Pune, India -- (SBWIRE) -- 02/23/2018 -- Market Highlights

Steam Turbines use thermal energy, which is the most commonly used source of energy for electricity generation, globally, and has a greater installed capacity than any other source of energy. Industrial uses such as Generators at power plants and large ships run on steam turbines, while smaller steam turbines are used to drive pumps and fans at petrochemical plants. Thermal energy plays a vital role in generating electricity from sources such as coal, nuclear, and biomass. Increasing demand for electricity, rapid industrialization, and development of more efficient turbines & technology, help Steam turbines secure a larger footprint in large and high growth in market. They require less space, have a large capacity, and are designed for a greater range of speed, which act as major drivers for the growth of the market.
The Global Steam Turbine Market is expected to reach approximately USD 19.21 million by the end of 2023, growing at a CAGR more than 4.2% between 2017 and 2023.

Key Players
The major players operating in the market of global steam turbine are
- Alstom SA (France),
- Siemens AG (Germany),
- General Electric (U.S.),
- Mitsubishi Hitachi Power Systems (Japan),
- Toshiba Corporation (Japan),
- ABB (Switzerland),
- Elliott Group (U.S.)
- Fuji Electric Co., Ltd.,( Japan),
- Man Diesel & Turbo SE (Germany ).

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Regional Analysis
Geographically, this market has been segmented into regions such as North America, Europe, Asia Pacific and RoW. Asia-Pacific is expected to remain the largest market and is likely to witness the highest growth over the forecast period. Increasing demand for electricity in the region. Thermal Power generation in Japan has been affected by the slowdown in demand for electric utility rates, and power companies have dramatically shortened their investment in plants and equipment. Conversely, the growing emphasis on gas-fired power generation, and increasing emphasis on cleaner resources such as natural gas and renewable energy, owing to environmental concerns are expected to hinder the growth rate during the forecast period.

Europe is expected to witness sluggish growth over the forecast period, mainly due to the shifting focus from traditional to cleaner and renewable energy sources. However, Germany has legally supported the installation of CHP units and have passed a law supporting CHP installation.

Steam turbine Market by Plant Fuel
Coal segment is expected to dominate the steam turbine market. Growing environmental concerns are forcing developed countries to move away from coal, which hinders the growth of coal segment. Thermal power is still the dominant source of energy, and with clean coal technology gaining ground, the steam turbine market is set for growth in the future.
The gas turbine is the most versatile item and can be used in several different modes in critical industries such as power generation, oil and gas, process plants, aviation, as well domestic and smaller related industries. The growing availability of natural gas and its use in power production are expected to give a boost to the market. Due to factors such as the trend toward replacing aging coal plants with modern gas-fired power stations and the need for more flexible generating assets, and gas turbines are predicted to gain the edge over steam turbines. Gas turbines will also benefit from increasingly stringent emissions legislation and emissions trading schemes in emerging markets, as they restrain the growth of steam turbines.

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