Jul 10, 2020 6:19 PM ET
iCrowd Newswire – Jul 10, 2020
Steam Turbine Market Overview
The global Steam Turbine Market is likely to capitalize on the growing consumption of electricity, reveals Market Research Future (MRFR). As per MRFR findings, the worldwide market of steam turbines is expected to thrive at nearly 4.2% CAGR across the forecast period (2017 to 2023). The growing significance of thermal energy is likely to cause a hike in the market value. MRFR findings suggest that the global steam turbine is expected to value at USD 19.21 million by 2023. In recent times, electricity is being generated from renewable sources, such as biomass and nuclear, due to their high demand across industries is also likely to promote the global market of steam turbines.
Steam turbine utilizes less physical space and their design allows them the large holding capacity. Their design also offers high speed. These advantages are expected to gain substantial traction for steam turbines across industries. Moreover, rapid industrialization is witnessed to add momentum to the worldwide steam turbine market. The growing adoption of steam turbine engines due to the on-going combined heat and power (CHP) technology trend is likely to support the steam turbine market 2020 growth.
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The parameters used to perform the segmental analysis of the global steam turbine market are plant fuel, capacity, exhaust type, and end-user.
The plant fuel type-based segments of the market are coal, nuclear, gas, and others.
The rise in demand for coal power generation is expected to make the coal segment win high profits for the global steam market.
The capacity type-based segments of the market are up to 120 MW, 121-750 MW, and Above 750 MW.
The exhaust type-based segments of the market are condensing steam turbines and non-condensing steam turbines.
The end-user based segments of the market are power & utility, industrial, and others.
In Asia Pacific, the growing need for thermal power generation to settle residential and industrial heating requirements is causing a high rate of adoption of steam turbines by the energy and power industry. This is likely to propel the regional steam turbine market growth in the review period. The rise in the consumption of clean energy across APAC is another factor that can drive the steam turbine market.
In countries, such as Japan, due to cut down in electricity utility rates, power companies are investing the improving the supply of clean energy. The growing focus on clean resources and gas-fired power generation is likely to boost the APAC steam turbine market. The Europe steam turbine market is expected to experience moderate growth in the forecast period. The pragmatic shift in the use of renewable energy from traditional energy is expected to cause the EU steam turbine market to gain high profits. In addition, the legal approval for the installation of combined heat & power (CHP) units by the German government can bolster the regional market to surge.
MRFR’s list of major players operating in the global steam turbine market includes Siemens AG (Germany), Alstom SA (France), Mitsubishi Hitachi Power Systems (Japan), General Electric (U.S.), ABB (Switzerland), Toshiba Corporation (Japan), Fuji Electric Co., Ltd.,( Japan), Elliott Group (U.S.), and Man Diesel & Turbo SE (Germany ).
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