Steam Turbine Market Research Report
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Global Steam Turbine Market by Type and By Region
The GMI Research envisages an expansion in the demand of the Steam Turbine Market over the forecast period. This is because of the elevated preference for electricity, mounting population rate, and favourable policies and strategies adopted by leading players to encourage the adoption of steam turbines.
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Introduction of the Steam Turbine Market
A steam turbine refers to a device that transforms the thermal energy of steam into mechanical. A turbine mainly includes a feed pump, turbine, boiler, condenser, and different variations of auxiliary devices. In addition, the thermal energy in the steam turbine is transformed to mechanical energy by escalation via the turbine. It usually helps to drive an electric generator or to generate propulsion for airplanes, ships, and missiles. These turbines are implemented with different energy sources such as coal, nuclear, fossil fuels, and geothermal steam. These turbines can be implemented with various energy sources such as, fossil fuels, coal, and geothermal steam. In parallel, the market has been bifurcated based on its type, rated capacity, application, exhaust type, and geographical region.
Key Players of Market:
• Toshiba Corporation
• Bharat Heavy Electricals Limited
• Dongfang Electric Corporation
• General Electric Company
• Mitsubishi Heavy Industries, Ltd.
• Harbin Electric International Company Limited
• Siemens AG
• Doosan Heavy Industries & Construction
• Sulzer Ltd.
• Alstom SA
Steam Turbine Market Dynamics
The increasing industrializations, as well as the aggravating demand for electricity and the establishment of more efficient technologies and turbines, are accumulating the growth in the global steam turbines market. In addition, their surging implementation in industries to direct generators across power plants, engines in big ships, and usage of compact steam turbines to operate fans and pumps at petrochemical plants are further contributing to the market growth. Besides this, the aggravating investment in research and development as well as the growing espousal of natural gas plants across developed nations such as Russia and the United Nations has energised the market growth. Furthermore, the increasing adoption of combined-cycle organic gas plants as a dependable source of energy and the inclination of individuals towards gas plants from coal plants are complementing the market growth.
In parallel, the robust development of global economy and aggravated preference for electricity are further contributing to the market growth. Also, the substantial volume, considerable speed range, and less need for space are some of the exceptional properties of turbines that add to the smart turbine market growth. Moreover, the growing investment towards the execution of wide-reaching thermal power projects as a result of recurring blackouts, power cuts, and load shedding has compelled the demand for steam turbines. However, as stated by smart turbine market research report, the constraints imposed by regulatory policies on fossil-fuel-fired power plants and a prolonged activation time of steam turbines over gas turbines and recomposing engines have hampered the Steam Turbine Market Size.
Type Segment Drivers
The market based on type can be bifurcated into the cogeneration, steam, and combined cycle. Amongst which, cogeneration is anticipated to capture a prominent share in the market primarily owing to the usage of one fuel source for simultaneous generation of electricity and heat. Additionally, as per the Steam Turbine Market Report, the low requirement of fuel, less thermal and electrical costs, as well as reduced discharge of greenhouse gases assists in enhancing the functioning of companies, thereby persuading end-users to opt for these turbines. Thus, all these factors are likely to pave the way for market growth.
Rated Capacity Segment Drivers
According to the rated capacity, the 1-120 MW segment is anticipated to perceive a faster growth over the forecast period. The increasing usage of low volume steam turbines as automotive drives for compressors, pumps, and several shaft-driven tools have driven the way for market growth. Additionally, their implementation in different industries and commercial spaces, such as food, chemicals, paper, universities, and hospitals, will stimulate Steam Turbine Market Share.
Application Segment Drivers
On the basis of application, the coal segment is forecasted to expand at a higher, faster growth rate during the forecast period. This is because of the aggravating number of coal-based power plants throughout the world. Simultaneously, various benefits proffered by coal-fired power plants such as higher dependability, competitiveness, affluence, security, and efficiency, coupled with the intensified demand for electricity, are further bolstering the market's growth.
The Asia-Pacific region, according to the regional analysis, is speculated to seize the largest share in the market and maintain its dominance over the forecast period. This is because of the ameliorating economic growth and the increasing requirement to ingress electricity across APAC. Besides this, the mounting induction of thermal power generation units in India, China, and other Southeast Asian countries is projected to have a positive influence on the market growth. For example, the establishment of Ultra-supercritical coal plants such as Fuyang and Huadian Laizhou Power Station in China to fulfil the growing electricity demand. Furthermore, the intensified industrialisation, accelerating penetration of sizeable equipment industries, and enlargement of the oil & gas sector are responsible for the steam turbine market growth.
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:
o United Kingdom
o Rest of Europe
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o South Africa
o Saudi Arabia
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