Steam Turbine Market Report Demand Analysis Future Scope Including Key Players Forecast To 2030
The global steam turbine market is garnering significant traction. The market growth attributes to the shifting focus from traditional to cleaner and renewable energy sources.
Besides, increasing industrial uses such as generators at power
plants and large ships that run on steam turbines drive the growth of the
market.
Rising uses of smaller steam turbines to drive pumps and fans at
petrochemical plants escalate the market growth.
According to a leading research firm Market Research Future
(MRFR), the global steam turbine market is expected to garner a valuation of
approximately USD 20,747.68 Million by the end of 2030. MRFR, in its recent
market analysis, also asserts that the market would register 2.87% CAGR during
the assessment period (2023-2030). The notable increase in the renewable energy
sectors worldwide, alongside advances in manufacturing techniques and related
technologies, define the market landscape.
Rising demand for power and increasing greenhouse gas emissions
increase the market size, promoting renewable energy sources such as gas
energy. Additionally, rising product development is a prime driver of market
demand. Favorable government policies and receding fossil fuel reserves
influence the growth of the market. Moreover, the advantages of condensing
steam turbine accelerate market growth.
Furthermore, growing ecological concerns define the rising demand
for clean, renewable, and sustainable power generation. Conversely, high
initial capital investment requirements are the major factors projected to
impede market growth. Nevertheless, augmented demand for sustainable power
generation worldwide would support market growth during the assessment period.
Global Steam Turbine Market – Segments
The report is segmented into five dynamics;
By Plant Fuel
: Coal, Gas, Nuclear, and others.
By Capacity
: Up to 120 MW, 121-750 MW, and Above 750 MW.
By Exhaust Type
: Condensing Steam Turbines and Non-Condensing
Steam.
By End User Industry: Power
& Utility, Industrial, and others.
By Regions
: Europe, Asia Pacific, Americas, and the
Rest-of-the-World.
Global Steam Turbine Market – Regional Analysis
The Asia Pacific region dominates the global steam turbine market.
The growth is attributed to the augmenting demand for electricity in the
region. Besides, the rising steam power generation due to the rising electric
utility rates and power companies drive the regional market growth. The
commencement of numerous gas power projects and a shift from the O&G sector
boost the regional market growth.
Moreover, substantial investments in energy plants and equipment,
augmenting adoption of pressure steam turbines, and growing power generation in
the region substantiate the market growth. India and China hold substantial
shares in the regional market, heading with momentous capacity additions. The
APAC steam turbine market is projected to retain its dominance throughout the
estimated period.
Europe stands second in the global small steam
turbine market. The growth is driven by the high
investments in gas energy sectors in the region. Additionally, favorable
government regulations to promote renewable energy accelerate the revenue
growth in the market. Also, the largest energy consumption has increased steam
farm capacities.
Furthermore, the growing innovation and technological advances in
pressure steam propel the growth of the regional market. Spain, the U.K.,
France, and Ireland hold considerable shares in the regional market due to the
spurting growth in these countries' renewable energy sectors. The European
steam turbine market is expected to witness the highest growth over the
forecast period.
North America is a sizable market for steam turbines. Factors such
as the saturation of natural gas locations and competition from solar energy
foster the regional market's growth. The vast consumption of energy and rising
awareness of renewable sources in the region substantiate market growth. The
North American steam turbine market is expected to grow at a moderate rate
during the assessment period.
Steam Turbine Market – Competitive Landscape
Highly competitive, the steam turbine market appears fragmented,
with several notable players forming a competitive landscape. To gain a larger
competitive share, industry players adopt strategic approaches such as mergers
& acquisitions, collaborations, expansions, and product/technology
launches.
Technology providers strive to develop new manufacturing
techniques and larger & efficient turbine blades. They use time-tested
methods and best practices to bring together various point systems and
technologies into a security-rich, integrated environment to enhances resource
planning and asset management.
Major Players:
Players leading the steam turbine
generator market are:
·
General Electric (US)
·
Siemens AG (Germany)
·
Mitsubishi Heavy Industries Ltd (Japan)
·
Shanghai Electric (China)
·
Dongfang Electric Corp Ltd (China)
·
Harbin Electric Corporation (China)
·
Bharat Heavy Electricals Limited (India)
·
Toshiba (Japan)
·
Doosan (South Korea)
·
Ansaldo Energia (Italy)
·
MAN Energy Solutions (Germany)
·
Fuji Electric Co., Ltd. (Japan)
·
WEG (Brazil)
Industry/ Innovation/ Related News:
October 23, 2020 ---- GE
Gas Power Services (the US), a leading global energy technology company,
announced signing a new contract with Vietnam-based state-owned power utility
and Power Generation Joint Stock Corporation 3 (EVN GENCO 3) to continue to
supply parts and services for its Phu My 2.1 and 4 Power Plants.
The deal would improve efficiency, availability, reliability, and
reduce the two facilities' operational costs. GE Steam Power MoU to support the
training of EVN GENCO 3 personnel and co-operation for services related to
steam turbine and generator equipment maintenance.
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