Global Steam
Turbine Market Highlights
The global steam turbine market is expected to reach
approximately USD 19.21 million by the end of 2023, growing at a CAGR more than
4.2% between 2017 and 2023. Steam Turbines use thermal energy, which is the
most commonly used source of energy for electricity generation, globally, and
has a greater installed capacity than any other source of energy. Industrial
uses such as Generators at power plants and large ships run on steam turbines,
while smaller steam turbines are used to drive pumps and fans at petrochemical
plants.
Thermal energy plays a vital role in generating
electricity from sources such as coal, nuclear, and biomass. Increasing demand
for electricity, rapid industrialization, and development of more efficient
turbines & technology, help Steam turbines secure a larger footprint in
large and high growth in market. They require less space, have a large
capacity, and are designed for a greater range of speed, which act as major
drivers for the growth of the market.
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Steam turbine installations
can significantly lead to incremental improvements in single power stations'
operations due to which various power generation companies are investing in
steam turbines to leverage the opportunity. Steam turbines are also key in the
nuclear sector. Establishment of nuclear sector in developing countries is likely
to propel the demand for steam turbines over the forecast period. Growing niche
applications of steam turbines in concentrated solar power (CSP) where they
contribute to emission-free energy facilities have been instrumental in driving
the steam turbine market. Steam turbines
are also used in geothermal power plants which are commonplace in US, Iceland,
Italy and east Africa.
Competitive Landscape
ABB (Switzerland), Alstom SA
(France), General Electric (U.S.), Man Diesel & Turbo SE (Germany), Mitsubishi
Hitachi Power Systems (Japan), Siemens AG (Germany), Elliott Group (U.S.), Fuji
Electric Co., Ltd., (Japan), and Toshiba Corporation (Japan) are the leading
players in the global steam turbine market.
Segmentation
The global steam turbine
market has been segmented based on plant fuel, capacity, exhaust type, and end
user.
By plant fuel, the steam
turbine market has been segmented into coal, Gas, Nuclear and others.
By capacity, the steam
turbine market has been segmented into Up to 120 MW, 121-750 MW and Above 750
MW.
By exhaust type, the steam
turbine market has been segmented into condensing steam turbines and
non-condensing steam turbines.
By end user, the steam
turbine market has been segmented into Power & Utility, Industrial and
others.
Regional Analysis
By region, the steam turbine
market has been segmented into North America, Rest-of-the-World (RoW), Europe,
and Asia Pacific (APAC).
Asia Pacific is the largest
market for steam turbine and is anticipated to capture the highest CAGR over
the forecast period. Augmenting need for generation of electricity in the
region has catapulted the demand for steam turbines. Continued development of coal-fired
electricity power generation in the APAC region along with estimated rebound in
in orders for combined-cycle gas turbine (CCGT) power stations is likely to
propel the market growth over the forecast period. However, thermal power
generation in Japan has witnessed a slowdown and power generation companies
have drastically reduced their investment in equipment which might affect the
market growth. Moreover, the region is making a transition towards cleaner
energy resources which might affect the growth of the market.
The Europe steam turbine
market is anticipated to exhibit sluggish growth rate over the forecast period.
This can be attributed to shifting focus from traditional to cleaner and
renewable energy sources.
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