The global demand for Steam Turbine Market is presumed to reach the market size of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period of 2022 - 2028. Regarding volume, the market was calculated XX MW in 2021 and forecast to touch XX MW by 2028 with a CAGR of XX% during 2022-2028.
A steam turbine is a generator that generates mechanical or rotational energy by heating water. A steam turbine is a mechanical device that harvests thermal energy from a revolving output shaft to do mechanical work. A boiler, turbine, condenser, feed pump, and several ancillary components make up a steam turbine. Steam turbines are driven by hot, gaseous steam that flows from the revolving blades of the turbine. This steam continuously spins the blades, converting most of the steam's energy into kinetic energy. It's utilized to power a generator and generate electricity. Steam turbines generate electricity using thermal energy, the most widely utilized energy source for electricity generation worldwide and has the largest installed capacity of any other source.
Market Dynamics
Increasing energy consumption, increased industrialization, and the development of more efficient turbines and technologies have all aided Steam turbines in securing a larger share of a rapidly growing market. They take up less space, have a larger capacity, and are built to go at a higher speed range, all key market drivers for the steam turbines market. To make up for the energy shortage, more power plants are anticipated to be built, which will drive up demand for steam turbines in the coming years. The expansion of the steam turbine market is expected to be fueled by an increase in the deployment of combined cycle power plants. Because of their ability to generate baseload energy, fossil fuel-based power generation sources have dominated the power sector internationally in the past, bolstering the market for steam turbines. Furthermore, throughout the forecast period, the steam turbine market would be bolstered by continued technological breakthroughs in steam turbine development and research into clean coal technology.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of steam turbine. The growth and trends of Steam Turbine Industry provide a holistic approach to this study.
Market Segmentation
This section of the steam turbine market report provides detailed data on the segments by analyzing them at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Design
By End-Use
- Power Generation
- Petrochemical
- Oil & Gas
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Steam Turbine market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Steam Turbine Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the steam turbine market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd. and Mitsubishi Hitachi Power Systems Americas Inc. Among these, General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, and Mitsubishi Hitachi Power Systems Americas Inc. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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