by The steam turbine is a rotational heat engine that extracts thermal energy from pressurized steam and uses it to do mechanical work on a rotating output shaft. Steam turbines see widespread use in electric power generation as they can harness the thermal energy from steam produced by burning coal, natural gas, nuclear fuel, biomass, or oil in a boiler. With growing concerns over climate change and a push for more sustainable energy production, demand for clean renewable energy sources like solar and wind power is increasing rapidly. As steam turbines can complement intermittent renewable energy by providing baseload power generation to stabilize electric grids, their adoption is growing. The global steam turbine market was valued at US$ 12 Billion in 2019 and is projected to reach US$ 16.63 Billion by 2024 as renewable penetration continues to rise worldwide, driving the need for flexible grid technologies like steam turbines.
The global Steam Turbine Market is estimated to be valued at US$ 16.63 Billion in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends in the steam turbine market is the increasing adoption of supercritical steam turbines. Supercritical steam turbines can operate at higher efficiencies than subcritical turbines as they utilize steam at a higher pressure and temperature above the critical point. This allows supercritical turbines to achieve thermal efficiencies around 45%, much greater than the 35% efficiency delivered by subcritical turbines. With stricter emission regulations and a focus on minimizing energy costs, supercritical turbines are seeing wider use globally in utility-scale power plants. Asia Pacific is a major market for supercritical turbines with China accounting for over 50% of global supercritical turbine capacity additions in recent years.
Porter’s Analysis
Threat of new entrants: The steam turbine market requires high capital investments and has the presence of established players, making entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of several steam turbine manufacturers. However, switching costs are high for buyers.
Bargaining power of suppliers: A few large suppliers dominate the market. However, the availability of substitute materials limits the bargaining power of suppliers.
Threat of new substitutes: Gas turbines and fuel cells are emerging as substitutes due to their higher efficiency. However, the high setup cost of substitutes limits their threat currently.
Competitive rivalry: The market is moderately competitive due to the presence of large global players. Competition is based on product quality, reliability, price, and customer service.
Key Takeaways
The Global Steam Turbine Market Demand is expected to witness high growth at a CAGR of 7.3% during the forecast period.
Regional Analysis: Asia Pacific dominates the market currently due to high investments in power generation in countries such as China and India. Rapid urbanization and industrialization are driving the need for power in the region.
North America is another major regional market for steam turbines. Countries like the US, Canada, and Mexico are actively investing in clean energy projects involving steam turbines. Strict regulations regarding carbon emissions are propelling the demand.
Key players operating in the Steam Turbine Market are Neuro Care Group, Myndlift Ltd, Brainmaster Technologies, Inc., Mitsar Co. Ltd, Emotiv, Brainworks, Mindfield Biosystems Ltd. , Narbis, Thought Technology Ltd., InteraXon Inc., Mind Media USA Inc., and NeuralScan. Players are focusing on product launches and partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
