Steam
Turbine Market Overview
The global market of
steam turbines is likely to capitalize on the growing consumption of
electricity, reveals Market Research Future (MRFR). As per MRFR findings, the
worldwide Steam
Turbine Market is expected to thrive at nearly 4.2% CAGR across the
forecast period (2017 to 2023). The growing significance of thermal energy is
likely to cause a hike in the market value. MRFR findings suggest that the global
steam turbine is expected to value at USD 19.21 million by 2023.
In recent times, electricity is being generated
from renewable sources, such as biomass and nuclear, due to their high demand
across industries is also likely to promote the global market of steam turbines.
Steam turbine utilizes less physical space and their design allows them the large
holding capacity. Their design also offers high speed. These advantages are
expected to gain substantial traction for steam turbines across industries.
Moreover, rapid industrialization is witnessed to add momentum to the worldwide
steam turbine market. The growing adoption of steam turbine engines due to the
on-going combined heat and power (CHP) technology trend is likely to support
the steam turbine market 2020 growth.
Segmental
Outline
The parameters used to
perform the segmental analysis of the global steam turbine market are plant
fuel, capacity, exhaust type, and end-user. The plant fuel type-based segments
of the market are coal, nuclear, gas, and others. The rise in demand for coal
power generation is expected to make the coal segment win high profits for the
global steam market. The capacity type-based segments of the market are up to 120 MW,
121-750 MW, and Above 750 MW. The exhaust type-based segments of the market are
condensing steam turbines and non-condensing steam turbines. The end-user based
segments of the market are power & utility, industrial, and others.
Regional
Outlook
In Asia Pacific, the
growing need for thermal power generation to settle residential and industrial
heating requirements is causing a high rate of adoption of steam turbines by
the energy and power industry. This is likely to propel the regional steam
turbine market growth in the review period. The rise in the consumption of clean
energy across APAC is another factor that can drive the steam turbine market. In
countries, such as Japan, due to cut down in electricity utility rates, power
companies are investing the improving the supply of clean energy. The growing
focus on clean resources and gas-fired power generation is likely to boost the
APAC steam turbine market. The Europe steam turbine market is expected to experience
moderate growth in the forecast period. The pragmatic shift in the use of renewable
energy from traditional energy is expected to cause the EU steam turbine market
to gain high profits. In addition, the legal approval for the installation of combined
heat & power (CHP) units by the German government can bolster the regional
market to surge.
Key
Players
MRFR’s list of major players operating in the global steam turbine market includes Siemens AG (Germany), Alstom SA (France), Mitsubishi Hitachi Power Systems (Japan), General Electric (U.S.), ABB (Switzerland), Toshiba Corporation (Japan), Fuji Electric Co., Ltd.,( Japan), Elliott Group (U.S.), and Man Diesel & Turbo SE (Germany ). The steam turbine market for power generation report published by MRFR, details the dynamics of key players and how they are contributing to the expansion of the market. Pacts, mergers and acquisitions, and collaborations among key players are likely to benefit the global steam turbine market. The report also records past aspects and observes on-going trends of these companies that provide investors with indispensable insights to make rational decisions.
MRFR’s list of major players operating in the global steam turbine market includes Siemens AG (Germany), Alstom SA (France), Mitsubishi Hitachi Power Systems (Japan), General Electric (U.S.), ABB (Switzerland), Toshiba Corporation (Japan), Fuji Electric Co., Ltd.,( Japan), Elliott Group (U.S.), and Man Diesel & Turbo SE (Germany ). The steam turbine market for power generation report published by MRFR, details the dynamics of key players and how they are contributing to the expansion of the market. Pacts, mergers and acquisitions, and collaborations among key players are likely to benefit the global steam turbine market. The report also records past aspects and observes on-going trends of these companies that provide investors with indispensable insights to make rational decisions.
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Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
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