Global Steam Turbine Market Projected to Reach USD 23.6 Billion by 2024

The steam turbine is a revolving heat engine which converts thermal energy involve in the steam to electrical & mechanical energy. The steam turbine market size is foreseen to reach USD 23.6 billion by 2024 from USD 17.4 billion in 2016. The Global steam turbine market analysis witnesses the growth at a Compound annual growth rate (CAGR) of 3.8% over the forecast period 2016-2024. The rapid industrialization and rising global population have significantly increased the consumption of electricity which escalated the demand for more electricity generation and the steam turbines play an important role in generating electricity by using different energy sources.
According to the research report the power generation plants accounted for the largest revenue of more than 66% in steam turbines market in 2016.

Asia Pacific steam turbine market share was estimated at 35% in 2016 owing to the presence of more than the maximum number of thermal power plants and largest under construction projects of nuclear power plants. The Asia Pacific is closely followed by North America, which occupied about 29% of the market share owing to the presence of a significant number of thermal and nuclear power plants in the region.

Download Exclusive Sample Report: https://www.goldsteinresearch.com/request-sample/global-steam-turbines-market-outlook-2016-2024
Market Segmentation

The Global Steam Turbine Market can be segmented as follows:
By Product Type

• Extraction (Condensing) Steam Turbine
• Non-Condensing or Back Pressure Steam Turbine

By Rated Capacity

• Less than 300 MW
• 300 MW to 599 MW
• 600 MW and above

By End Users

• Chemical and Pharmaceutical Industry
• Power Generation Plants (Thermal, Nuclear etc.)
• Oil and Gas Sector
• Pulp and Paper Industry
• Others (sugar mills etc.)

By Region

• North America
• Europe
• The Middle East and Africa
• Latin America
• Asia Pacific
• Rest of the World

Browse Full Report: https://www.goldsteinresearch.com/report/global-steam-turbines-market-outlook-2016-2024

“Global Steam Turbine Market Analysis” contains a detailed overview of the global steam turbine market. On the basis of our in-depth analysis, the market can be segmented in terms of market segmentation by product type, rated capacity and end users.

Steam Turbine Market Report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, Y-O-Y growth rate, data interpretation, SWOT analysis of the industry, competitive market strategies, Key Players, emerging trends BPS (Base Point Scale) analysis, Porter’s five force model.

This market research report on steam turbine market also includes a compete outlook of some of the dominant Key players profiling of companies such as Alstom, Dongfang Electric Corporation (DEC), Elliot Group, GE Energy, Hangzhou Steam Turbine, Harbin Turbine, Nanjing Turbine & Electric Machinery (Group), Shandong Qingneng Power (QNP), GuangZhou SKODA-JINMA Turbine, Mitsubishi Hitachi Power Systems, Sokeo Power, Triveni Group, etc. The company profiles include business strategy, regional revenue graph, considerable information of the companies which enclose business outlook, products, services & industries catered, financial analysis of the company and latest developments.

Overall, the report represents the global steam turbine market trends along with market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching potential on the basis of region or product specification and other shareholders to align their market-essentials strategies according to the ongoing and expected emerging trends in the future.

Browse Similar Report: Fuel Cell Market

Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.

Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Our market research reports provide in-depth analysis of global and regional variations along with competitors’ overview. Our analysts working on energy industry analysis report help various tech-giants, tech start-ups and entry players to assess the current and upcoming business scenario. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.

99 Wall Street ,Suite No-
527, New York, NY 10005

This release was published on openPR.