Compact Steam Turbines Upto 40 MW Market
Compact Steam Turbines Upto 40 MW Market
The market for Compact Steam Turbines Upto 40 MW was estimated at $732.10 million in 2024; it is anticipated to increase to $1.04 billion by 2030, with projections indicating growth to around $1.40 billion by 2035.
Global Compact Steam Turbines Upto 40 MW Market Outlook
Revenue, 2024 (US$M)
Forecast, 2034 (US$B)
CAGR, 2024 - 2034
Market Key Insights
- The Compact Steam Turbines Upto 40 MW market is projected to grow from $732.1 million in 2024 to $1.32 billion in 2034. This represents a CAGR of 6.1%, reflecting rising demand across Decentralized Power Plants, Process Industries and Industrial Power Generation.
- The market leaders General Electric Company, Siemens AG and Elliott Group operate as key competitors which determine the competitive dynamics of this sector.
- U.S. and China are the top markets within the Compact Steam Turbines Upto 40 MW market and are expected to observe the growth CAGR of 4.0% to 5.9% between 2024 and 2030.
- Emerging markets including Indonesia, Mexico and South Africa are expected to observe highest growth with CAGR ranging between 7.0% to 8.4%.
- The Compact Steam Turbines Upto 40 Mw market will receive $78.6 million in additional growth from the HighEfficiency Designs transition during the 2030 period.
- The Compact Steam Turbines Upto 40 MW market is set to add $591 million between 2024 and 2034, with manufacturer targeting Energy & Utilities & Oil & Gas End-User projected to gain a larger market share.
- With Rapid industrialization and growing energy demand, and Climate change concerns and shift to renewable energy sources, Compact Steam Turbines Upto 40 MW market to expand 81% between 2024 and 2034.
Opportunities in the Compact Steam Turbines Upto 40 MW
Formulating alliances and working together with others may unlock fresh possibilities on a worldwide level. Countries like India, China and Brazil have witnessed an upsurge in industrial operations leading to a growing need for environmentally friendly equipment. Concentrating efforts in these areas could result in market expansion opportunities for compact steam turbines of, up to 40 megawatts.
Growth Opportunities in North America and Europe
North America Outlook
Europe Outlook
Market Dynamics and Supply Chain
Driver: Rapid Industrialization and Growing Energy Demand, and Technological Advancements in Turbine Designs
Restraint: High Initial Investment
Opportunity: Capturing Demand in the Pharmaceutical Segment and Brewing Opportunities in the Beverage Industry
Challenge: Stringent Environmental Regulations
Supply Chain Landscape
ArcelorMittal
Thyssenkrupp AG
Siemens
General Electric
Kawasaki Heavy Industries
Mitsubishi Hitachi Power Systems
Power Plants
Industrial Facilities
Maritime Industry
ArcelorMittal
Thyssenkrupp AG
Siemens
General Electric
Kawasaki Heavy Industries
Mitsubishi Hitachi Power Systems
Power Plants
Industrial Facilities
Maritime Industry