Global Steam Turbine Market by Product Type (Extraction Steam Turbine & Back Pressure Steam Turbine), by Rated Capacity (<300 MW, 300 MW to 599 MW, & >600 MW), by End-User (Oil & Gas Sector, Chemical Industry, Pharma Industry),and by Region - Industry Forecast 2016-2024

Global Steam Turbines Market 

Market Overview

Steam turbines are widely used in electrical generation plants and in industries where industrial processes require power and/or heat, including paper and pulp industry, refineries, petrochemical plants, desalination plants, and refuse incinerating and district heating plants. The rapid industrialization and rising global population have significantly increased the consumption of electricity which escalated the demand for more electricity generation. Steam turbines play an important role in generating electricity by using different energy sources, such as coal, solar, nuclear, biomass among others, thus fulfilling this augmented demand. Further, the developing regions have number of planned and under construction electricity generation plants which is expected to drive the growth of steam turbines market.

Goldstein Research analyst forecast the global steam turbines market to expand at a CAGR of 3.8% during the forecast period 2016-2024. The demand for steam turbines for power generation and industrial applications around the world reached USD 17.4 billion in 2016, which is likely to reach USD 23.6 billion by the end of the forecast period. 

Covered in this Global Steam Turbines Market Report

The report covers the present ground scenario and the future growth prospects of the steam turbines market for 2016-2024 along with the total revenue of steam turbines market in every region. We calculated the market size and revenue share on the basis of revenue generated per segment, regional and country level. The revenue forecast is given on the basis of number of steam turbines manufacturers and current growth rate of the market.

Global Steam Turbines Market Segmentation

By Product Type

• Extraction (Condensing) Steam Turbine
• Non-Condensing or Back Pressure Steam Turbine

By Rated Capacity

• Less than 300 MW
• 300 MW to 599 MW
• 600 MW and above

By End Users

• Chemical and Pharmaceutical Industry
• Power Generation Plants (Thermal, Nuclear etc.)
• Oil and Gas Sector
• Pulp and Paper Industry
• Others (sugar mills etc.)

By Geography

• North America (US, Canada) {Market Share (%), Market Size (USD Billion)}
• Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion)}
• Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion)}
• Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion)}
• Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion)}

Based on end users, power generation plants accounted for the largest revenue of more than 66% in global steam turbines market in 2016. Moreover, power generation plants are likely to dominate the market over the forecast period owing to major demand for replacement in existing power plants and installation of new products in under construction projects majorly in Asia.

Global Steam turbines Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global steam turbines market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global steam turbines market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our global steam turbines market report comprises of the following companies as the key players in the global steam turbines market: Alstom, Dongfang Electric Corporation (DEC), Elliot Group, GE Energy, Hangzhou Steam Turbine, Harbin Turbine, Nanjing Turbine & Electric Machinery (Group), Shandong Qingneng Power (QNP), Shanghai Electric Group, Siemens AG, China Chang Jiang Energy, Doosan Skoda Power, GuangZhou SKODA-JINMA Turbine, Mitsubishi Hitachi Power Systems, Sokeo Power and Triveni Group.

According to our global steam turbines market study on the basis of extensive primary and secondary research, one major driver in the market is growing demand for electricity across the globe.  The emerging markets in Middle East and Africa, and Asia have a major influence on the growth of steam turbines market and currently dominating the demand for steam turbines.

According to the report, major opportunity in global steam turbines market is planned and under construction power projects majorly in developing countries. For instance, China and India alone have approximately 30 under construction and more than 60 planned nuclear reactor projects which are likely to create huge demand for steam turbines in coming years. Moreover, there is more than 1,600 new coal-fired power plants are planned or under construction in 62 countries across the globe.

Further, the report states that one challenge in global steam turbines market is faster adoption of non-renewable power generation technology such as wind and tidal energy which is resulting in decommissioning of thermal power plants in many countries across the globe.

Geographically, Asia Pacific region accounted for the largest market share of 35% revenue in global steam turbines market owing to presence of more than maximum number of thermal power plants and largest under construction projects of nuclear power plants. Asia Pacific is closely followed by the North America, which occupied about 29% of the market share owing to presence of significant number of thermal and nuclear power plants in the region. Middle East& Africa and Asia Pacific regions exhibit immense potential for the market growth owing to aggressive persuasion for nuclear and thermal power generation. 

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this global steam turbines market report

• What is the total market size by 2024 and what would be the expected growth rate of market?
• What is the total revenue per segment and region in 2015-16 and what would be the expected revenue per segment and region over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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