Steam Turbine Market Report Scope & Overview:

The Steam Turbine Market size was valued at USD 13.65 billion in 2023 and is expected to grow to USD 16.74 billion by 2031 with an emerging CAGR of 2.6% over the forecast period of 2024-2031.

The steam turbine is a device that can take the thermal energy from steam and turn it into rotating motions, classifying it as a type of heat engine. Charles Parsons created the modern steam turbine in 1884. It is based on the concepts of thermodynamic efficiency and concentrates on the various stages of steam expansion.

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The steam turbine has developed into a crucial part of the energy production process, the steam turbine transforms the kinetic energy of steam into rotary motion. This is connected to a generator and turned into electricity from there. Thermal power plants and district cooling systems are just two examples of important energy producing technologies that utilize steam turbines.

A heat source is used by the steam turbine to warm the water and turn it into steam. These heat sources include solar, nuclear, gas, and coal power. This action causes the water molecules to enlarge. The turbine's blades then receive the steam and convert its thermal energy into kinetic energy by whirling. The blades have the ability to regulate the team's pressure, direction, and speed. This means that turbines can lower the pressure of the steam by a framework where only minor adjustments are made gradually, hence increasing the electrical output and efficiency. A generator, responsible for generating an electric current, is connected to the steam turbine.

The ratio of the achieved electrical output to the required input from the heat source is referred to as the turbine efficiency. The effectiveness of steam turbines cannot be understated in the context of rising heat source costs, such as natural gas, as well as an increased focus on sustainability.

MARKET DYNAMICS

KEY DRIVERS:  

• Growing demand for steam turbines

• Increasing combined cycle natural gas plants

The business dynamics will be aided by capacities to meet the increased electricity demand and reduce demand-supply mismatch. The growth in the number of CHP installations around the nation. Over the course of the forecast period, increased demand for combined heat and power is anticipated to fuel market expansion.

RESTRAIN:

• Regularity and policy restriction

OPPORTUNITY: 

• Establishing energy efficient and clean power generation plant

• Rising demand for combined heat and power

By harnessing the heat from exhaust gases to generate extra power, steam turbines are used in conjunction with gas turbines to increase plant efficiency. Declining natural gas costs and strict emission regulations to reduce GHG emissions will increase the steam turbine market revenue share. The continuous government initiatives to support domestic manufacturing in keeping with a hopeful long-term prognosis. The industry's potential will also be fuelled by political stability.

CHALLENGES:

• Rising need from developing nations for constant power supply

• High initial investment

• Rising demand for renewable energy

KEY MARKET SEGMENTATION

By Capacity

• Up to 150 MW

• 151 to 300 MW

• More than 300 MW

By End-use

• Power & Utility

• Industrial

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REGIONAL ANALYSIS

Asia-Pacific is already the region with the greatest market for steam turbines, and it is anticipated that there will be significant demand there.

The demand for heat and electricity in Russia is rising quickly, which is straining the nation's current production capacity. Due to rising electricity prices and environmental concerns, high-energy industrial users in the nation also consider the benefit of on-site power generation and self-generation secure and uninterrupted power supply. The world's most thermal power plants are being built in China, which is already a sizable user of steam turbines.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

RECENT DEVELOPMENTS

• 700 MW nuclear steam turbines were produced in June 2022 by GE and BHEL thanks to licenses and technology transfer agreements. With their pressurized heavy water reactors (PHWR) nuclear reactor technology, NPCIL is developing 12 units totaling 700 MWe for this project. 8.4 GW of CO2-free electricity for the whole country, which could provide more than 14 million homes.

• Nuclear Power Corporation of India Limited (NPCIL) awarded a contract to Bharat Heavy Electricals Limited (BHEL) in July 2021 to supply 12 steam generators for locally produced 700 MWe nuclear power plants. There will be four pressurized heavy water reactors (PHWRs) built around the nation.

• General Electric and Harbin Electric Corporation declared in December 2021 that the Chinese state-owned power supply Two GE 9HA.01 gas turbines were purchased by Guangdong Energy Group Co. Lid for their Guangdong facility the Greater Bay Area's Huizhou combined-cycle power plant in the province of Guangdong.

KEY PLAYERS 

The Major Players are Ansaldo Energia S.p.A, Bharat Heavy Electricals Limited, Doosan Skoda Power, Elliot Group, Fuji Electric Co., Ltd., General Electric, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Power Ltd., Siemens Energy, Toshiba Corporation, Trillium Flow Technologies and other players are listed in a final report.

Bharat Heavy Electricals Limited-Company Financial Analysis