Global Industrial Steam Turbines
Market Report
2024
The Global Industrial Steam Turbines market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 3.20% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Industrial Steam Turbines market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 3.20% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Industrial Steam Turbines Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 3.2% |
Middle East and Africa Industrial Steam Turbines Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 2.9% |
South America Industrial Steam Turbines Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 2.6% |
North America Industrial Steam Turbines Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 1.4% |
Europe Industrial Steam Turbines Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 1.7% |
Asia Pacific Industrial Steam Turbines Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.2% |
Market Split by Design |
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Market Split by End-use |
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Market Split by Exhaust |
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Market Split by Technology |
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Market Split by Capacity |
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Market Split by Fuel |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Industrial Steam Turbines Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Industrial steam turbines are mechanical devices that convert thermal energy from pressurized steam into rotational mechanical energy, used to generate electricity or power various industrial processes in manufacturing, refining, and other applications. The Industrial Steam Turbines market is witnessing robust growth due to increasing demand for efficient power generation in industries. Key players are implementing diverse strategies to strengthen their market presence, such as technological innovation, strategic collaborations, and geographical expansions. These measures aim to enhance product offerings, improve operational efficiency, and tap into emerging markets. The industry's competitive landscape is characterized by dynamic efforts to stay at the forefront of technological advancements and meet the evolving needs of industrial power generation.
For instance, in June 2022, GE and BHEL manufactured 700 MW nuclear steam turbines under licenses and technology transfer agreements. This project includes 12 units of 700 MWe that NPCIL is developing with their nuclear reactor technology, namely Pressurised Heavy Water Reactors (PHWR). The nation has 8.4GW of CO2-free electricity, sufficient to power more than 14 million homes.
The industrial steam turbine market has grown substantially, driven by a rising number of combined-cycle natural gas plants. This trend is attributed to the efficiency and environmental benefits of combined-cycle power generation, where gas turbines produce electricity, and the waste heat generates steam for additional power production. The demand for Industrial Steam Turbines is propelled by the increasing adoption of this efficient and eco-friendly power generation method, reflecting a broader shift towards sustainable energy solutions.
For instance, in March 2023, the Asian Development Bank announced that it would set up a 120 MW gas-fired combined cycle power plant in Tripura, India. Similarly, in the same month, the government of Montenegro signed an MoU with companies like Enerflex Energy Systems and Wethington Energy Innovation from the United States on the construction of a liquefied natural gas (LNG) terminal and a gas-fired power plant. The CCGP plant will likely have a capacity between 240 MW to 440 MW.
The industrial steam turbine market is growing due to the escalating government emphasis on developing energy-efficient and environmentally friendly power generation facilities. As authorities increasingly prioritize clean energy initiatives, the demand for steam turbines, integral components of power plants, rises. This trend reflects a global commitment to sustainable practices and signifies a pivotal shift towards greener and more efficient power generation methods.
For instance, in January 2023, Bharat Heavy Electricals Limited (BHEL) stated that it was awarded a contract for the rehabilitation and modernization (R&M) of steam turbines at Gujarat's Ukai Thermal Power Station (TPS). USD 36.46 Million deal is for the Ukai Thermal Power Station's 200 MW Unit-3 and 210 MW Unit-5. Gujarat State Electricity Corporation Limited has placed an order with BHEL.
The industrial steam turbine market faces a significant restraint in the form of high initial investment requirements. The capital-intensive nature of steam turbine installations poses a challenge for potential investors and industries looking to adopt this technology. The substantial upfront costs for procurement, installation, and infrastructure development deter the widespread adoption of industrial steam turbines. This financial barrier may impede the market's growth, hindering the expansion of steam turbine applications across various industrial sectors.
The industrial steam turbine market faced challenges during the COVID-19 pandemic as the global economic slowdown impacted industrial activities. Disruptions in supply chains and reduced demand for energy-intensive sectors hampered turbine sales. However, the market showed resilience as industries adapted to new norms, emphasizing sustainability and energy efficiency. Post-pandemic recovery efforts and a growing focus on renewable energy sources drive the industrial steam turbine market, with a renewed emphasis on cleaner and more efficient power generation technologies.
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Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.
(Source: https://www.global.toshiba/ww/news/energy/2019/02/news-20190219-01.html )
Top Companies Market Share in Industrial Steam Turbines Industry: (In no particular order of Rank)
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Global Industrial Steam Turbines Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Industrial Steam Turbines Industry growth. Industrial Steam Turbines market has been segmented with the help of its Design, End-use Exhaust, and others. Industrial Steam Turbines market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, reaction holds a prominent market share due to increasing demand for efficient power generation solutions. Reaction turbines, utilizing both kinetic and pressure energy, dominate this sector due to their ability to handle high-pressure steam, making them ideal for applications requiring large-scale power production and energy efficiency.
Impulse is the fastest-growing category over the forecast period due to the increasing utilization of the kinetic energy of steam to generate power. Their efficiency, reliability, and adaptability to various industrial applications propel market growth, meeting demands for sustainable energy solutions.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Industrial Steam Turbines Industry. Request a Free Sample PDF!
According to Cognitive Market Research, industrial hold a prominent market share due to growing demand for energy-efficient solutions in various industrial sectors such as power generation, oil & gas, and manufacturing. Advancements in technology, coupled with increasing emphasis on sustainable practices, further propel market growth.
Utility is the fastest-growing category over the forecast period due to increasing demand for electricity generation in utilities. Factors such as efficiency improvements, technological advancements, and growing focus on renewable energy sources propel market growth, fostering innovation and competition within the sector.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Industrial Steam Turbines market report 2024 Edition by contacting our team.
According to Cognitive Market Research, condensing held the major market share over the forecast period due to the increasing demand for efficient power generation. Condensing turbines, a key segment, enhance overall system efficiency by recovering exhaust steam for reuse. This improves energy utilization, reduces environmental impact, and aligns with the growing focus on sustainable and eco-friendly power solutions in industrial applications.
Non-condensing is the fastest-growing category over the forecast period due to increasing demand for reliable and efficient power generation in industries. Non-condensing steam turbines, a key driver, are preferred for applications where exhaust steam cannot be condensed. They find prominence in diverse sectors, providing cost-effective solutions for power generation in environments where water availability is limited.
According to Cognitive Market Research, the steam cycle holds a prominent market share due to the growing demand for electricity and the expansion of power generation infrastructure. Steam turbines play a crucial role in power plants by converting thermal energy from steam into mechanical energy, driving generators to produce electricity. The efficiency of the steam cycle is vital for optimizing power generation and reducing environmental impact.
Cogeneration is the fastest-growing category over the forecast period as it enhances efficiency by simultaneously producing electricity and useful heat from a single energy source. This trend aligns with global efforts to optimize energy usage, making steam turbines pivotal in industrial processes for sustainable and cost-effective power generation.
According to Cognitive Market Research, >3 MW - 100 MW holds a prominent market share due to increasing industry demand for reliable and efficient power generation. Growing emphasis on sustainable energy solutions and the need for enhanced operational efficiency fuels the adoption of industrial steam turbines in this power range.
>100 MW is the fastest-growing category over the forecast period due to growing energy demand and increasing focus on sustainable power generation. Rising adoption of combined heat and power (CHP) systems, technological advancements, and stringent environmental regulations drive the demand for high-capacity steam turbines, ensuring efficiency and reduced carbon emissions in large-scale industrial applications.
According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue due to the increasing demand for energy efficiency and sustainable power generation. Growing investments in renewable energy projects, coupled with stringent environmental regulations, are propelling the adoption of steam turbines. These turbines play a pivotal role in various industries, including power generation, chemicals, and manufacturing, contributing to the region's robust economic and industrial growth. The emphasis on clean and reliable energy sources positions industrial steam turbines as key drivers in North America's energy landscape.
Europe is the fastest-growing region due to the increasing demand for efficient and sustainable energy solutions. Growing emphasis on renewable energy sources, coupled with government initiatives to reduce carbon emissions, has led to the adoption of industrial steam turbines. These turbines play a crucial role in various industries, including power generation and manufacturing, by providing cost-effective and environmentally friendly energy solutions. The European market is expected to grow further as the region continues to prioritize clean and sustainable energy practices.
The current report Scope analyzes Industrial Steam Turbines Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global industrial steam turbines market size was estimated at USD XX Million, out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.9% from 2024 to 2031 due to region's increasing demand for reliable and efficient power generation solutions. As MEA countries focus on infrastructure development, the demand for industrial steam turbines rises, creating opportunities for market growth in the region. According to Cognitive Market Research, geothermal energy, a prominent driver, harnesses the Earth's heat to power turbines, offering a reliable and eco-friendly alternative. This enhances energy security and reduces carbon emissions, aligning with the region's sustainability goals. In conclusion, the region's industrial steam turbine market is driven by digitization trends, increased office automation, and the region's growing focus on technology adoption.
According to Cognitive Market Research, the global industrial steam turbines market size was estimated at USD XX Million, out of which Latin America market of more than 5% of the global revenue with market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.6% from 2024 to 2031 due to increasing industrialization, coupled with the need for sustainable energy sources, is fueling the adoption of steam turbines, providing a robust foundation for market expansion in the region. According to Cognitive Market Research, cogeneration, also known as combined heat and power (CHP), enhances energy efficiency by producing electricity and useful heat, making it a key driver for adopting steam turbines in the region. In conclusion, the region's industrial steam turbine market is driven by the region's economic development fuels demand, positioning it as a key market for steam turbines.
According to Cognitive Market Research, the global industrial steam turbines market size was estimated at USD XX Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 1.4% from 2024 to 2031 due to increasing demand for sustainable energy solutions, government initiatives promoting clean energy, and the growing focus on enhancing industrial efficiency. Additionally, advancements in turbine technology and a rise in industrial activities contribute to the market's positive trajectory. According to Cognitive Market Research, biomass offers a renewable alternative, reducing reliance on fossil fuels and promoting environmental sustainability in industrial processes, thus propelling the demand for steam turbines in the region. In conclusion, North America's industrial steam turbine market is driven by lucrative opportunities for stakeholders, fostering technological advancements.
According to Cognitive Market Research, the global industrial steam turbines market size was estimated at USD XX Million, out of which Europe held the major market of more than 30% of the global revenue with market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 1.7% from 2024 to 2031 due to growing emphasis on renewable energy sources, coupled with government initiatives promoting clean power generation, fuels the adoption of industrial steam turbines, contributing to market expansion in the region. According to Cognitive Market Research, there is increasing demand for energy efficiency and a growing emphasis on sustainable power generation. The steam cycle, a key component, enhances overall efficiency by utilizing steam to drive turbines, contributing to the region's focus on cleaner and more efficient energy solutions. In conclusion, increasing demand for efficient power generation drives the region's industrial steam turbine market.
According to Cognitive Market Research, the global industrial steam turbines market size was estimated at USD XX Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031 due to growing demand in key sectors like power generation and manufacturing. The primary driver has increased industrialization, necessitating efficient and reliable power sources. This surge is propelling the market for industrial steam turbines in the region. According to Cognitive Market Research, there is increasing demand for efficient and environmentally friendly power generation. The condensing feature of these turbines enhances energy efficiency by utilizing steam exhaust to maximize power output, contributing to sustainable and cost-effective industrial processes in the region. In conclusion, the region's industrial steam turbine market is driven by growing industrialization.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Table of Content differs accordign to the user License selction. Current Displayed TOC is for the Corporate User License Report Edition. TOC Customization options: Add or Remove section's Or chapter's from the report. Specific section's of report can be ordered at a discounted price. If applicable; On Request Volume Data will also be provided (at an Additional Cost).
Design | Reaction, Impulse |
End-use | Industrial, Utility |
Exhaust | Condensing, Non-condensing |
Technology | Steam cycle, Combined cycle, Cogeneration |
Capacity | <3 MW, >3 MW - 100 MW, >100 MW |
Fuel | Fossil fuel, Biomass, Geothermal |
List of Competitors | Ansaldo Energia S.p.A, Bharat Heavy Electricals Limited, Doosan Škoda 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 |
This chapter will help you gain GLOBAL Market Analysis of Industrial Steam Turbines. Further deep in this chapter, you will be able to review Global Industrial Steam Turbines Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Chapter 2 North America Market Analysis
Executive Summary North America Market (2019 vs 2024 vs 2031)
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Industrial Steam Turbines Market Trends North America Industrial Steam Turbines Technological Road Map North America Industrial Steam Turbines Market Drivers North America Industrial Steam Turbines Market Restraints North America Industrial Steam Turbines Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia-Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Design Analysis 2019 -2031, will provide market size split by Design. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Design Analysis 2019 -2031
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Chapter 11 Market Split by End-use Analysis 2019 -2031
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Chapter 12 Market Split by Exhaust Analysis 2019 -2031
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Chapter 13 Market Split by Technology Analysis 2019 -2031
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Chapter 14 Market Split by Capacity Analysis 2019 -2031
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Chapter 15 Market Split by Fuel Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Industrial Steam Turbines market
Chapter 16 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Reaction have a significant impact on Industrial Steam Turbines market? |
What are the key factors affecting the Reaction and Impulse of Industrial Steam Turbines Market? |
What is the CAGR/Growth Rate of Industrial during the forecast period? |
By type, which segment accounted for largest share of the global Industrial Steam Turbines Market? |
Which region is expected to dominate the global Industrial Steam Turbines Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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