Steam Turbine Market
The Stream Turbine Market is projected to grow at a significant CAGR over the forecast period (2020-2027).
The factors driving the growth of Stream Turbine Market includes increasing number of power plants across the globe, growing emphasis on renewable energy sector, rapid expansion of marine excavation, increasing energy consumption and investments for developing large scale thermal power projects. As per the report published by Energy Efficiency and Renewable Energy Office of United States, The U.S. Department of Energy (DOE) will fund USD 25 million for the research on Solar-Thermal Power (CSP) during the FY 2022, which is expected to boost the Steam Turbine Market share in the United States. Moreover, the increasing application of steam turbines in oil and gas Industry, and increasing focus on cogeneration and energy optimization, are some of the additional factors supplementing the Steam Turbine Market size.
However, the growth of Stream Turbine Market is hindered due to regulations imposed on the usage of fossil-fuel fired power plants.
The major players operating in the market are Harbin Electric International Company Limited, Doosan Heavy Industries & Construction, Toshiba Corporation, Dongfang Electric Corporation, Bharat Heavy Electricals Limited, Alstom SA, Sulzer Ltd., Siemens AG, Harbin Electric International Company Limited and Mitsubishi Heavy Industries, Ltd. Among others.
Type: Segment Analysis
Based on the type, the cogeneration segment is projected to expand at a significant CAGR during the forecast period attributed to the growing application of one fuel for source for generating electricity at low cost.
Rated Capacity: Segment Analysis
Based on rated capacity, the 1-120 MW segment is anticipated to capture sizable market share over the forecast period due to growing demand for low-capacity turbines in chemicals, hospitals, universities, and large-scale industries.
Application: Segment Analysis
As per Steam Turbine Market Report, the coal segment is projected to expand at a faster CAGR during the forecast period owing to increase in the number of coal-based plants, around the globe, the coal production in India during 2021-22 stood at 777.31 MT, showing an 8.55% increase.
Regional: Segment Analysis
According to Steam Turbine Market Analysis, the Asia-Pacific region is predicted to capture the largest market share over the forecast period due to increasing energy consumption, economic growth in the developing Countries such as India, Indonesia and China, high population density and rapid urbanization, are some of the important factors influencing the market growth in Asia-Pacific.
Global Steam Turbine Market by Type
- 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 Exhaust Type
Global Steam Turbine Market by Application
Global Steam Turbine Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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