. Stringent government regulations to maintain social distancing have led to shutdown of almost all commercial places, which has resulted into a sharp decline in demand for energy. In addition, the industry is affected by shortage of workers, owing to worldwide lockdown, which has reduced the production capacity of major manufactures in the market. The COVID-19 pandemic has hindered the growth of the market for steam turbines globally owing to the unavailability of steam turbine parts that delay their production and cause logistic issues. A reduction in new orders for turbine installations is being witnessed owing to the diversion of funds by steam turbine buyers to sustain the COVID-19 crisis. From 2021, with ease in restrictions and reopening of industries, significant increase in power demand has been witnessed which eventully drives the demand for steam turbine. For instance, as per the ministry data published in India, power consumption increased by 4.6% Y-o-Y in March 2022 to 126.12 billion units (BU) compared to 120.63 BU in March 2021. Thus, rising power demand in pandemic recovery period is anticipated to drive the market outlook over the forecast period.

MARKET PLAYERS

The report covers key developments in the steam turbine market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the steam turbine market are anticipated to provide lucrative growth opportunities in the future owing favourable government regulations for mitigating carbon emissions.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the steam turbine market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

• General Electric
• Toshiba Energy Systems & Solutions Corporation
• Siemens Energy
• Elliott Group
• TURBOCAM, Inc.
• Alstom
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Doosan Škoda Power
• Bharat Heavy Electricals Limited
• Fuji Electric Co., Ltd.

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study."

Steam Turbine Report Scope