Steam Turbine Market Growth, Trends, Absolute Opportunity and Value Chain 2020-2027
Steam Turbine Insights:
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Major Players in Steam Turbine Market:
The leading players in the Steam Turbine Market:
- 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.
Key Drivers of Steam Turbine Market:
Rapid industrialization, the increasing demand for electricity, and the development of more efficient turbines & technology are certain factors surging the growth of the steam turbines market. Rising utilization of steam turbines in industries to run generators at power plants, run engines in large ships, and use smaller capacity steam turbines to boost pumps and fans at petrochemical plants further bolstered the market growth. Moreover, less space requirement, larger capacity, and a greater range of speed are some of the major features of steam turbines responsible for market growth. Frequent blackouts, power cuts, and load shedding have led to the growing investments toward the development of large-scale thermal power projects, which in turn, are fuelling the demand for steam turbines.
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Continuous investments across the globe in new power generating capacity to encounter the ever-rising electricity demand across industries will propel the market growth. Growing penetration of co-generation systems and the rapid development of industries across developing countries are factors that will energize the product demand. 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 that are hindering the growth of the market.
Steam Turbine Market Segmentation:
The steam turbine market has been segmented into the following categories:
Steam Turbine Market by Type:
- Steam Cycle
- Combined Cycle
- Cogeneration
Steam Turbine Market by Rated Capacity:
- 1-120 MW
- 121-350 MW
- 351-750 MW
- Above 750 MW
Steam Turbine Market by Exhaust Type:
- Condensing
- Non-Condensing
Steam Turbine Market by Application:
- Coal
- Biomass
- Nuclear
- Others
Steam Turbine Market by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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