Global Steam Turbine Market reveals that the market is slated to register an increased CAGR over the forecast period. This is mainly attributed to the strong demand for electricity, the development of more efficient turbines & technology, and increasing industrialization.
DUBLIN, DUBLIN -- (SBWIRE) -- 03/01/2021 -- Steam Turbine Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
The global steam turbine market is predicted to witness an upsurge in demand during the forecast period due to the strong demand for electricity, the development of more efficient turbines & technology, and increasing industrialization. As per the steam turbine market report, the growing use of steam turbines in industries to run engines in large ships, run generators at power plants, and usage of smaller capacity steam turbines to drive pumps and fans at petrochemical plants are some of the factors that are expected to fuel the market growth. According to the steam turbine market analysis, less space needed, wider capacity, and a larger range of speed are the key drivers propelling the growth of the steam turbine market share in terms of revenue. As per the steam turbine market outlook, regular blackouts, power cuts, and load shedding have surged the investments towards the development of large-scale thermal power projects, which will further boost the demand for steam turbines. According to the steam turbine market forecast, regulatory policy restrictions on fossil-fuel-fired power plants and a longer start-up time of steam turbines in comparison to gas turbines and reciprocating engines are some other factors restraining the growth of the market.
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Steam Turbine Market's leading Manufacturers:
- Toshiba Corporation
- Dongfang Electric Corporation
- Bharat Heavy Electricals Limited
- General Electric Company
- Mitsubishi Heavy Industries, Ltd.
- Siemens AG
- Harbin Electric International Company Limited
- Doosan Heavy Industries & Construction
- Alstom SA
- Sulzer Ltd.
Type Segment Drivers
Based on the type, the market has been segmented into the combined cycle, steam cycle, and cogeneration. The cogeneration is precited to rise at a faster CAGR in the coming years due to the usage of one fuel source of generating electricity and heat at the same time. Moreover, it needs less fuel, reduces greenhouse gas emissions, and decreases thermal and electrical costs. All these factors improve the overall efficiency of the organizations, thus promoting the end-users to opt for this type of turbine.
Based on the region, the Asia-Pacific is projected to dominate the market in the coming years due to the increasing requirement to access electricity and growing economic growth. The rising installation of thermal power generation units in India, China, and other Southeast Asian economies will further bolster the growth of the market. The rising penetration of heavy equipment sectors, rapid industrialization, and increasing oil & gas industry are further accelerating the growth of the market.
Steam Turbine Market Segmentation:
Segmentation by Type:
- Steam Cycle
- Combined Cycle
Segmentation by Rated Capacity:
- 1-120 MW
- 121-350 MW
- 351-750 MW
- Above 750 MW
Segmentation by Exhaust Type:
Segmentation by Application:
Segmentation by Region:
- North America
o United States of America
- Asia Pacific
o Rest of APAC
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
o Rest of the world (remaining countries of the LAMEA region)
Our Other Relevant Reports:
1. Wind Turbine Components Market
2. Geothermal Power Market
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