Press release
Steam Turbine Market Key Information By Top Key Player Siemens, General Electric, Fuji Electric, Toshiba, Ansaldo Energia, Mitsui, Eliott Group, Mitsubishi Hitachi Power Systems, TurboTech, Bharat Heavy Electricals Limited
Steam Turbine Market, Global Steam Turbine Market Size, Steam Turbine Industry, Steam Turbine Market Trends
Government norms to minimize GHG emissions along with rising focus toward energy efficient technologies will drive the steam turbine market. Escalating demand for uninterrupted and reliable electricity coupled with growing inclination toward the adoption of cogeneration and combined cycle technology will further complement the business outlook. However, stringent regulatory measures to reduce fossil fuel fired power generation and reduced investments across the coal fired systems may restrain the industry growth.
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Steam Turbine Market is anticipated to surpass USD 32 Billion by 2024. Reviving economic growth across developing nations coupled with increasing energy demand from industrial sector will stimulate the business growth. Ongoing efforts to mitigate the electricity demand supply gap and expansion of thermal power generation capacity will fuel the adoption of large capacity steam turbines. Rising utilization of cogeneration technology will further propel the industry landscape.
Indonesia steam turbine market is set to expand over 12% by 2024. Respective government effort to thrust domestic industrial output coupled with low coal prices will stimulate the product deployment. Furthermore, positive outlook toward manufacturing sector and adoption of ultra-supercritical systems along with rising investment toward enhancing baseload power generation capacity will drive the industry growth.
Condensing steam turbine market in 2017, was worth over USD 17 billion. Escalating demand for reliable electricity across industries and increasing investments toward new generating capacity additions will complement the business growth. Rising utilization of renewable energy resources, supportive government policies and focus toward cogeneration will further stimulate the business landscape.
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