Market Size of Steam Turbine For Power Generation Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 15.45 Billion |
| Market Size (2029) | USD 18.34 Billion |
| CAGR (2024 - 2029) | 3.49 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Steam Turbine For Power Generation Market Analysis
The Steam Turbine For Power Generation Market size is estimated at USD 15.45 billion in 2024, and is expected to reach USD 18.34 billion by 2029, growing at a CAGR of 3.49% during the forecast period (2024-2029).
The steam turbine for power generation market is estimated to be at USD 14.93 billion by the end of this year and is projected to reach USD 17.72 billion in the next five years, registering a CAGR of over 3.49% during the forecast period.
- Over the medium term, factors such as upcoming natural gas combined cycle plants and thermal coal plants and growing emphasis on uninterrupted power supply are expected to drive the steam turbine for power generation market.
- On the other hand, the increasing adoption of renewable energy power generation and the demand for clean energy sources is expected to hinder the market growth during the forecast period.
- Nevertheless, increasing efficiency of combined cycle power plants with most of the demand coming from the North America and Asia Pacific region will likely create lucrative growth opportunities for the market during the forecast period.
- Asia-Pacific is the fastest-growing market during the forecast period due to the rising energy demand. This growth is attributed to increasing investments in the countries of this region, including India, China, and Australia.
