Press release
Steam Turbine Market Size and Updated Report, 2021 Key Aspects of the Industry by Segments to 2028
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Steam Turbine Market Dynamics
Drivers: Increased power demand
With increased power consumption, there will likely be a greater requirement for steam turbines. The vast bulk of electric electricity is produced by steam-electric power plants worldwide. The need for electricity is anticipated to increase dramatically as the world's population grows. It is anticipated that this factor would increase demand for steam turbines even more. On the other hand, the global market for steam turbines has not yet reached its full potential. The growing industrialization and increased electricity demand, particularly in developing economies, are further reasons to boost industry growth. The market's expansion is accelerated by rising energy consumption and thermal power capacity. Additionally, during the forecast period, market participants will have additional profitable chances due to numerous breakthroughs and technological advancements in steam turbines.
Restraints: Restrictions due to climate concerns
Due to policies at the regional and federal levels, such as limiting the number of emissions acceptable from these plants, existing plants have been retired, and new construction has been delayed in favor of other, more expensive options, raising concerns about the adverse effects of carbon emissions on the climate. The regulations and laws governing fossil fuel-fired power plants will also be a significant obstacle to the expansion of the steam turbine business.
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Key Market Players
The steam turbine market is dominated by a few global players and comprises several regional players. Some key manufacturers in the market are Toshiba Corporation, Fuji Electric Co. Ltd, Istom SA, Mitsubishi Hitachi Power Systems, Siemens AG, Man Diesel & Turbo SE, Bharat Heavy Electricals Ltd., Doosan Skoda Power, Kawasaki Heavy Industries and Ansaldo Energia.
Segmentation of Global Steam Turbine Market
Global Steam Turbine Market - By Design
Reaction
Impulse
Global Steam Turbine Market - By Exhaust
Condensing
Non-condensing
Global Steam Turbine Market - By Fuel
Fossil Fuel
Biomass
Geothermal
Global Steam Turbine Market - By End Use
Industrial
Utility
Global Steam Turbine Market - By Technology
Steam Cycle
Combined Cycle
Cogeneration
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