Market Snapshot
| Study Period: | 2019-2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Asia-Pacific |
| CAGR: | 6.5 % |
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Market Overview
The steam turbine for power generation market is expected to record a CAGR of around 6.5% during the forecast period 2022–2027. The outbreak of COVID-19 in Q1 2020 negatively impacted the market's growth. Lockdown restrictions imposed by various regional governments disrupted the supply chain, and most global manufacturers suffered a massive setback in dispatches and order bookings. In India, Bharat Heavy Electricals Ltd’s (BHEL) steam turbine unit suffered a loss of INR 150 crore due to the COVID-19 pandemic-induced lockdown. The market is expected to be driven by upcoming natural gas combined cycle plants and thermal coal plants. However, increasing adoption of renewable energy is expected to hinder the market growth during the forecast period.
· Natural gas combined-cycle plants are likely to witness significant growth because of their advantages, including low carbon emissions.
· A new thermal plant is under study, which uses thorium as the primary fuel. The progress in this field can lead to a renaissance in thermal power plants as thorium creates much less waste, is cheaper, and is more abundant than uranium. This, in turn, is expected to create a significant opportunity for steam turbine manufacturers to tap into this new market.
· Asia-Pacific is expected to dominate the market, with most of the demand coming from countries such as China and India.
Scope of the Report
The steam turbine for power generation market report includes:
| Plant Type | |
| Gas | |
| Coal | |
| Nuclear | |
| Other Plant Types |
| Capacity | |
| Below 40MW | |
| Above 40MW |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| Middle-East and Africa | |
| South America |
Key Market Trends
Natural Gas Combined-cycle Plants to Witness Significant Growth
· Natural gas plants do not directly use steam turbines but combined-cycle plants, which is the most efficient method of natural gas-fired plants since they use smaller megawatt turbines.
· An increase in the adoption of combined-cycle natural gas plants as a reliable energy source is one of the prominent reasons behind the rise in the demand for steam turbines.
· As renewable resources cannot provide energy around the clock, a component of natural gas-based plants in the energy mix can make way for a cleaner future.
· Many countries are looking forward to generating electricity from natural gas and are on the verge of closing coal-fired power plants. These developments are expected to drive the market’s growth during the forecast period. For instance, in the United States, as of 2021, around 32.3 GW of new natural gas-fired power plants are scheduled to commence operations in 2025 and are in advanced stages of development. Out of these, 14.2 GW have a status of under construction, 3.4 GW are at pre-construction, and 14.7 GW have a status of advanced permitting.
· Further, several other countries have plans to build natural gas power plants. Countries like India, China, Russia, and several other European countries are concentrating on having more gas-fired power plants in place of coal-fired on account of their lower impact on the environment.
· Thus, such a scenario is expected to boost the natural gas combined-cycle plants to witness significant growth during the forecast period.
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Asia-Pacific to Record the Highest Growth
· Asia-Pacific is already the largest market for steam turbines and is expected to create significant demand for steam turbines over the coming years.
· As electricity demand increases per capita across the globe, planned thermal plants like Phulari Coal Powered Plant in Bangladesh and Patratu Super-Thermal Power Plant (Coal) in India are expected to maintain growth in the steam turbine sector.
· China, already a significant user of steam turbines, is constructing the highest number of thermal power plants globally. Ultra-supercritical coal plants like Fuyang Power Station and Huadian Laizhou Power Station are being built to match the electricity demand.
· Around 22 coal-powered plants are under construction in Japan, including power plants like Hitachinaka Kyodo power plant and Nakoso power plant, which are expected to provide more than 1000 MW of electricity and are likely to have a positive impact on the market studied.
· Many countries in the Asia-Pacific region cannot provide 24-hour electricity to their citizens, and the cheapest path to achieve the objective is to construct thermal plants and use steam turbines.
· Thus, with the aforementioned developments and upcoming thermal power plants, the Asia-Pacific region is expected to dominate the market during the forecast period.
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Competitive Landscape
The steam turbine for power generation market is moderately consolidated. Some of the key players in the market include Siemens AG, General Electric Company, Dongfang Turbine Company Limited, Bharat Heavy Electricals Limited, and Mitsubishi Hitachi Power Systems Ltd.
Recent Developments
· In July 2021, Bharat Heavy Electricals Limited (BHEL) announced that it had been awarded a contract by Nuclear Power Corporation of India Limited (NPCIL) to supply 12 steam generators for indigenously developed 700 MWe pressurized heavy water reactors (PHWRs) to be constructed at four locations across the country.
· In December 2021, General Electric and Harbin Electric Corporation announced that the Chinese state-owned power utility Guangdong Energy Group Co. Ltd had ordered two GE 9HA.01 gas turbines for its Guangdong Huizhou combined-cycle power plant in Guangdong province, in the Greater Bay Area.
Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraint
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Plant Type
5.1.1 Gas
5.1.2 Coal
5.1.3 Nuclear
5.1.4 Other Plant Types
5.2 Capacity
5.2.1 Below 40MW
5.2.2 Above 40MW
5.3 Geography
5.3.1 North America
5.3.2 Asia-Pacific
5.3.3 Europe
5.3.4 Middle-East and Africa
5.3.5 South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Siemens AG
6.3.2 Mitsubishi Hitachi Power Systems Ltd
6.3.3 Bharat Heavy Electricals Limited
6.3.4 General Electric Company
6.3.5 Dongfang Turbine Company Limited
6.3.6 Toshiba Corporation
6.3.7 Doosan Heavy Industries & Construction Company Ltd
6.3.8 Elliott Company
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Steam Turbine for Power Generation Market market is studied from 2019 - 2027.
What is the growth rate of Steam Turbine for Power Generation Market?
The Steam Turbine for Power Generation Market is growing at a CAGR of 6.5% over the next 5 years.
Which region has highest growth rate in Steam Turbine for Power Generation Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Steam Turbine for Power Generation Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Steam Turbine for Power Generation Market?
Siemens AG, General Electric Company, Dongfang Turbine Company Limited, Bharat Heavy Electricals Limited, Mitsubishi Hitachi Power Systems Ltd are the major companies operating in Steam Turbine for Power Generation Market.
