by The steam turbine market is estimated to witness a steady growth owing to increased usage of renewable energy sources. Steam turbines are rotating mechanical devices that extract thermal energy from pressurized steam and convert it into useful mechanical work. They are commonly used to generate electricity and power ships and nuclear submarines. Steam turbines are preferable over other options for generating large-scale electricity due to their high efficiency and reliability. Technological advancements have led to improved turbine designs with greater output and durability.
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 Takeaways
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.
Increasing investments in renewable energy generation coupled with supportive government policies are expected to create lucrative opportunities for market growth. Majority of new grid interconnections rely on efficient and reliable steam turbines.
Growing demand for clean energy, especially in Asia Pacific countries like China and India is driving global expansion of the steam turbine market. Key players are focusing on emerging economies through joint ventures and partnerships.
Market Drivers
The primary driver boosting the steam turbine market is the widespread use of renewable energy resources. Steam Turbine Market Demand play a key role in harnessing energy from geothermal fields and concentrating solar power plants. The need to reduce carbon footprint is compelling utilities to replace old coal-fired plants with renewable energy integrated systems using steam turbines. Government incentives and emissions regulations are also promoting adoption of clean power technologies.
PEST Analysis
Political: The Steam Turbine Market is impacted by various government policies and regulations on power generation and environmental protection. Regulations promoting renewable and clean sources of power generation will drive market growth.
Economic: The market is strongly influenced by global economic growth and demand for electricity. Power requirements from manufacturing and industrialization boosts demand. Recovering economies post-COVID provide opportunities.
Social: Public emphasis on cleaner power, reliable supply, and affordability influence adoption. Rural electrification and development programs aid demand.
Technological: Advancements in materials, design, and digitalization help improve efficiency. Turbines using cutting-edge manufacturing and combined cycle principle see higher uptake. Integrating with renewable sources aid grid stability.
The Asia Pacific region accounted for the largest market share in terms of value in the global steam turbine market in 2024. This can be attributed to rise in power generation capacities across developing economies like India and China. Power needs from manufacturing and infrastructure growth spur demand. Southeast Asian countries also contribute to regional market expansion.
The Middle East and Africa region is projected to be the fastest growing regional market during the forecast period. Nations push energy diversification away from oil with gas and renewable integration. Steam turbines improve baseline power supply reliability in the region. Israel, Saudi Arabia, and UAE demonstrate strong commitments to power sector investments and reforms.
*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
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