Global Steam Turbine Market was valued US$ 16.63 Bn in 2019 and is expected to reach 23.20 Bn by 2027, at a CAGR of 4.25 % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
A mechanical device , which extracts thermal energy from pressurized steam and usages it to perform mechanical work for rotating the shaft is known as a steam turbine.Growing demand for uninterrupted power from developing countries such as China and India is projected to drive the global steam turbine market during the forecast period. Rising demand for electricity, rapid industrialization, and development of more efficient turbines & technology, aid steam turbines secure a greater footprint in the global steam turbine market. The expansion of nuclear-based power plants across the globe is one of the key drivers in the global steam turbine market. Additionally, the rapid exhaustion of non-renewable energy resources, the key players are investing in R&D to come up with steam turbines, which can generate electricity from renewable energy sources is expected to boost the global steam turbine market.
The Condensing steam segment is expected to dominate the global steam turbine market and is projected to maintain its dominance during the forecast period. These steam segments are extensively used type owing to its greater efficiency and the capability to produce more electricity at reasonably lower operational cost.
Cogeneration is expected to grow at a XX% rate of CAGR in the global steam turbine market. In the developing countries across the globe, XX million tonnes of bagasse is is formed annually, which is used for fulfilling the energy requirements of the sugar mills and the extra bagasse can be used to produce additional power for sale to the grid with the cogeneration technology. Bagasse based co-generation has been well recognized in many countries across the globe particularly in the largest sugar-producing countries like Brazil and India. Many sugarcane generating countries like Australia, Guatemala, Vietnam, and the Philippines are previously generating electricity from bagasse. It is projected that the power generation potential from bagasse in the co-generation process is expected to boom the global steam turbine market.
The Asia Pacific is expected to lead the global steam turbine market. The leading position in the market can be attributed to the increasing energy demand from both industrial and domestic level, which will be expected to increase the installation of nuclear, coal and combine cycle power generation facilities. China is the primary consumer of steam turbines owing to the increasing demand for electricity. The country is primarily relying on coal-fired power generation plants for the generation of electricity. Rapid industrialization in developing countries such as China and India is expected to increase the demand for combined heat & power systems. The government of country China is now strictly holding back the structure of new coal-fired power plants to become a global leader in clean energy. They also deal with the capacity excess in the coal sector, which helps to reduce CO2 emissions. New projects are announced by the government, which are based on the usage of advanced technologies such as supercritical and ultra-supercritical technology.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments and, project the global steam turbine market. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global steam turbine market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
The Scope of the Report for Global Steam Turbine Market
Global Steam Turbine Market, By Technology
• Steam Cycle
• Combined Cycle
Global Steam Turbine Market,By Rated Capacity
• 1-120 MW
• 121-350 MW
• 351-750 MW
• Above 750 MW
Global Steam Turbine Market, By Blade Design
Global Steam Turbine Market,By Exhaust Type
Global Steam Turbine Market, By Steam Flow
• Tangential or Helical
Global Steam Turbine Market, By End Use
• Power & Utility
Global Steam Turbine Market,By Application
Global Steam Turbine Market,By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players :
• General Electric Company
• Sulzer Ltd.
• Hyundai Heavy Industries Ltd.
• JSW Power Systems Private Ltd.
• Elliot Group
• Mitsubishi Hitachi Power Systems Americas, Inc.
• Turbine Generator Maintenance, Inc.
• MAN Energy Solutions
• Kessels Steam Turbines
• Dongfang Electric Corporation Limited
• Toshiba Corporation
• Alstom SA
• Siemens AG
• Harbin Electric International Company Limited
• Shanghai Electric Group Co. Ltd
• Fuji Electric Co., Ltd.
• Ansaldo Energia S.P.A
• Bharat Heavy Electricals Limited
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