Steam Turbine
Market Research Report - Global Forecast to 2023
Market
Research Future (MRFR) has released an extensive report on the global steam
turbine market highlighting the key macro and micro-economic factors impacting
the growth of the market over the forecast period of 2017-2023. MRFR has
asserted that the steam turbine market would reach USD 19.21 Bn at a CAGR of
4.2% over the forecast period. Steam turbines are used in thermal electricity
generation plants, one of the older methods of power generation. Steam turbine
consume less pace, have larger capacity and are designed for greater speed
range.
A detailed analysis report of COVID-19
impact on Steam Turbine Market Analysis is provided with the
report.
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.
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.
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.
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.
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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