Steam Turbine Market

The global steam turbine market is projected to show positive growth in both consumption and value from 2022 to 2030, with an anticipated CAGR of +8.4% and +4.4% respectively. China, the United States, and Bolivia were the top consuming countries in 2022, while India and Japan dominated the export market. The highest growth rates were recorded in Bolivia and India in terms of consumption and exports respectively. Steam and other vapour turbines of an output over 40MW were the most prevalent in imports, while steam and other vapour turbines of an output under 40MW had the highest growth rate in export value.

Market Forecast

Driven by rising demand for steam turbine worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +8.4% for the period from 2022 to 2030, which is projected to bring the market volume to 3.5M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $295.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Steam Turbines And Other Vapor Turbines

In 2022, consumption of steam turbines and other vapor turbines increased by 9.2% to 1.9M units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption, however, recorded a mild contraction. As a result, consumption attained the peak volume of 8M units. From 2019 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global steam turbine market value fell slightly to $209.2B in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a relatively flat trend pattern. Over the period under review, the global market attained the peak level at $213.6B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (285K units), the United States (235K units) and Bolivia (111K units), together comprising 34% of global consumption.

From 2012 to 2022, the biggest increases were recorded for Bolivia (with a CAGR of +129.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($111.7B) led the market, alone. The second position in the ranking was held by Pakistan ($25.4B). It was followed by the United States.

In China, the steam turbine market expanded at an average annual rate of +2.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Pakistan (+3.3% per year) and the United States (-0.8% per year).

In 2022, the highest levels of steam turbine per capita consumption was registered in Bolivia (9.3 units per 1000 persons), followed by Germany (0.8 units per 1000 persons), the United States (0.7 units per 1000 persons) and Japan (0.5 units per 1000 persons), while the world average per capita consumption of steam turbine was estimated at 0.2 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the steam turbine per capita consumption in Bolivia stood at +125.7%. In the other countries, the average annual rates were as follows: Germany (+0.1% per year) and the United States (+0.0% per year).

Production

World Production of Steam Turbines And Other Vapor Turbines

In 2022, after three years of decline, there was growth in production of steam turbines and other vapor turbines, when its volume increased by 1.5% to 1.8M units. In general, production, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 21% against the previous year. Over the period under review, global production reached the peak volume at 2.3M units in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, steam turbine production shrank to $209B in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 12%. Over the period under review, global production reached the peak level at $214.5B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (286K units), the United States (234K units) and India (89K units), with a combined 35% share of global production. Pakistan, Japan, Nigeria, Germany, Bangladesh, Mexico, Turkey, the UK, France and Russia lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +13.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Steam Turbines And Other Vapor Turbines

In 2022, supplies from abroad of steam turbines and other vapor turbines was finally on the rise to reach 137K units after three years of decline. In general, imports, however, recorded a deep setback. The pace of growth appeared the most rapid in 2018 when imports increased by 512%. As a result, imports attained the peak of 6.3M units. From 2019 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, steam turbine imports plummeted to $1.2B in 2022. Over the period under review, imports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 when imports increased by 19%. Global imports peaked at $3.8B in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports By Country

Bolivia prevails in imports structure, accounting for 111K units, which was near 81% of total imports in 2022. Malaysia (5.1K units), Nicaragua (2.6K units) and Indonesia (2.3K units) held a minor share of total imports.

Bolivia was also the fastest-growing in terms of the steam turbines and other vapor turbines imports, with a CAGR of +129.0% from 2012 to 2022. At the same time, Nicaragua (+119.7%) and Malaysia (+46.0%) displayed positive paces of growth. By contrast, Indonesia (-10.2%) illustrated a downward trend over the same period. Bolivia (+81 p.p.), Malaysia (+3.7 p.p.) and Nicaragua (+1.9 p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($193M) constitutes the largest market for imported steam turbines and other vapor turbines worldwide, comprising 16% of global imports. The second position in the ranking was held by Malaysia ($16M), with a 1.4% share of global imports. It was followed by Bolivia, with a 0.9% share.

In Indonesia, steam turbine imports contracted by an average annual rate of -3.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (-7.5% per year) and Bolivia (+36.6% per year).

Imports By Type

Steam and other vapour turbines, other than for marine propulsion, of an output over 40MW prevails in imports structure, resulting at 340K units, which was near 97% of total imports in 2022. Steam and other vapour turbines, other than for marine propulsion, of an output under 40MW (12K units) took a relatively small share of total imports.

Steam and other vapour turbines, other than for marine propulsion, of an output over 40MW was also the fastest-growing in terms of imports, with a CAGR of -2.8% from 2012 to 2022. steam and other vapour turbines, other than for marine propulsion, of an output under 40MW (-9.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of steam and other vapour turbines, other than for marine propulsion, of an output over 40MW increased by +3.5 percentage points.

In value terms, the largest types of imported steam turbines and other vapor turbines were steam and other vapour turbines, other than for marine propulsion, of an output over 40MW ($579M), steam and other vapour turbines, other than for marine propulsion, of an output under 40MW ($454M) and steam and other vapour turbines, for marine propulsion ($19M).

In terms of the main imported products, steam and other vapour turbines, other than for marine propulsion, of an output under 40MW, with a CAGR of -6.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced a decline in the imports figures.

Import Prices By Type

In 2022, the average steam turbine import price amounted to $8,754 per unit, reducing by -85.3% against the previous year. Over the period under review, the import price, however, recorded a temperate expansion. The most prominent rate of growth was recorded in 2019 an increase of 1,150%. Global import price peaked at $59,538 per unit in 2021, and then dropped remarkably in the following year.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was steam and other vapour turbines, other than for marine propulsion, of an output under 40MW ($39,438 per unit), while the price for steam and other vapour turbines, other than for marine propulsion, of an output over 40MW ($1,705 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by steam and other vapour turbines, other than for marine propulsion, of an output under 40MW (+3.4%), while the other products experienced a decline in the import price figures.

Import Prices By Country

The average steam turbine import price stood at $8,754 per unit in 2022, dropping by -85.3% against the previous year. Over the period under review, the import price, however, saw pronounced growth. The most prominent rate of growth was recorded in 2019 an increase of 1,150% against the previous year. Over the period under review, average import prices hit record highs at $59,538 per unit in 2021, and then declined notably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($85,665 per unit), while Bolivia ($100 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.4%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Steam Turbines And Other Vapor Turbines

In 2022, overseas shipments of steam turbines and other vapor turbines decreased by -30.6% to 43K units for the first time since 2019, thus ending a two-year rising trend. In general, exports recorded a precipitous shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by 18% against the previous year. The global exports peaked at 810K units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, steam turbine exports reduced to $998M in 2022. Over the period under review, exports showed a abrupt curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 13%. Over the period under review, the global exports attained the maximum at $2.1B in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports By Country

India (21K units) and Japan (15K units) prevails in exports structure, together mixing up 82% of total exports. The following exporters - the United States (951 units) and China (863 units) - each resulted at a 4.2% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by India (with a CAGR of +26.3%), while the other global leaders experienced a decline in the exports figures.

In value terms, Japan ($222M), China ($207M) and India ($60M) appeared to be the countries with the highest levels of exports in 2022, with a combined 49% share of global exports.

India, with a CAGR of +7.0%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced a decline in the exports figures.

Exports By Type

The exports of the two major types of steam turbines and other vapor turbines, namely steam and other vapour turbines, other than for marine propulsion, of an output over 40MW and steam and other vapour turbines, other than for marine propulsion, of an output under 40MW, represented more than two-thirds of total export.

From 2012 to 2022, the biggest increases were recorded for steam and other vapour turbines, for marine propulsion (with a CAGR of -2.2%), while shipments for the other products experienced a decline in the exports figures.

In value terms, the largest types of exported steam turbines and other vapor turbines were steam and other vapour turbines, other than for marine propulsion, of an output over 40MW ($531M), steam and other vapour turbines, other than for marine propulsion, of an output under 40MW ($422M) and steam and other vapour turbines, for marine propulsion ($8.9M).

Steam and other vapour turbines, other than for marine propulsion, of an output over 40MW, with a CAGR of -6.6%, saw the highest growth rate of the value of exports, among the main exported products over the period under review, while shipments for the other products experienced a decline in the exports figures.

Export Prices By Type

In 2022, the average steam turbine export price amounted to $23,180 per unit, surging by 30% against the previous year. Overall, the export price recorded significant growth. The growth pace was the most rapid in 2013 when the average export price increased by 273% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was steam and other vapour turbines, for marine propulsion ($40,201 per unit), while the average price for exports of steam and other vapour turbines, other than for marine propulsion, of an output under 40MW ($21,146 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by steam and other vapour turbines, other than for marine propulsion, of an output over 40MW (+8.1%), while the other products experienced mixed trends in the export price figures.

Export Prices By Country

In 2022, the average steam turbine export price amounted to $23,180 per unit, increasing by 30% against the previous year. In general, the export price enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 an increase of 273%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($239,835 per unit), while India ($2,936 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+24.2%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform