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Global Steam Turbine Market to Grow at ~2% CAGR During 2022-2031; Market to Grow Owing to Accelerated Thermal Power Production Technology and High Demand for Electricity to Support Industrial Activities
[August 09, 2022]

Global Steam Turbine Market to Grow at ~2% CAGR During 2022-2031; Market to Grow Owing to Accelerated Thermal Power Production Technology and High Demand for Electricity to Support Industrial Activities

New York, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The International Trade Corporation (ITC) statistics manifest that there was significant growth in the global export value for steam turbines during 2020-2021. The global export value for steam turbines in 2020 was USD 3,646,987 thousand which got rose to USD 4,269,438 thousand in 2021 with an annual growth in value of 13% during 2020-2021. In addition to that, steam turbines are widely utilized in pharmaceutical industries in the R&D sector to provide heat and power for various processes. 

The Global Steam Turbine Market report, recently issued by Kenneth Research contains a brief overview of market dynamics, including growth drivers, restraint factors, current market trends, and development prospects for the market in the years to come. A thorough analysis of the COVID-19 pandemic’s effects on end-users is included in the market research report that is analyzed for the forecast period, i.e., 2022-2031. In addition, the research report examines the product portfolios of the major market competitors and their plans for expanding their market share.

According to the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) estimates, the research-based biopharmaceutical sector spent USD 179 billion on biopharmaceutical R&D in 2018. When compared to other tech industries, the biopharmaceutical sector spends 7.3 times more on R&D annually than the aerospace and defense sectors, 6.5 times more than the chemical sector, and 1.5 times more than the software and computer service sector. Additionally, the biopharmaceutical industry’s entire contribution to global GDP including direct, indirect, and induced effects, is USD 1,838 billion. The growth in the trade of steam turbines and the expansion of the pharmaceutical industry are predicted to fuel the demand for steam turbines and enhance the global steam turbine market.

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Furthermore, the global steam turbine market looks forward to expand with a CAGR of ~2% during the forecast period. The applications of steam turbines in power generations are numerous. Combined cycle power plants use a combination of steam turbines and gas turbines to produce electricity with the highest plant efficiency. Waste heat from the gas turbine is recovered to produce higher power outputs from the steam turbines. Steam turbines for the power generation application in the oil and gas industry are designed and sized according to different practices used for oil and gas applications. There is diverse use of steam turbines in the oil and gas industry.

In LNG plants, steam turbines are the primary source of power for refrigerant compressors, which in one recent LNG project, provided close to 65 [MW]. Steam turbines are also utilized in ethylene facilities to mechanically drive compressors with a power output of about 85 [MW] driving both the refrigerant and cracking gas compressors on the same shaft line. Steam turbines are also employed in refineries to power the compressors and major pumps. In addition to that, IEA estimates that the total global energy produced in 2019 was 617,337,965 Tj.

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The need for steam turbines in the oil and gas industry helps to reduce energy consumption and therefore is anticipated to propel the global steam turbine market. The International Energy Agency (IEA) estimates that global energy consumption rose by 4.6% in 2021 which was twice the rate of that in 2018. The HL-class technology from Siemens Energy has declared to offer Greece to lower CO2 emissions. The 877 megawatts (MW) installed electrical capacity makes it the most potent 1x1 combined cycle power plant in the world. By moving to a new, high-performance, gas-fired power plant with one steam turbine, CO2 emissions might be cut by up to 3.7 million tons annually. The wide adoption of steam turbines in industry is expected to reduce worldwide energy demand and CO2 emissions.

The global steam turbine market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Owing to the demand for power from nations like China and India, the world’s largest and the third largest energy consumers, respectively, the Asia Pacific region is predicted to experience the highest increase over the forecast period. Additionally, China has the highest thermal power facilities that effectively mploy steam turbines. The need for steam turbines in the region has greatly increased as a result.

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In China, there are around 3000 coal-fired power plant units that are currently in operation. The province of Shandong, which is south of Beijing has the most coal power plants as of January 2022, with over 400 units. In the meantime, Beijing municipality is devoid of any active coal power plants. The largest operational coal power plant in China in terms of capacity is Datang Tuoketue. With a capacity of 6.5 gigawatts, the power plant is the biggest coal power plant in the world and is situated in the inner magnolia. Furthermore, according to the ITC statistics, Japan is the top exporter of steam turbines with an exporting value of USD 643, 447 thousand in 2021.

Alternately, the European region is estimated as another big geological attraction during the forecast period for the steam turbine market. Steam turbines are utilized in sugar plants advertising tall levels of effectiveness and maintainable operations. They are utilized to deliver green carbon dioxide (CO2) vitality from bagasse. Poland was positioned as the 6th biggest sugar beet producer creating a nation with a generation volume of around 15 million metric tons of sugar beet.

Whereas Triveni Turbines, a leading steam turbine manufacturer turned 40,000 MT of waste wood annually that was headed for the landfill into heat and energy. In addition, by converting wood waste to “syngas” through pyrolysis and burning it, they produced 20 TPH of the steam. Additionally, the STG system produces 26,000 MWh of green electricity annually which is sufficient to power 6200 houses in the U.K.

The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Asia Pacific (China, India. Japan, South Korea, Indonesia, Singapore, Malaysia Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [ SAUDI Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]. North Africa, South Africa, Rest of the Middle East and Africa).

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The global steam turbine market is sectioned by type into the steam cycle, combined cycle, and cogeneration. The steam cycle is predicted to grow most lucratively backed by its numerous applications. All across the world, steam turbines are used to power generators, produce energy, or provide drive for aircraft, ships, and missiles. There are various energy sources that use steam turbines such as coal, fossil fuels, natural gas, and geothermal energy. According to the CHP Installation Database 1, there were 699 installations using steam turbines in the United States. With an average efficiency of 37 MW and a total efficiency of 26 GW, these steam turbine CHP plants account for 32% of the installed CHP capacity in the United States. The bulk of these CHP steam turbines are employed at industrial facilities (such as those that produce paper, chemicals, and food), as well as district heating sites and commercial buildings with large thermal loads such as universities.

When low-cost boilers such as coal, biomass, solid wastes and by-products (wood or chips), refinery residual oil, and refinery off-gasses are accessible, steam turbines are an excellent choice for medium to large-sized industrial and institutional usages. To illustrate, there was significant growth in the global export value for boilers in 2021 from 2020. In 2020, the export value for boilers for heating and cooling systems was USD 4,962,701 thousand which rose to USD 6,293,593 thousand in 2021 with annual growth in value of 27% during 2020-2021. Whereas, cogent turbines use two distinct generations in the same power stream to get the most energy possible from the hot steam stream. They may operate at an efficiency of over 80%, which is greater than the normal steam turbine plants which have approximately 40%.

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Based on end-use, the global steam turbine market is further sectioned into power & utility, industrial, and others. On account of the wide utilization of steam turbines, to meet the expanding demand for power from the residential, commercial, and industrial sectors, the power, and utility segment is anticipated to have the greatest share of the market. For instance, according to the American Hospital Association (AHA) statistics, the overall number of hospitals in the United States is 6093, which includes 5139 community hospitals. Whereas, over 215 million enterprises are expected to be in operation worldwide in 2020, with 135 million industries located in Asia pacific region, 58 million in Europe, Africa, and the Middle East, and, 25 million in North and South America.

Some of the prominent players and their company profiling included in the report are Siemens Energy (Siemens AG), General Electric, Dongfang Turbine Co., Ltd., Bharat Heavy Electricals Limited, Mitsubishi Heavy Industries, Ltd., Toshiba America Energy Systems Corporation, Elliott Group, Doosan Heavy Industries & Construction, Arani Power Systems Ltd., TURBOCAM, Inc., and others.

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