by Steam turbines play a vital role in power generation by converting steam energy from a boiler into rotational energy for driving an electrical generator or propeller. Growing industrialization and rapid urbanization across various developing nations have resulted in a substantial rise in electricity demand which in turn is driving the adoption of steam turbines in thermal power plants worldwide. The steam turbine market primarily comprises of extraction turbines and reaction turbines used in utility-scale power generation, cogeneration, and industrial applications. The adoption of innovative designs and materials is allowing manufacturers to make turbines efficient, compact, and operable at higher temperatures and pressures.
The Global Steam Turbine Market is estimated to be valued at US$ 19.16 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
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.
Key Takeaways
Key players: Among the key players, Neuro Care Group and Mitsar Co. Ltd are focusing on expanding their product portfolio and global presence through mergers and acquisitions. Mitsar Co. Ltd recently acquired Emotiv to strengthen its footprints in the flourishing Asian steam turbine market.
Growing demand: Rapid industrialization and investment in renewable energy projects are expected to fuel the demand for Steam Turbine Market Demand across developing regions such as Asia Pacific and Latin America during the forecast period. Countries such as China, India are installing new coal-fired and nuclear power plants which is propelling the steam turbine market.
Global expansion: Leading manufacturers are actively pursuing global expansion opportunities through forging new strategic partnerships and collaborations with EPC companies and project developers. For instance, Brainworks recently collaborated with Thought Technology Ltd. to supply steam turbines for a large solar thermal power project in Africa.
Market Key Trends
Digitalization is one of the key trends being witnessed in the Steam Turbine Market. The adoption of Internet of Things (IoT) and Industrial IoT (IIoT) solutions is allowing operators to remotely monitor turbine performance, track asset health, predict maintenance needs and optimize operations. Players are investing heavily in developing smart steam turbines integrated with advanced sensors and cloud-based platforms to improve plant efficiency. This is expected to open new growth opportunities and drive the steam turbine market over the medium to long term.
Porter’s Analysis
Threat of new entrants: Establishing a steam turbine manufacturing plant requires huge capital investments and meeting stringent certification standards creates entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power as steam turbines have diverse applications and there are many established manufacturers.
Bargaining power of suppliers: Suppliers of raw materials like steel have moderate bargaining power as manufacturers can switch to alternative suppliers.
Threat of new substitutes: Alternate technologies like gas turbines, combined cycle power plants pose threat, but steam turbines still remain efficient for base load power generation.
Competitive rivalry: Being a mature market, competition is high among major global players to improve turbine efficiency and reduce operation & maintenance costs.
Geographical Regions
The North American region dominated the steam turbine market in 2024 holding around 30% market share in terms of value, mainly attributed to large fleet of ageing steam power plants in USA and Canada entering replacement cycle. Complementing replacement demand, mid-west and west regions in USA have also seen new gas fired combined cycle power plant installations incorporating steam turbines.
The Asia Pacific region is anticipated to be the fastest growing market for steam turbines during forecast period 2024 to 2031 with a projected CAGR of over 8%. This can be attributed to coal power capacity additions particularly in China and India along with factory automation in various process industries across developing Asian countries promoting demand for steam turbines as prime movers.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
