Steam Turbine Market Analysis By Top Key Players like BYD Company Limited, Alstom SA, Ansaldo Energia S.P.A., General Electric Company, Siemens AG, Harbin Electric International Company Limited, Mitsubishi Heavy Industries
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Key players in the global Steam Turbine market are:
• BYD Company Limited
• Alstom SA
• Ansaldo Energia S.P.A.
• General Electric Company
• Siemens AG
• Harbin Electric International Company Limited
• Bharat Heavy Electricals Limited
• Mitsubishi Heavy Industries
• Doosan Škoda Power.
Increasing demand of electricity and growing industrialization boost the Steam Turbine market
The growing consumption of electricity across the world primarily drives the growth of the steam turbine market. There has been an increased focus on non-conventional energy utilization, which supports the steam turbine market growth. The strong growth in the industrial sector, and increasing investment for generating thermal power capacity expansion boosts the adoption of steam turbines. There has been an increasing demand for combined cycle and co-generation, supplementing the growth of steam turbine market. There has been an increased demand of steam turbines in emerging economies owing to development and industrialization. Global players are expanding their business in developing regions to increase their customer base and improve the geographical outreach.
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Global Steam Turbine Market Taxonomy
The global Steam turbine market is segmented on the basis of type, exhaust type, capacity, end-user, and geography.
Geographically, the global Steam turbine market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The economic growth and government initiatives boost the growth of Asia-Pacific Steam Turbine Market
On the basis of geography, Asia-Pacific is expected to dominate the global steam turbine market during the forecast period. The growing industrial sector, and presence of heavy industries is expected to drive the growth of the steam turbine market in this region. The growing demand for electricity from developing countries such as China, Japan, and India, support the growth of the steam turbine market. Increasing initiatives and investments by governments in the region to support the development of power plants and energy systems boost the adoption of steam turbines in the region.
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