Steam turbines are rotating devices that extract thermal energy from pressurized steam and convert it into rotary mechanical energy. Steam turbines play a major role in electricity generation industry as they are majorly used in thermal and nuclear power plants. The steam turbines offer advantages like high efficiency, reduced emissions, and improved output. With growing investments in renewable energy sources like solar and wind energy, the need for steam turbines is increasing as they are increasingly being used along with solar and wind farms for energy storage. The global Steam Turbine Market is estimated to be valued at US$ 16.63 Bn in 2023 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 driving the growth of the global steam turbine market is the increasing investments in renewable energy sources across the globe. Governments of many countries are focusing on developing sustainable energy infrastructure by promoting renewable energy integration. This has resulted in increasing adoption of energy storage technologies like pumped hydro storage and compressed air energy storage which utilize steam turbines for charging and discharging the stored energy. Steam turbines play a vital role in such renewable energy integration projects by facilitating load balancing and ensuring grid stability. The growing traction towards incorporating higher shares of variable renewable energy in the energy mix is propelling the demand for energy storage technologies that utilize steam turbines, thereby contributing to the market growth over the forecast period.
Segment Analysis
The global steam turbine market is dominated by the stationary steam turbine segment. Steam turbines are widely used in thermal power plants to generate electricity and account for more than 75% share of the global steam turbine market. Steam turbines play a vital role in the power generation process as they convert steam’s thermal energy into mechanical rotational energy to drive an electrical generator. Being a cost-effective solution for large-scale power generation, steam turbines are irreplaceable in thermal power plants.
Key Takeaways
The Global Steam Turbine Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific currently holds more than 40% share of the global steam turbine market led by China, India, and other emerging countries in Southeast Asia. These countries are undergoing rapid industrialization and urbanization which is increasing their energy demand. To meet this growing demand, various countries are focusing on increasing their power generation capacity by setting up new coal-fired and nuclear power plants that use steam turbines extensively.
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. The global steam turbine market is consolidated in nature with major global players accounting for more than 50% of the total market share. Ongoing consolidation activities such as mergers, acquisitions and partnerships between players are aimed at expanding their product portfolio and geographical presence.
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