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Steam turbine Market Key industry players operating comprises Harbin Turbine, Siemens, Kawasaki Heavy Industries, Toshiba, General Electric, Eliott Group, Bharat Heavy Electricals Limited, Ansaldo Energia, Mitsubishi Hitachi Power Systems, Doosan Skoda Po

02-11-2019 11:34 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Steam turbine Market Key industry players operating comprises

Steam Turbine Market size is set to exceed USD 32 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

The growing importance of clean energy policies mandated by various regional governments has been 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.

Condensing steam turbine market in 2017, was over USD 17 billion. The turbine’s ability to extract maximum energy from steam makes it suitable for the thermal power generation. Ongoing investments in new generating capacity additions along with an increasing electricity demand across industries will favor the industry growth. Furthermore, rising focus toward cogeneration and rising utilization of non-conventional energy resources will positively influence the industry landscape.

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.

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South Africa market will witness a significant growth owing to favorable government policy toward strengthening and development of industrial sector. Growth of domestic manufacturing industry has resulted in increased demand for electricity which in turn will complement the business landscape. Ongoing investments toward power generation and growing geothermal capacity will further complement the industry growth.

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.

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

Steam Turbine industry research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2013 to 2024, for the following segments:

Steam Turbine Industry, By Design
• Reaction
• Impulse

Steam Turbine Industry, By Exhaust
• Condensing
• Non-condensing

Steam Turbine Industry, By Fuel
• Fossil fuel
• Biomass
• Geothermal

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research

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