STEAM TURBINE MARKET ANALYSIS

Steam Turbine MarketSize and Trends

The global steam turbine market size was valued at US$ 16.27 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 2.2% from 2023 to 2030. The global steam turbine market is expected to grow at a rapid pace during the forecast period. It is expected to be driven by the growing need for electricity in emerging economies and the growing demand for small steam turbines in the petrochemical industry. The increasing focus on renewable energy technologies and government regulations to reduce carbon emissions will also contribute to the expansion of the steam turbine market.

Global Steam Turbine Market Trends:

Growing popularity of combined cycle

Combined cycle is one of the most popular power plant in the global steam turbine market. This segment will be the most profitable over the forecast period, as it is primarily used in natural gas-fired power plants to generate more electricity. These plants utilize exhaust steam from the turbines to generate more electricity, which is then returned to the boiler to be used again in the steam cycle.

Increasing use of natural gas-fired power plants is a recent trend

Increasing use of natural gas-fired power plants, which are seen as environmentally friendly are expected to positively shape the market growth. Moreover, ongoing industrial revolution and expanding manufacturing industries will again propel the market growth. This trend will lead to an increase in the need for steam-electric power generation equipment, and this will fuel the market growth over the forecast period.