The annual additions to thermal capacity are rising along with the steadily rising electricity consumption. Escalating thermal power capacities and rising electricity consumption speed up market expansion. Industry growth will also be fueled by rapid industrialization and rising electricity demand, particularly in developing economies. On the other hand, the potential of the global steam turbine market has not yet been fully realized. The demand for steam turbines is anticipated to increase due to this factor. Power demand is anticipated to soar as the world's population grows. The majority of the electricity produced globally comes from steam-electric power plants. Market Dynamics What are The Key Factors Driving Industry Growth?Īlong with the increase in power demand, an increase in the need for steam turbines is anticipated. Therefore, interest in power-age steam turbines is anticipated during the forecast period. The growth in steam turbines is the better use of combined-cycle natural gas plants, a natural gas-fired plant.

Since renewable energy sources cannot provide energy continuously, many countries want to convert their coal-fired plants to gas-fired plants, which could lead to the utilization of more modest steam turbines.

The turbine is especially well suited to drive an electrical generator because it generates rotating motion. The use of numerous stages in the expansion of the steam, which results in an early iteration of the potential response expansion process, is a critical factor in the increase in the thermodynamic efficiency of the steam turbine. These factors will help the market gain traction significantly over the forecast period. These efforts are in line with a favorable outlook for long-term political stability. Additionally, the government's ongoing efforts to promote domestic manufacturing over the forecast period will fuel the industry's potential. Strict emission regulations to reduce GHG emissions and falling natural gas prices will push the steam turbine market revenue share. It is projected to reach USD 28.8 billion by 2031, growing at a CAGR of 2.9% during the forecast period (2023–2031).įundamentally, steam turbines are used in conjunction with gas turbines to increase plant efficiency by using the heat from exhaust gases to produce extra power.

The global steam turbine market size was valued at USD 22.3 billion in 2022.

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