NEW YORK, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Here are some of the most interesting takeaways from a recent report by IndexBox on the global steam turbine market.
Steam Turbine Market Outlook
The global steam turbine market size was valued at USD 623 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.5% over the next eight years to USD 820 billion by 2030. Steam turbines are necessary components of power plants, used to generate electricity through the use of steam. As global demand for electricity continues to rise, the steam turbine market is poised to experience significant growth in the coming years.
The increasing demand for electricity, along with supportive government policies and regulations, is expected to drive market growth.
One of the key trends in the steam turbine market is the trend toward larger and more efficient turbines. As the demand for electricity increases, power plants are looking to install larger and more powerful steam turbines to meet this demand. This trend is being driven by a number of factors, including advancements in technology that have made it possible to produce larger and more efficient turbines, as well as increasing economic pressures to improve efficiency and reduce emissions.
Another important trend in the steam turbine market is the increasing use of renewable energy sources. As climate change concerns continue to mount, there is a growing push for power generation from renewable sources such as wind and solar. This shift away from traditional fossil fuels is leading many power plants to look into installing steam turbines that can run on renewables.
On the basis of application, the steam turbine market is classified into power generation, oil & gas, process industries, marine propulsion, and others (cogeneration and nuclear). Among these applications, the power generation sector is anticipated to witness rapid growth owing to increasing demand for electricity across the globe. The oil & gas industry is another major contributor to the growth of this market as these turbines are extensively used for extracting crude oil and natural gas from reservoirs. Moreover, they are also used for transporting natural gas through pipelines.
The Asia-Pacific region is expected to be the largest steam turbine market, owing to the growing demand for power in countries such as China and India. The increasing investments in the renewable energy sector are also expected to fuel the market growth in this region.
The North American region is also expected to witness significant market growth, owing to the presence of major players in this region and the growing need for upgrading existing power plants.
Steam Turbine Market Drivers
The market is driven by various factors, such as the increasing demand for power generation from renewable sources and the growing need for efficient power generation.
One of the key growth drivers for the steam turbine market is the increasing demand for power generation from renewable sources. Steam turbines can be used in conjunction with solar thermal power plants and geothermal power plants to generate electricity. Steam turbines are one of the most efficient ways to generate electricity and are used in a variety of applications, including power plants, offshore platforms, and ships. With the world moving towards cleaner and sustainable energy sources, there is a growing need for power generation from renewable sources, such as solar and wind. This is expected to drive the demand for steam turbines, as they are used in power plants that use these renewable energy sources.
The demand for electricity is expected to rise sharply in countries such as China, India, and Brazil due to the growing population and economic development. This will lead to an increase in power generation from thermal power plants, which will drive the growth of the steam turbine market.
Another factor driving the growth of the steam turbine market is the need for efficient power generation. With the world moving towards a more digitalized economy, there is a growing need for efficient and reliable power generation. Steam turbines offer an efficient and cost-effective means of generating power, which is expected to drive their demand over the forecast period.
The increasing number of nuclear power plants is another factor driving the growth of the market. Nuclear power plants use steam turbines to generate electricity.
However, the high cost of installation and maintenance is a major challenge faced by vendors operating in the steam turbine market. The cost of installation can be up to 50% higher than that of a gas-fired power plant, making it difficult for vendors to compete on price. Additionally, maintenance costs can be up to 10% of the total cost of ownership over the life of a steam turbine, making it a significant challenge for vendors operating in this market.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ products across 200 countries.
Companies Mentioned in the Report
Siemens AG, General Electric Company, Mitsubishi Heavy Industries Ltd., Hitachi Ltd., and Toshiba Corporation, Bharat Heavy Electricals Limited, Dongfang Electric Corporation Limited
Sources
World - Steam Turbine - Market Analysis, Forecast, Size, Trends and Insights
EU - Steam Turbine - Market Analysis, Forecast, Size, Trends and Insights
Asia - Steam Turbine - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Steam Turbine - Market Analysis, Forecast, Size, Trends and Insights
