Multi-stage Steam Turbine (up to 5000kw) Market Size, Share & Industry Analysis, By Drive Type (Pump, Fan, and Compressor), By Application (Oil and Gas, Petrochemical, and Power Station), and Regional Forecast, 2024-2032

The global multi-stage steam turbine (up to 5000kW) market size was valued at USD 17.21 billion in 2023. The market is projected to grow from USD 18.16 billion in 2024 to USD 28.06 billion by 2032, exhibiting a CAGR of 5.59% during the forecast period.

A multi-stage steam turbine rated up to 5000 kW typically consists of several stages of turbine blades, with each stage extracting energy from the expanding steam. These turbines are commonly used in power generation and petrochemical plants where moderate power outputs are required. They can be configured with different types of blades, such as impulse or reaction blades, depending on the specific requirements of the application. Additionally, they may incorporate features such as condensing or extraction to increase efficiency or process steam supply.

The COVID-19 pandemic had a significant impact on the steam turbine industry, causing both short-term disruptions and long-term shifts in the market. The pandemic disrupted global supply chains, leading to delays in the delivery of components and equipment needed for steam turbine manufacturing. Restrictions on international travel and trade further exacerbated these challenges, causing shortages of critical materials and components that are used in turbines.

Multi-stage Steam Turbine (up to 5000kw) Market Trends

Increasing Use Of Natural Gas-Fired Power Plants is a Major Driver of the Adoption of Global Market

Increasing use of natural gas-fired power plants, which are observed as environmentally friendly, is expected to shape the multi-stage steam turbine (up to 5000kw) market growth positively. Moreover, the ongoing industrial revolution and expanding manufacturing industries will propel significant growth. This trend is likely to lead to an increase in the need for steam-electric power generation equipment, fueling market growth over the forecast period.

Multi-stage Steam Turbine (up to 5000kw) Market Growth Factors

Growing Demand for Electricity across Various Regions is Propelling Market Growth

The growing demand for electricity plays a significant role in propelling the growth of steam turbines. Multi-stage steam turbine (up to 5000kW) are well-suited for base load power generation, providing a reliable and constant supply of electricity to meet the increasing demand from residential, commercial, and industrial sectors. Steam turbines can be scaled to meet varying electricity demands, making them flexible solutions for both large-scale power plants and smaller, distributed power generation facilities. Steam turbines offer high efficiency in converting thermal energy into electricity, making them cost-effective solutions for meeting the growing demand while minimizing fuel consumption and operating costs. Due to these factors, the global population has a growing energy requirement. For instance, August 2023, witnessed a 16.3% year-on-year increase in electricity consumption, while September 2023, recorded a 10.3% increase, from 2022 respectively. Peak demand in October 2023 was 221.6 GW, up 18.5% from 187 GW a year ago. As per the Central Electricity Authority's report in November 2022, peak demand for 2024-25 is likely to be 244.56 GW. However, 2023-24 is already witnessing a peak demand of 240 GW against the authority's initial projection of 230.1 GW.

Increasing focus on Efficient Power Generation in Various Regions to Propel Market Growth

Multi-stage steam turbine (up to 5000kW) offers a dependable source of mechanical power, commonly utilized for continuous equipment operation for prolonged durations. Additionally, they produce substantial energy output while incurring minimal operating expenses, attributed to their dependence on rotor speed for output. Furthermore, multi-stage steam turbine (up to 5000kW) offer high-efficiency levels, thereby potentially lowering operational costs and carbon emissions. These benefits are especially pertinent in scenarios where the costs of heat sources are escalating and there is an increasing focus on sustainability.

RESTRAINING FACTORS

High Installation Costs of Multi-stage Steam Turbine May Hinder Market Expansion

The high installation cost associated with multi-stage steam turbines acts as a significant barrier to the multi-stage steam turbine (up to 5000kW) market growth. Multi-stage steam turbines are complex systems requiring substantial initial investment for procurement, installation, and commissioning. This capital expenditure can be prohibitive for some potential buyers, particularly smaller organizations or those operating on tight budgets. Installing multi-stage steam turbine (up to 5000kW) often necessitates additional infrastructure, such as specialized foundations, piping, and control systems, further increasing the overall installation cost.

Multi-stage Steam Turbine (up to 5000kw) Market Segmentation Analysis

By Drive Type Analysis

Pump Segment Holds the Largest Market Share Due to its Wide Adoption in Various Applications

Based on drive type, the market is segmented into pump, fan, and compressor. 

In a multi-stage steam turbine, a pump is the most dominating segment as it is typically a part of the turbine's casing that houses multiple stages of turbine blades and nozzles. These stages work together to efficiently convert steam energy into mechanical energy to drive a connected pump or generator. Pumps will also witness significant growth in upcoming years driven by its applications in single and multi-stage turbines.

Fan is the second major segment in the market as it is used to provide additional cooling to the turbine blades. These fans are attached to the cooling towers and act as an essential equipment.

By Application Analysis

Power Station Segment Holds the Largest Share Due to Growing Electricity Demand

Based on application, the market is segmented into oil and gas, petrochemical, and power stations.

The power station segment holds the largest multi-stage steam turbine (up to 5000kW) market share due to the increase in electricity usage. Moreover, the rising transmission line that requires power stations will boost the market growth in the forecast years. The rising electricity requirements in multiple sectors also support the growth of the market.

Oil & gas is the second leading segment as multi-stage steam turbines (up to 5000kW) are essential to the oil and gas (refinery) sector, serving diverse roles, including power generation, mechanical drive for pumps and compressors to process heat, and efficiency improvement through optimized energy extraction. 

REGIONAL INSIGHTS

By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America is expected dominate driven by the need for efficient power generation in industries and utilities, along with initiatives promoting cleaner energy sources. The region’s focus on modernizing aging infrastructure and technological advancements in steam turbine design and integration with renewable systems further support market expansion.

Europe is one of the fastest growing regions with a focus on clean energy consumption, energy efficiency, and integration of renewable energy resources. Germany, the U.K., and Russia are backing the market’s growth with a strong focus on the power sector.

In Asia Pacific, rapid industrialization, urbanization, and infrastructure development drive the demand for the multi-stage steam turbine (up to 5000kW), especially in China and India. These countries have significant investments in power generation and industrial sectors.

The Middle East, known for its oil & gas industry, utilizes these products for various applications, including power generation, desalination, and oil refining. Overall, market dynamics, regulations, and industry trends influence the regional landscape of the multi-stage steam turbine (up to 5000kW) market. Moreover, regions with a strong presence of heavy industries such as power generation, oil & gas, and manufacturing tend to have a higher demand for these products.

KEY INDUSTRY PLAYERS

Leading Players Focus on Technologies to Fortify their Technological Capabilities

The global multi-stage steam turbine (up to 5000kW) market is fiercely competitive, which consists of multiple companies using several distribution channels. Industry participants are emphasizing the introduction of new steam turbine technologies to increase efficiency and decrease carbon emissions. Additionally, the organizations engage in merger and acquisition deals to solidify their technological competence.

Several organization are operating in various nations to cater to customer demands. GE and Siemens are anticipated to register a substantial share of the market powered by their brand value and extensive product portfolios. In addition, these players are focused on the optimization of their distribution, marketing channels, and sales via collaborations with local partners. Additionally, other firms, which include Dongfang Turbine, Shanghai Electric, MHPS, and Hangzhou Steam Turbine (HTC) are leading in providing multi-stage steam turbine (up to 5000kW) across different verticals. Accordingly, several SMEs are present in the market with different capabilities of producing multi-stage steam turbines up to 5000 kW.

LIST OF TOP MULTI-STAGE STEAM TURBINE (UP TO 5000KW) COMPANIES:

• GE (U.S.)


• Siemens (Germany)


• Dongfang Turbine (China)


• Shanghai Electric (China)


• MHPS (Japan)


• Hangzhou Steam Turbine (HTC) (China)


• Harbin Electric Corporation (China)


• MAN (Germany)


• Fuji Electric (Japan)


• Elliott (U.S.)


• Kawasaki Heavy Industries (Japan)


• Power Machines (Russia)


• Doosan (South Korea)


• Ansaldo Energia (Italy)

KEY INDUSTRY DEVELOPMENTS:

• January 2024 – GE Vernova completed upgrades to four gas turbines at the 2GW Sabiya combined cycle power plant in Kuwait, along with its partner Alghanim.


• July 2023 – Baker Hughes would supply gas and steam turbine generator technologies for the FPSO’s power generation solution. Being developed by Equinor with partners Repsol Sinopec Brasil and Petrobras, the BM-C-33 development plan includes a Floating Production Storage And Offloading (FPSO) unit.


• April 2023 – GE secured a second order for its H-Class gas turbine technology from Brazilian gas operator Eneva. The combined cycle technology will be used to expand the Azulão II Reserve Power Plant, which will deliver up to 590MW of electricity to support grid stability.


• January 2023 – Bharat Heavy Electricals Limited (BHEL) won an order for the renovation and modernization (R&M) of steam turbines at Ukai Thermal Power Station (TPS) in Gujarat. The order, valued at USD 38.12 million, is for the 200 MW Unit-3 and the 210 MW Unit-5 of the Ukai Thermal Power Station.


• November 2022 – GE Power India Limited (GEPIL) and its affiliates, in consortium with NGSL, completed the steam turbine renovation and modernization project at NTPC’s Ramagundam Super Thermal Power Station.

REPORT COVERAGE

The research report offers an in-depth analysis of the market and details on the adoption of the product across several regions. It also provides information on trends, drivers, opportunities, threats, and restraints of the market, which can help stakeholders gain valuable insights of the market. Moreover, the report also offers a detailed competitive landscape by presenting information on key players, along with their strategies, in the market.

Report Scope & Segmentation