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. Market Research Future (MRFR) has recently published a research report on the global steam turbine market and has asserted the market to reach a valuation of USD 19.21 Mn at a CAGR of 4.2% over the review period of 2017-2023.
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.
Large-scale
industrialization and urbanization across the globe are accompanied by towering
energy demands, which is a key factor supporting the growth of the steam
turbine market. Steam turbine finds widespread application as steam power
generation involves lower operational cost and exhibits higher efficiency and
output. Steam turbines are highly versatile and can be used across diverse
industries such as power generation, nuclear plants, process plants, oil and
gas, aviation, as well as domestic and smaller related industries.
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:
The prominent players in the steam turbine
market are Alstom SA (France), Siemens AG (Germany), General
Electric (U.S.), Mitsubishi Hitachi Power Systems (Japan), Toshiba Corporation
(Japan), ABB (Switzerland), Elliott Group (U.S.) Fuji Electric Co., Ltd.,(
Japan), and Man Diesel & Turbo SE (Germany ).
Global Steam
Turbine Industry Segmentation:
The steam turbine market has
been segmented based on plant fuel, capacity, exhaust
type, and end user industry.
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 industry, the
steam turbine market has been segmented into Power & Utility, Industrial
and other.
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.
Browse Complete Research Report at: https://www.marketresearchfuture.com/reports/steam-turbine-market-4618
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