세계의 다단식 증기 터빈시장 예측(-2030년) : 유형별, 구동 방식별, 용량별, 용도별, 최종 사용자별, 지역별 분석

According to Stratistics MRC, the Global Multi-stage Steam Turbine Market is accounted for $18.4 billion in 2024 and is expected to reach $28.5 billion by 2030 growing at a CAGR of 7.5% during the forecast period. A multi-stage steam turbine is designed with several sets of both rotating and stationary blades, known as rotors and stators, arranged in successive stages. As steam passes through these stages, it undergoes incremental expansion, optimizing energy extraction at each step. This methodical process results in higher efficiency compared to single-stage turbines. Multi-stage steam turbines are frequently utilized in large-scale power generation and industrial processes where high efficiency and substantial power output are crucial. By distributing the steam's expansion across multiple stages, these turbines effectively convert thermal energy into mechanical power, maximizing the overall energy yield.

Accordingly, several SMEs are present in the market with different capabilities of producing multi-stage steam turbines up to 5000 kW.

Market Dynamics:

Driver:

Increasing global demand for electricity

The global demand for electricity is on the rise, driven by population growth and industrialization. Multi-stage steam turbines play a crucial role in meeting this demand by providing reliable and efficient power generation. As more countries invest in expanding their power generation capacities, the need for advanced turbines increases. Additionally, the push towards cleaner energy sources and improved grid infrastructure further boosts the market for multi-stage steam turbines. The growing focus on sustainable and dependable electricity supply continues to drive market growth.

Restraint:

Maintenance and operational challenges

Operating and maintaining multi-stage steam turbines can be complex and costly, posing a significant restraint to market growth. These turbines require regular maintenance and skilled personnel to ensure optimal performance. Downtime due to maintenance can impact the overall efficiency and reliability of power plants. Additionally, the high costs associated with repairs and parts replacement can be a financial burden for operators. Addressing these operational challenges is crucial for the sustained growth of the multi-stage steam turbine market.

Opportunity:

Expansion of natural gas-fired power plants

The expansion of natural gas-fired power plants presents a significant growth opportunity for the multi-stage steam turbine market. Natural gas is considered a cleaner alternative to coal, leading to increased investment in gas-fired power generation. Multi-stage steam turbines are integral to these plants, enhancing their efficiency and performance. As countries shift towards cleaner energy sources to reduce carbon emissions, the demand for advanced steam turbines in natural gas power plants is expected to rise. This trend offers substantial growth potential for the market.

Threat:

High initial costs

The high initial capital investment required for multi-stage steam turbines can be a major deterrent for power generation companies. These costs include purchasing the turbines, installation, and commissioning, which can be substantial. Smaller companies and those in developing regions may find it challenging to afford these expenses. Additionally, securing financing for such large-scale projects can be difficult, further limiting market adoption. The significant upfront costs pose a threat to the widespread adoption of multi-stage steam turbines.

Covid-19 Impact

The Covid-19 pandemic had a mixed impact on the multi-stage steam turbine market. While there were disruptions in supply chains and delays in project timelines, the essential nature of electricity generation helped sustain demand. Post-pandemic, there has been a renewed focus on strengthening energy infrastructure to support economic recovery. The increased emphasis on reliable and efficient power generation has highlighted the importance of multi-stage steam turbines. As the global economy rebounds, the market for these turbines is expected to recover and grow.

The condensing turbines segment is expected to be the largest during the forecast period

The condensing turbines segment is expected to account for the largest market share during the forecast period due to their widespread use in power generation. These turbines are highly efficient in converting steam into mechanical energy, making them ideal for large-scale power plants. The demand for condensing turbines is driven by the need for reliable and efficient electricity generation. Additionally, advancements in turbine technology have further enhanced their performance and efficiency. As a result, the condensing turbines segment is expected to dominate the market.

The fossil fuel power plants segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the fossil fuel power plants segment is predicted to witness the highest growth rate owing to global shift towards renewable energy; fossil fuels remain a significant source of electricity generation. The need for efficient and reliable power generation in these plants drives the demand for multi-stage steam turbines. Technological advancements and the integration of cleaner fossil fuel technologies further boost this segment's growth. The continued reliance on fossil fuels for power generation supports the growth of this market segment.

Region with largest share:

During the forecast period, the North America region is expected to hold the largest market share. The region's advanced infrastructure, strong presence of key players, and focus on technological innovation drive market growth. North America's commitment to maintaining a reliable and efficient power supply further supports the demand for advanced steam turbines. Additionally, investments in modernizing power generation facilities and expanding capacity contribute to the region's dominance. North America is poised to maintain its leading position in the multi-stage steam turbine market.

Region with highest CAGR:

Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR. Rapid industrialization, urbanization, and infrastructure development in countries like China and India drive the demand for efficient power generation. The region's expanding energy needs and investments in power generation projects support market growth. Additionally, government initiatives promoting cleaner and more efficient energy sources further boost the demand for multi-stage steam turbines. The Asia Pacific market is expected to experience robust growth driven by economic development and technological advancements.

Key players in the market

Some of the key players in Multi-stage Steam Turbine market include Ansaldo Energia S.p.A, Arani Power Systems Ltd., Bharat Heavy Electricals Limited, Chola Turbo Machinery International Pvt. Ltd, Doosan Skoda Power , Elliot Group, Fuji Electric Co., Ltd., General Electric, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Power Ltd., Siemens Energy, Toshiba Corporation, Trillium Flow Technologies, Turbine Generator Maintenance Inc. and Turbocam Inc

Key Developments:

In January 2024, Bharat Heavy Electricals Limited and Oil & Natural Gas Corporation Ltd. have signed a MoU for exploring joint projects and collaboration in the area of New and Renewable Energy business, including Fuel Cell, Electrolyser and Battery Energy Storage System based Projects.

In December 2024, Ansaldo Nucleare, together with Candu Energy Inc. an AtkinsRealis company, and Korea Hydro & Nuclear Power Co., Ltd. signs the agreement for the refurbishment project of Cernavoda Unit 1 Nuclear Power Plant in Romania developed by the state-owned Romanian nuclear energy company Societatea Nationala Nuclearelectrica S.A..

In December 2024, Siemens Energy accelerated its journey to deliver profitable growth and fix wind business while maintaining a solid financial foundation while maintaining a solid balance sheet and financial foundation

Types Covered:

• Condensing Turbines
• Non-Condensing Turbines

Drive Types Covered:

• Pump Drive
• Compressor Drive
• Fan Drive
• Other Drive Types

Capacities Covered:

• Up to 150 MW
• 151 to 300 MW
• More than 300 MW

Applications Covered:

• Fossil Fuel Power Plants
• Nuclear Power Plants
• Cogeneration Plants
• Renewable Energy Power Plants
• Other Applications

End Users Covered:

• Power Generation
• Petrochemical
• Industrial
• Oil & Gas
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 Application Analysis
• 3.7 End User Analysis
• 3.8 Emerging Markets
• 3.9 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Multi-stage Steam Turbine Market, By Type

• 5.1 Introduction
• 5.2 Condensing Turbines
• 5.3 Non-Condensing Turbines

6 Global Multi-stage Steam Turbine Market, By Drive Type

• 6.1 Introduction
• 6.2 Pump Drive
• 6.3 Compressor Drive
• 6.4 Fan Drive
• 6.5 Other Drive Types

7 Global Multi-stage Steam Turbine Market, By Capacity

• 7.1 Introduction
• 7.2 Up to 150 MW
• 7.3 151 to 300 MW
• 7.4 More than 300 MW

8 Global Multi-stage Steam Turbine Market, By Application

• 8.1 Introduction
• 8.2 Fossil Fuel Power Plants
• 8.3 Nuclear Power Plants
• 8.4 Cogeneration Plants
• 8.5 Renewable Energy Power Plants
• 8.6 Other Applications

9 Global Multi-stage Steam Turbine Market, By End User

• 9.1 Introduction
• 9.2 Power Generation
• 9.3 Petrochemical
• 9.4 Industrial
• 9.5 Oil & Gas
• 9.6 Other End Users

10 Global Multi-stage Steam Turbine Market, By Geography

• 10.1 Introduction
• 10.2 North America
  • 10.2.1 US
  • 10.2.2 Canada
  • 10.2.3 Mexico
• 10.3 Europe
  • 10.3.1 Germany
  • 10.3.2 UK
  • 10.3.3 Italy
  • 10.3.4 France
  • 10.3.5 Spain
  • 10.3.6 Rest of Europe
• 10.4 Asia Pacific
  • 10.4.1 Japan
  • 10.4.2 China
  • 10.4.3 India
  • 10.4.4 Australia
  • 10.4.5 New Zealand
  • 10.4.6 South Korea
  • 10.4.7 Rest of Asia Pacific
• 10.5 South America
  • 10.5.1 Argentina
  • 10.5.2 Brazil
  • 10.5.3 Chile
  • 10.5.4 Rest of South America
• 10.6 Middle East & Africa
  • 10.6.1 Saudi Arabia
  • 10.6.2 UAE
  • 10.6.3 Qatar
  • 10.6.4 South Africa
  • 10.6.5 Rest of Middle East & Africa

11 Key Developments

• 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 11.2 Acquisitions & Mergers
• 11.3 New Product Launch
• 11.4 Expansions
• 11.5 Other Key Strategies

12 Company Profiling

• 12.1 Ansaldo Energia S.p.A
• 12.2 Arani Power Systems Ltd.
• 12.3 Bharat Heavy Electricals Limited
• 12.4 Chola Turbo Machinery International Pvt. Ltd
• 12.5 Doosan Skoda Power
• 12.6 Elliot Group
• 12.7 Fuji Electric Co., Ltd.
• 12.8 General Electric
• 12.9 Kawasaki Heavy Industries, Ltd.
• 12.10 MAN Energy Solutions
• 12.11 Mitsubishi Power Ltd.
• 12.12 Siemens Energy
• 12.13 Toshiba Corporation
• 12.14 Trillium Flow Technologies
• 12.15 Turbine Generator Maintenance Inc.
• 12.16 Turbocam Inc