Steam Turbine Market 2023: Growth, Size, Share, Analysis and Forecast 2030
Steam Turbine Industry The global steam turbine market size is expected to reach USD 19.64 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.5% from 2023 to 2030. The increasing deployment of combined heat and power (CHP) units in industrial and utility applications will boost the market growth. Steam engines form an integral part of thermal power plants operating across the world. However, with increasing environmental concerns, the focus has been shifted from coal-fired thermal power stations to clean energy sources, including natural gas, fuel cells, and renewable energy generation plants. The growth of the industrial segment of the market can be attributed to the increased industrial activities across the world. Steam turbines are employed in industrial applications in the form of CHP units. These units offer better efficiency than single units and produce outputs in multiple ways. Steam turbi...