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.
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.
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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.
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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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