Press release
What's driving the Steam Turbine Market Growth? Company profiled :Toshiba Corporation,GE,Ansaldo Energia,Doosan Škoda Power
Steam Turbine Market
As per a recent industry report put forward by Global Market Insights Inc., Steam Turbine Marke is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of $32 billion by 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.
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-top players and Manufacturers-
1. Siemens
2. Bharat Heavy Electricals Limited
3. Harbin Turbine
4. Kawasaki Heavy Industries
5. Mitsubishi Hitachi Power Systems
6. Toshiba
7. Eliott Group
8. TurboTech
9. General Electric
10. Mitsui
11. Man Diesel & Turbo
12. Ansaldo Energia
13. Fuji Electric
14. Doosan Skoda Power and Dongfan
The steam turbine market has remained strong in an era where renewable energy sources like wind and photovoltaics have threatened to dethrone coal as the number one source of fossil fuel used to generate energy. This is mainly because renewable sources of energy, in spite of having gained importance, fluctuate too often and therefore create a very destabilized power system. While newer technologies are being brought into play and future power supply options are being developed to supply power in a stable manner, power supplied by steam turbines has remained the backbone of the power system.
It is to be noted that expert estimates show coal to be still representing 30% of the global energy consumption and providing 40% of the electric supply in the world. Coal has remained the chief fossil fuel that still supplies a bulk of the energy in many countries, especially the ones with emerging economies. With rapid urbanization and industrialization trends noted in such countries, the demand for power supply is growing by the hour, contributing to the growth of steam turbine market.
China and India can be considered as two very good instances of countries that have been depicting the latest trends proliferating steam turbine industry. According to the International Monetary Fund, India, in the recent years has emerged as one of the fastest growing economies in the world with a forecast rate of 7.8% until 2020. The Make in India program has placed the country in the world map as a manufacturing hub and added momentum to the manufacturing industry owing to which the demand for power has considerably increased, a trend that will continue over the forthcoming years.
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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 methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
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