Press release
Steam Turbine Market to Reach a valuation of USD 19.21 Mn at a CAGR of 4.2% over the Review Period of 2017 to 2023
Steam Turbine Market
Market Research Future (MRFR) has released an extensive report on the global steam turbine market highlighting the key macro and micro-economic factors impacting the growth of the market over the forecast period of 2017-2023. MRFR has asserted that the steam turbine market would reach USD 19.21 Bn at a CAGR of 4.2% over the forecast period.
Large-scale industrialization and urbanization across the globe are accompanied by towering energy demands, which is a key factor supporting the growth of the steam turbine market. Steam turbine finds widespread application as steam power generation involves lower operational cost and exhibits higher efficiency and output. Steam turbines are highly versatile and can be used across diverse industries such as power generation, nuclear plants, process plants, oil and gas, aviation, as well as domestic and smaller related industries.
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Steam turbine installations can significantly lead to incremental improvements in single power stations' operations due to which various power generation companies are investing in steam turbines to leverage the opportunity. Steam turbines are also key in the nuclear sector. Establishment of nuclear sector in developing countries is likely to propel the demand for steam turbines over the forecast period. Growing niche applications of steam turbines in concentrated solar power (CSP) where they contribute to emission-free energy facilities have been instrumental in driving the steam turbine market. Steam turbines are also used in geothermal power plants which are commonplace in US, Iceland, Italy and east Africa.
Competitive Landscape
Siemens AG (Germany), Elliott Group (U.S.), Toshiba Corporation (Japan), Fuji Electric Co., Ltd.,( Japan), Man Diesel & Turbo SE (Germany ), Alstom SA (France), General Electric (U.S.), ABB (Switzerland), and Mitsubishi Hitachi Power Systems (Japan) are the notable players in the steam turbine market.
Global Steam Turbine Market Segmentation
The steam turbine market has been segmented based on plant fuel, capacity, exhaust type, and end user industry.
By plant fuel, the steam turbine market has been segmented into Coal, Gas, Nuclear, and others.
By capacity, the steam turbine market has been segmented into Up to 120 MW, 121-750 MW and Above 750 MW.
By exhaust type, the steam turbine market has been segmented into Condensing steam turbines and Non-condensing steam turbines.
By end user industry, the steam turbine market has been segmented into Power & Utility, Industrial and other.
Regional Analysis
By region, the steam turbine market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
Asia Pacific is the largest market for steam turbine and is anticipated to capture the highest CAGR over the forecast period. Augmenting need for generation of electricity in the region has catapulted the demand for steam turbines. Continued development of coal-fired electricity power generation in the APAC region along with estimated rebound in in orders for combined-cycle gas turbine (CCGT) power stations is likely to propel the market growth over the forecast period. However, thermal power generation in Japan has witnessed a slowdown and power generation companies have drastically reduced their investment in equipment which might affect the market growth. Moreover, the region is making a transition towards cleaner energy resources which might affect the growth of the market.
The Europe steam turbine market is anticipated to exhibit sluggish growth rate over the forecast period. This can be attributed to shifting focus from traditional to cleaner and renewable energy sources.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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