Turbines in Thermal Power Market Size, Share, Trends, Growth Outlook

The Global Turbines in Thermal Power Market Size is estimated to register 3.4% growth over the forecast period from 2024 to 2030.

The market growth is driven by an increasing electricity demand in many emerging economies as they undergo industrialization and urbanization. To meet this rising demand, there is a drive to expand and modernize thermal power infrastructure. Turbines play a crucial role in this expansion, providing a reliable and scalable means of electricity generation to support economic growth. Leading Companies focusing on Smart Grid Integration and Flexibility, Advanced Digitalization and Industry 4.0, and others to boost market shares in the industry.

Turbines in Thermal Power Market Overview

Turbines in the thermal power market serve as central components in electricity generation, converting thermal energy into mechanical energy through steam turbines. Found in diverse power plants using coal, natural gas, oil, or biomass, these turbines contribute to the global energy landscape. Ongoing advancements focus on enhancing efficiency, reducing environmental impact, and adapting to emerging trends such as hydrogen-based power and smart grid integration. The industry's future entails a balance between reliable baseload power and the increasing demand for sustainable energy solutions, necessitating ongoing technological innovation and adaptation. Turbines in Thermal Power Market Dynamics

Market Trends- Focus on turbines: Thermal power plants are adopting more efficient turbines, boosting their overall performance.

Thermal power plants are upgrading turbines for increased efficiency, focusing on innovations in design, materials, and digital technologies. Advanced materials like high-temperature alloys and ceramics are enabling turbines to operate at higher temperatures, boosting overall efficiency and power output. The incorporation of artificial intelligence and machine learning enhances real-time monitoring and predictive maintenance. Additionally, there is a growing emphasis on adapting turbines to accommodate cleaner fuel sources, aligning with global sustainability goals and positioning turbines as key components in the transition to a more efficient and environmentally friendly thermal power sector.

Market Driver- Advanced technologies are increasing the demand for turbines in the thermal power market.

The surge in demand for turbines in the thermal power market is fueled by the widespread adoption of advanced technologies, leading to a transformative impact on the efficiency and capabilities of power generation systems. Key technological components, such as digital controls, sensors, and data analytics, assume a crucial role in overseeing and fine-tuning turbine operations. The infusion of artificial intelligence (AI) and machine learning algorithms facilitates real-time decision-making, predictive maintenance, and holistic system optimization. Moreover, the incorporation of smart grid technologies and Industry 4.0 principles bolsters the adaptability and responsiveness of turbines to fluctuating energy needs. As the industry wholeheartedly embraces these technological strides, turbines evolve to be more efficient, reliable, and in harmony with sustainability objectives, shaping a dynamic landscape within the thermal power market.

Market Opportunity- Embracing the shift, turbines in the thermal power market adapt to meet the demands of renewable thermal power

As the energy sector undergoes a significant shift towards sustainability, turbines within the thermal power market are evolving to meet the demands of renewable thermal power. Formerly dependent on fossil fuels, traditional thermal power plants are now incorporating renewable energy sources to minimize environmental impact. Turbines play a crucial role in facilitating this transition by adjusting to the challenges and opportunities presented by renewable technologies like solar thermal and biomass. Through the integration of advanced materials, creative design approaches, and digital technologies, turbines are becoming adept at efficiently harnessing energy from various and intermittent sources. This adaptive approach aligns with a broader industry trend favoring cleaner and more environmentally friendly power generation, in line with global initiatives to combat climate change and encourage sustainable energy practices.

Market Share Analysis- Gas Turbines Turbines in Thermal Power Market will register the fastest growth

The Global Turbines in Thermal Power Market is analyzed across Steam Turbines, Gas Turbines, and others. Gas Turbines is poised to register the fastest growth. Gas turbines are pivotal in the thermal power market, functioning by converting fuel combustion into mechanical energy for electricity generation. Renowned for efficiency, quick start-up, and adaptability to various fuels, gas turbines contribute significantly to baseload and peaking power. Their use in combined cycle plants, where exhaust heat enhances overall efficiency, underscores their importance. Ongoing advancements focus on improving efficiency, reducing emissions, and enhancing operational flexibility. As the energy sector prioritizes cleaner practices, gas turbines remain central to providing efficient and adaptable power generation solutions within the thermal power market.

Market Share Analysis- Combined Heat and Power (CHP) held a significant market share in 2024

The Global Turbines in Thermal Power Market is analyzed across various applications including Power Generation, Combined Heat and Power (CHP), Heating and Cooling, and others. Of these, Combined Heat and Power (CHP) held a significant market share in 2024. CHP turbines are pivotal in the thermal power market, offering an efficient and integrated method of energy generation. Also recognized as cogeneration, CHP involves simultaneously producing electricity and valuable thermal energy from a single energy source. In the thermal power context, these turbines optimize fuel utilization by capturing and using waste heat that would otherwise be discarded in traditional power generation. Specifically designed to generate electricity while providing heat for diverse applications like industrial processes and district heating, CHP turbines contribute to enhanced energy efficiency, lowered greenhouse gas emissions, and the development of a more sustainable and cost-effective energy infrastructure. This strategy aligns with the growing emphasis on the combined and efficient use of energy resources, promoting a cleaner and more resilient energy sector.

Turbines in Thermal Power Market News

In August 2023, NLC India Ltd. (NLCIL) and Coal India Ltd. (CIL) revealed their intentions to establish new thermal power plants strategically located across the country. This initiative is aimed at addressing the escalating energy demands driven by the growing need for power.

In January 2024, Tetra Pak, based in Lausanne, Switzerland, declared a partnership with Absolicon, a Swedish solar thermal company. The collaboration aims to provide a standardized solution for industrial equipment powered by renewable thermal energy (heat).

Turbines in Thermal Power Market Segmentation

By Type:

• Steam Turbines

o   Extraction-condensing Turbines

o   Extraction Back-pressure Turbines

o   Mixed-pressure Turbines

o   Geared Turbines

• Gas Turbines

By Application:

• Power Generation
• Combined Heat and Power (CHP)
• Heating and Cooling

By Capacity:

• Less than 100 KW
• 100 KW - 250MW
• Above 250MW

By Region:

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

Turbines in Thermal Power Market Companies

• Doosan Heavy Industries (South Korea)
• Siemens AG (Germany)
• Bharat Heavy Electricals Limited (BHEL) (India)
• General Electric (GE) (United States)
• MAN, Diesel and Turbo (Germany)
• Mitsubishi Heavy Industries (MHI) (Japan)
• Rolls-Royce plc (United Kingdom)
• Solar Turbines Inc (United States)
• Baker Hughes Company (United States)
• Dresser-Rand (United States)
• Woodward L.P (United States)

*List not exhaustive

Turbines in Thermal Power Market Outlook 2024

1 Market Overview

1.1 Introduction to the Turbines in Thermal Power Market

1.2 Scope of the Study  

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2024 Turbines in Thermal Power Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Turbines in Thermal Power Market Companies with Area Served

4.2.2 Products Offerings Global Turbines in Thermal Power Market

 

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 post-COVID-19 Scenario- Low Growth Case

5.1.3 Post-COVID-19 Scenario- Reference Growth Case

5.1.4 Post-COVID-19 Scenario- Low Growth Case

 

6 Global Turbines in Thermal Power Market Trends

6.1 Global Turbines in Thermal Power Revenue (USD Million) and CAGR (%) by Type (2018-2030)

6.2 Global Turbines in Thermal Power Revenue (USD Million) and CAGR (%) by Applications (2018-2030)

6.3 Global Turbines in Thermal Power Revenue (USD Million) and CAGR (%) by Regions (2018-2030)

 

7 Global Turbines in Thermal Power Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Turbines in Thermal Power Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Turbines in Thermal Power Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Turbines in Thermal Power Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Turbines in Thermal Power Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Turbines in Thermal Power Development Regional Status and Outlook

8.1 Global Turbines in Thermal Power Revenue (USD Million) By Regions (2018-2022)

8.2 North America Turbines in Thermal Power Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Turbines in Thermal Power Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Turbines in Thermal Power Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Turbines in Thermal Power Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Turbines in Thermal Power Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Turbines in Thermal Power Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Turbines in Thermal Power Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Turbines in Thermal Power Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Turbines in Thermal Power Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Turbines in Thermal Power Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Turbines in Thermal Power Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Turbines in Thermal Power Revenue (USD Million) by Applications (2018-2022)

8.5 South America Turbines in Thermal Power Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Turbines in Thermal Power Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Turbines in Thermal Power Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Turbines in Thermal Power Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Turbines in Thermal Power Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Turbines in Thermal Power Market Revenue (USD Million), by Type, and Applications (2024-2030)

10.1 Global Turbines in Thermal Power Revenue (USD Million) and Market Share (%) by Type (2024-2030)

10.1.1 Global Turbines in Thermal Power Revenue (USD Million), and Market Share (%) by Type (2024-2030)

10.2 Global Turbines in Thermal Power Revenue (USD Million) and Market Share (%) by Applications (2024-2030)

10.2.1 Global Turbines in Thermal Power Revenue (USD Million), and Market Share (%) by Applications (2024-2030)

 

11 Global Turbines in Thermal Power Development Regional Status and Outlook Forecast

11.1 Global Turbines in Thermal Power Revenue (USD Million) By Regions (2024-2030)

11.2 North America Turbines in Thermal Power Revenue (USD Million) by Type, and Applications (2024-2030)

11.2.1 North America Turbines in Thermal Power Revenue (USD) Million by Country (2024-2030)

11.2.2 North America Turbines in Thermal Power Revenue (USD Million), by Type (2024-2030)

11.2.3 North America Turbines in Thermal Power Revenue (USD Million), Market Share (%) by Applications (2024-2030)

11.3 Europe Turbines in Thermal Power Revenue (USD Million), by Type, and Applications (2024-2030)

11.3.1 Europe Turbines in Thermal Power Revenue (USD Million), by Country (2024-2030)

11.3.2 Europe Turbines in Thermal Power Revenue (USD Million), by Type (2024-2030)

11.3.3 Europe Turbines in Thermal Power Revenue (USD Million), by Applications (2024-2030)

11.4 Asia Pacific Turbines in Thermal Power Revenue (USD Million) by Type, and Applications (2024-2030)

11.4.1 Asia Pacific Turbines in Thermal Power Revenue (USD Million), by Country (2024-2030)

11.4.2 Asia Pacific Turbines in Thermal Power Revenue (USD Million), by Type (2024-2030)

11.4.3 Asia Pacific Turbines in Thermal Power Revenue (USD Million), by Applications (2024-2030)

11.5 South America Turbines in Thermal Power Revenue (USD Million), by Type, and Applications (2024-2030)

11.5.1 South America Turbines in Thermal Power Revenue (USD Million), by Country (2024-2030)

11.5.2 South America Turbines in Thermal Power Revenue (USD Million), by Type (2024-2030)

11.5.3 South America Turbines in Thermal Power Revenue (USD Million), by Applications (2024-2030)

11.6 Middle East and Africa Turbines in Thermal Power Revenue (USD Million), by Type, and Applications (2024-2030)

11.6.1 Middle East and Africa Turbines in Thermal Power Revenue (USD Million), by Region (2024-2030)

11.6.2 Middle East and Africa Turbines in Thermal Power Revenue (USD Million), by Type (2024-2030)

11.6.3 Middle East and Africa Turbines in Thermal Power Revenue (USD Million), by Applications (2024-2030)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Turbines in Thermal Power Market Companies with Areas Served

Table 3 Products Offerings Global Turbines in Thermal Power Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Turbines in Thermal Power Revenue (USD Million) And CAGR (%) By Type (2018-2030)

Table 8 Global Turbines in Thermal Power Revenue (USD Million) And CAGR (%) By Applications (2018-2030)

Table 9 Global Turbines in Thermal Power Revenue (USD Million) And CAGR (%) By Regions (2018-2030)

Table 10 Global Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Table 11 Global Turbines in Thermal Power Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Turbines in Thermal Power Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Turbines in Thermal Power Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Turbines in Thermal Power Market Share (%) By Regions (2018-2022)

Table 16 North America Turbines in Thermal Power Revenue (USD Million) By Country (2018-2022)

Table 17 North America Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Table 18 North America Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Turbines in Thermal Power Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Turbines in Thermal Power Revenue (USD Million) By Country (2018-2022)

Table 26 South America Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Table 27 South America Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Table 31 Financial Analysis

Table 32 Global Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Table 33 Global Turbines in Thermal Power Revenue Market Share (%) By Type (2024-2030)

Table 34 Global Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Table 35 Global Turbines in Thermal Power Revenue Market Share (%) By Applications (2024-2030)

Table 36 Global Turbines in Thermal Power Market Revenue (USD Million), And Revenue (USD Million) By Regions (2024-2030)

Table 37 North America Turbines in Thermal Power Revenue (USD)By Country (2024-2030)

Table 38 North America Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Table 39 North America Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Table 40 Europe Turbines in Thermal Power Revenue (USD Million) By Country (2024-2030)

Table 41 Europe Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Table 42 Europe Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Table 43 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Country (2024-2030)

Table 44 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Table 45 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Table 46 South America Turbines in Thermal Power Revenue (USD Million) By Country (2024-2030)

Table 47 South America Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Table 48 South America Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Table 49 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Region (2024-2030)

Table 50 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Region (2024-2030)

Table 51 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Table 52 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

List of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Turbines in Thermal Power Revenue Market Share (%) By Type (2022)

Figure 5 Global Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Turbines in Thermal Power Revenue Market Share (%) By Applications (2022)

Figure 7 Global Turbines in Thermal Power Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Turbines in Thermal Power Market Share (%) By Regions (2022)

Figure 9 North America Turbines in Thermal Power Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Turbines in Thermal Power Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Turbines in Thermal Power Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Figure 25 Global Turbines in Thermal Power Revenue Market Share (%) By Type (2030)

Figure 26 Global Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Figure 27 Global Turbines in Thermal Power Revenue Market Share (%) By Applications (2030)

Figure 28 Global Turbines in Thermal Power Market Revenue (USD Million) By Regions (2024-2030)

Figure 29 North America Turbines in Thermal Power Revenue (USD Million) By Country (2024-2030)

Figure 30 North America Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Figure 31 North America Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Figure 32 Europe Turbines in Thermal Power Revenue (USD Million) By Country (2024-2030)

Figure 33 Europe Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Figure 34 Europe Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Figure 35 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Country (2024-2030)

Figure 36 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Figure 37 Asia Pacific Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Figure 38 South America Turbines in Thermal Power Revenue (USD Million) By Country (2024-2030)

Figure 39 South America Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Figure 40 South America Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Figure 41 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Region (2024-2030)

Figure 42 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Region (2024-2030)

Figure 43 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Type (2024-2030)

Figure 44 Middle East and Africa Turbines in Thermal Power Revenue (USD Million) By Applications (2024-2030)

Figure 45 Bottom-Up and Top-Down Approaches For This Report

Figure 46 Data Triangulation

 

Turbines in Thermal Power Market Segmentation

By Type

• Steam Turbines

o   Extraction-condensing Turbines

o   Extraction Back-pressure Turbines

o   Mixed-pressure Turbines

o   Geared Turbines

• Gas Turbines

 

By Application

• Power Generation
• Combined Heat and Power (CHP)
• Heating and Cooling

 

By Capacity

• Less than 100 KW
• 100 KW - 250MW
• Above 250MW

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)