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Steam Turbine Market Report 2023-2032: Market Growth, Size, Share, Industry Trends And Forecast | General Electric (GE) Co, Fuji Electric, Toshiba Corporation, Siemens, Arani Power Systems
Steam Turbine Market
The Business Research Company's Steam Turbine Global Market Report 2023 identifies increase in focus on renewable energy as the major driver for the Steam Turbine market's growth in the forecast period. Renewable energy, also identified as clean energy, provides consistent power supplies and fuel diversification, improving energy security and reducing the risk of fuel spills.
The global steam turbine market size grew from $16.94 billion in 2022 to $17.59 billion in 2023 at a compound annual growth rate (CAGR) of 3.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The market size of global steam turbine market is expected to grow to $21.02 billion in 2027 at a CAGR of 4.6%.
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Major competitors in the Steam Turbine market are General Electric (GE) Co, Fuji Electric, Toshiba Corporation, Siemens, Arani Power Systems.
A key trend in the Steam Turbine market includes Environmentally friendly and efficient cogeneration process. Joint production or cogeneration or combined heat and power (CHP) is a method in which a simple cycle gas turbine generates electricity and steam and additional steam for other actions like drying. This method is being used in various steam turbines, proving much more efficient than other processes. This process recovers heat from energy loss pathways and uses it to generate electricity. The CHP method can produce electricity concurrently and useful thermal energy from a single source of fuel. For instance, in May 2020, MAN Energy Solutions, a German-based manufacturing company gave the contract for two MST050 steam turbines to employ in the operation of a CHP power plant by the German public utility company Stadtwerke Leipzig. The CHP power plant uses an environment-friendly cogeneration process to use the remaining heat for district heating networks.
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The Steam Turbine market is segmented -
1. By Plant Type: Gas, Coal, Nuclear, Other Plant Types
2. By Capacity: Rated Power (200MW)
3. By Technology: Steam Cycle, Combined Cycle, Cogeneration
4. By Design: Reaction, Impulse
5. By End-Use Industry: Power And Utility, Industrial
6. By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Western Europe was the largest region in the Steam Turbine market.
The Business Research Company's "Global Steam Turbine Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Steam Turbine Market Include:
1. Executive Summary
2. Steam Turbine Market Characteristics
3. Steam Turbine Market Trends And Strategies
4. Steam Turbine Market - Macro Economic Scenario
5. Steam Turbine Market Size And Growth
……
26. Africa Steam Turbine Market
27. Steam Turbine Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Steam Turbine Market
29. Steam Turbine Market Future Outlook and Potential Analysis
30. Appendix
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