According to Goldstein Research, “Fossil Fuel powered electricity generation plants and industries where process requires power and heat are the major factors for the augmented demand for steam turbines across the globe.”Moreover, in developing countries there are significant number of planned and under construction coal and gas power plant projects, which is expected to drive the growth of steam turbines market growth in the energy sector.
“Global Steam Turbines Market Outlook 2024”
The Steam Turbines Industry is segmented based on product type, by rated capacity and by end users. End users are further bifurcated into the chemical and pharmaceutical industry, power generation plants, oil and gas sector, pulp and paper industry and other industries. Based on end users, power generation plants accounted for the highest revenue share of more than 66% of the global steam turbines market in 2016.
The global steam turbine market is forecast to grow at a CAGR of 3.8% to reach USD 23.6 billion by the end of the forecast period. The key factors for the growth of this market are ageing of operating steam turbines and installation of new steam turbines, especially in the APAC region.
Asia-Pacific is the largest region for steam turbines market in 2016 and is projected to dominate the market during the forecast period of 2016-2024. Asia-Pacific steam turbines market valued USD 5.8 billion in 2016 and is estimated to reach USD 7.2 billion by 2024. China is expected to dominate the steam turbines market followed by India due to large electricity production and rapid industrialization in these countries.
Growing Need for Efficient Steam Turbines: Opportunity
In today’s extreme challenging marketplace, existing power plants can remain competitive by increasing the productivity and reliability of steam turbines. Major market players are manufacturing steam turbines that incorporate the latest technology and material improvements. These turbines are in huge demand for the replacement of old steam turbines in old power plants and from the new power plants projects which is fuelling the market growth. For instance, Toshiba Corporation grabbed the contract by NTPC Limited, India’s leading state-owned energy service provider, for the supply of two 800MW super-critical steam turbine and generator island packages
“Global Steam Turbines Market Outlook 2024” contains a detailed overview of the global steam turbines market in terms of market segmentation by product type, by rated capacity and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Steam Turbines Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as Alstom, Dongfang Electric Corporation (DEC), Elliot Group, GE Energy, Hangzhou Steam Turbine, Harbin Turbine etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global steam turbines market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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