Steam Turbine Market Size Worth $19.87 Billion By 2030 | CAGR: 2.5%

The global steam turbine market size is expected to reach USD 19.87 billion by 2030, according to a new study by Polaris Market Research. The report "Steam Turbine Market Share, Size, Trends, Industry Analysis Report, By Type (Steam Cycle, Combined Cycle, Cogeneration), By Design (Reaction, Impulse); By Fuel (Fossil Fuel, Biomass, Geothermal), By End-Use; By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.

Asia Pacific region's high growth in the industry is mainly due to increased demand for electricity, rapid industrialization, and the development of more efficient turbines & technology. Since wood-plastic composites are used on a large scale to reduce vehicle weight, this advancement is predicted to affect the market directly.

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As a result of their efficiency, low pollution, and optimum maintenance costs, renewable energy sources have gained popularity in developed and developing countries alike. In addition to these factors, global industry growth is constrained by a rise in demand for clean energy sources. These factors have contributed to driving the global market.

In natural gas-fired plants, they are not directly used, but combined cycle plants, which are the most efficient, do. In addition to the increased use of combined-cycle natural gas plants as a reliable energy source, there is also an increase in demand for the industry. Adding natural gas-fired power plants to the energy mix can promote a greener future since renewable resources cannot provide energy 24 hours a day.

Steam Turbine Market Report Highlights

• The combined cycle segment is anticipated to grow at a significant CAGR over the forecast period because of generating electricity from waste materials.
• Impulse accounted for a significant revenue share. This impulse segment to its compact size and economic properties. A significant factor driving industry demand is government investment in expanding infrastructure and an increase in demand from power generation industries.
• The biomass segment is anticipated to grow at a lucrative CAGR over the forecast period. In recent years, captive power generation and combined heat and power systems have become increasingly popular.
• Asia Pacific is expected to grow at a significant CAGR over the projected period on account of the Increase in building and construction activities in the Asia-Pacific countries, such as China and India. Because Asia Pacific vast population and development as the world's manufacturing hub will impact the electricity demand
• The global market players include Toshiba Corporation, Fuji Electric, Istom SA, Mitsubishi Hitachi Power Systems, General Electric, Siemens, Man Diesel & Turbo, Bharat Heavy Electricals, Nanjing Turbine & Electric Machiner, others.

Polaris Market Research has segmented the steam turbine market report based on type, fuel, design, end-use, and region:

Steam Turbine, Type Outlook (Revenue - USD Billion, 2018 - 2030)

• Steam Cycle
• Combined Cycle
• Cogeneration

Steam Turbine, Fuel Outlook (Revenue - USD Billion, 2018 - 2030)

• Reaction
• Impulse

Steam Turbine, Design Outlook (Revenue - USD Billion, 2018 - 2030)

• Fossil Fuel
• Biomass
• Geothermal

Steam Turbine, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)

• Industrial
• Utility

Steam Turbine, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa