The global steam turbine market is expected to reach USD 15.48 billion by 2025, according to a new report by Grand View Research, Inc. Steam turbines have been a key part of the global power generation systems from past. However, factors such as limited primary energy sources, increasing awareness regarding environmental pollution, etc. has resulted in rising need towards developing efficient steam turbines.
Steam turbines are now popularly used for combined heat & power (CHP) systems, mainly employed in industrial applications. CHP units offer greater efficiency & flexible output and also operate on cleaner fuels such as natural gas. Legislative support towards CHP installation is expected to foster small and medium capacity steam turbines demand over the forecast period.
The performance of the steam turbine greatly influences the overall efficiency, and for the same, market participants focus on improving the turbine efficiency. Companies such as GE have implemented a number of programs focusing on material development. Re-heat technology is another aspect which GE has revealed to have achieved a break through. The company is also working on double re-heat technology which is expected to significantly boost the system efficiency.
Further key findings from the report suggest:
- The global steam turbine market capacity was 103.16 GW in 2015 and is expected to reach 121.27 GW, growing at a CAGR of 1.6% from 2016 to 2025
- Steam turbines with <120 MW capacity is expected to be the fastest growing segment on account of increasing demand for small capacity CHP units
- Power & Utilities is expected to emerge as the largest application segment and accounted for over 70% of total capacity in 2015
- Industrial application segment is expected to witness the highest growth of 3.3% in terms of revenue over the forecast period
- Asia Pacific was the leading regional market with capacity share exceeding 50% in 2015
- Asia Pacific is also expected to witness the fastest growth of 3.2% over the forecast period owing to rapid industrialization and increasing focus on thermal power plants to fulfill increasing electricity demand.
- Siemens is expected to emerge as the largest player in the industry and is anticipated to hold over 20% of the market share
- Other companies operating in the market space include General Electric Co., Mitsubishi Heavy Industries Ltd., Toshiba, Ansaldo, Hitachi, Dresser-Rand