t The report “Steam Turbine Market by Design (Reaction, Impulse), Exhaust (Condensing, Non-condensing), Fuel (Fossil Fuel, Biomass, Geothermal), End Use (Industrial, Utility), Technology (Steam Cycle, Combined Cycle, Cogeneration) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2028″ The steam turbine market is projected to grow from USD 15.5 billion in 2021 and is projected to reach USD 17.7 billion by 2028; it is expected to grow at a CAGR of 2.20% from 2021 to 2028. The number of power plants built globally makes up for the energy shortage. Along with the growing emphasis placed on it by politicians in several nations to construct energy-efficient and clean power-producing facilities, this is one of the key factors impacting the business. Combined heat and power plants (CHP) are also becoming more necessary as more uses for the surplus heat from electricity production are discovered. This is helping the market, as is the introduction of cutting-edge innovations like cryptocurrency and 5G technology, which use a significant amount of electricity to function.
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The impulse category in the steam turbine market is expected to be the fastest-growing segment during the forecast period
The impulse segment is projected to grow fastest during the forecast period. High-velocity water or steam jets clash with the turbine's blades in this turbine, which rotates the turbine and uses this winding to generate energy. The chemical and power industries make extensive use of impulse turbines. Impulse turbines are used in the chemical industry to turn the heat energy from hot vapors and gases into mechanical work. Impulse turbines are used in the power sector to produce electricity in hydroelectric facilities and steam-based thermal power plants. The main benefit of an impulse turbine is its ability to start without the need for ancillary equipment like compressors, which lowers the upfront and ongoing costs of producing electricity.
Industrial category of the steam turbine market to record the highest CAGR from 2022 to 2027
The industrial category is expected to account for the highest CAGR of the steam turbine market from 2022 to 2027. The need for steam engines in the industrial sector has rapidly increased. In large sectors like chemical plants and refineries, among others, these engines are mostly deployed. Additionally, significant investments have been made recently in constructing and establishing new industrial facilities, boosting the demand for steam turbines. Furthermore, steam turbines are used in industrial applications in the form of CHP units. These units create outputs in various ways and are more efficient than single units. The increased need for steam turbines in internal power plants in the industrial sector is also a result of frequent load limitations and power interruptions.
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North America is anticipated to grow at a significant rate in steam turbine market share from 2022 to 2027
North America is the fastest-growing region in the steam turbine market. The increasing integration of combined cycle technologies for captive power production within the region is responsible for the market growth in this area. Adopting combined cycle technology into captive power generation throughout heavy industries is another factor driving the increase. Product penetration will be aided by a paradigm shift in favor of the manufacturing sector and an expansion of its applicability in the metal, pulp & paper, and food & beverage sectors. Further supporting market valuation will be the gradual replacement of decommissioned coal-fired power stations with combined cycle technology.
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Key Market Players
Key players in the steam turbine market include Toshiba Corporation, Fuji Electric Co. Ltd, Istom SA, Mitsubishi Hitachi Power Systems, Siemens AG, Man Diesel & Turbo SE, Bharat Heavy Electricals Ltd., Doosan Skoda Power, Kawasaki Heavy Industries and Ansaldo Energia..
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