Steam turbine is a mechanical power plant that uses steam as a fuel to do work on a rotating shaft. The design of a steam turbine is a multi-disciplinary task that involves thermodynamics, aerodynamics and mechanical engineering. In addition to generating electricity, steam turbines can also be used for heating purposes. Industrial steam turbines use a mixture of high-pressure and low-pressure steam as their fuel. The difference between the pressures of the steam in the inlet and exhaust stages must be matched by a condenser to make steam turbines operate properly

Market Dynamics:

The global steam turbine market is anticipated to experience moderate growth throughout the forecast period. This is attributed to the rapid industrialization and rising electricity demand, particularly in developing economies. In addition, an increase in the demand for combined-cycle natural gas plants is another prominent factor driving steam turbine market growth. Furthermore, the growing focus on clean energy, which is defined as a renewable source of power is further expected to drive market growth over the next few years.

On the other hand, regulatory and policy restrictions on fossil-fuel fired power plants are projected to restrain the growth of the steam turbine market during the forecast period.

Key features of the study:

• This report provides in-depth analysis of the global steam turbine market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global steam turbine market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include General Electric (GE), Siemens Energy, Mitsubishi Power, Ltd., TOSHIBA CORPORATION, Doosan Škoda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global steam turbine market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global steam turbine market

Detailed Segmentation:

• Global Steam Turbine Market, By Capacity
  • Up to 150 MW
  • 151 MW to 300 MW
  • More than 300 MW
• Global Steam Turbine Market, By End use
  • Power & Utility
  • Industrial
• Global Steam Turbine Market, By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles
  • General Electric (GE)
  • Siemens Energy
  • Mitsubishi Power, Ltd.
  • TOSHIBA CORPORATION
  • Doosan Škoda Power
  • Ansaldo Energia S.p.A.
  • Bharat Heavy Electricals Limited (BHEL)
  • Fuji Electric Co., Ltd.