Steam Turbine Market Overview:
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 market 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 19.21 MN by the end of 2030. MRFR, in its recent market analysis, also asserts that the market would register 4.2% CAGR during the assessment period (2022-2030). 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.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/4618
Global Steam Turbine Market – Segments
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 steam turbine market growth. 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.
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.
Major Players:
- Siemens AG (Germany)
- Alstom SA (France)
- General Electric (US)
- Toshiba Corporation (Japan)
- Mitsubishi Hitachi Power Systems (Japan)
- ABB (Switzerland)
- Fuji Electric Co. Ltd.(Japan)
- Elliott Group (US)
- Man Diesel & Turbo SE (Germany )
Table Of Contents
1... Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3... Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
Continued…
Get Complete Report@ https://www.marketresearchfuture.com/reports/steam-turbine-market-4618
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Contact:
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone:
+44 2035 002 764(UK)
Email: sales@marketresearchfuture.com
Website:https://www.marketresearchfuture.com
Blog:https://marketresearchandgrowthforecast.blogspot.com