Press release
Steam turbine Market Key industry players operating comprises Harbin Turbine, Siemens, Kawasaki Heavy Industries, Toshiba, Ansaldo Energia, Mitsubishi Hitachi Power Systems, Man Diesel & Turbo, Doosan Skoda Power, TurboTech and Mitsui
propelling steam turbine market considerably. These turbines are specifically used to convert thermal
energy received from the power plant to electric energy. Considering the rising significance of energy
efficiency, steam turbine industry players have been working to bring to the market, varied product
ranges to be used across the large number of thermal and nuclear power plants that are being
constructed on a global basis.
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In addition, the companies have been ensuring that the products are incorporated with enhanced
performance and design. The surging involvement of energy companies to fulfill the increasing energy
demand owing to the rapid urbanization and industrialization across the globe is poised to push steam
turbine market trends over the years ahead.
Lately, countries such as Japan are continuously striving to rely completely on renewable energy sources
for reducing the impact of GHG emitting energy generation facilities on the environment. For instance,
recently, the Government of Japan revealed its plan to develop biomass-based renewable energy
thermal power plant. In order to develop this plant, the Japanese government has signed a long-term
agreement with Toshiba ESS owing to the prominent requirement of high technology assisted steam
turbine equipment. In fact, the Japanese government and Toshiba have also been working on many
other projects related to fuel conversion for improving the efficiency of old thermal power plants. The
dedication of regional governments toward the development of low-carbon emitting and environment-
friendly power plants is thus poised to propel steam turbine industry trends.
In addition to regional governments, several energy companies have also been coming together to
construct sustainable power plants for accomplishing their energy needs. Merely a few days ago,
Siemens and STEAG GuD Herne GmbH signed an agreement to construct a combined cycle power plant.
This plant will produce nearly 600 MW electricity and a steam output of 400 MW, that would help
upsurge the efficiency of the plant. The increasing popularity of distributed energy systems has thus
been having a positive influence on the steam turbine market size.
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Taking into account the growing demand for steam turbines, prominent companies have been aiming to
increase the reliability and performance of the technologies deployed in these products. Validating the
aforementioned fact, in May 2018, GE has decided to expand its capabilities with the launch of a new
power services business unit. The development of new facility centers has been proving to be quite
beneficial for the energy companies to modernize thermal barriers, cooling systems, and combustion
components integrated in the steam turbine. In addition, they can also decrease the backlog of orders
received from various countries. The competitiveness in the steam turbine market is likely to grow over
the years ahead with the surging investment in the development of power plants.
Speaking along similar lines, in 2017, the Czech Republic based turbine manufacturer and supplier,
Doosan Škoda Power won another energy project in Jordan. Doosan is known for its excellent services
especially related to steam turbines. Through this new contract, the Czech Republican company plans to
deliver a new steam turbine with a 70 MW generator that has been installed at the Samra combined
cycle gas-fired power plant located in the Hashemite Kingdom of Jordan.
Browse key industry insights spread across 557 pages with 1142 market data tables & 42 figures &
charts from the report @ https://www.gminsights.com/industry-analysis/steam-turbine-market
Indeed, with rapid industrialization, it is rather discernible that the shifting focus of the industries
toward enhancing power production capabilities will fuel the product demand over the years ahead. The
surging use of steam turbines in the commercial applications pertaining to its higher efficiency will
significantly generate lucrative business opportunities for turbine manufacturers. As renewable energy
grids are gaining more popularity on account of their energy efficiency, steam turbine market will
surpass a revenue collection of USD 24 billion by the end of 2024.
Steam turbine market share from biomass in 2017, was over USD 1 billion. Growing adoption of
combined heat & power and captive power generation systems will strengthen the product adoption.
Furthermore, rising focus toward energy optimization and enhancement of generation efficiency will
favor the expansion of biomass-based power generation capacity.
Notable players active in the global market include Siemens, Bharat Heavy Electricals Limited, Harbin
Turbine, Kawasaki Heavy Industries, Mitsubishi Hitachi Power Systems, Toshiba, Eliott Group,
TurboTech, General Electric, Mitsui, Man Diesel & Turbo, Ansaldo Energia, Fuji Electric, Doosan Skoda Power and Dongfang amongst others.
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