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Steam Turbine Market Latest Trends, Technology, Size, Growth Potentials and Future Enhancements by Forecast to 2023

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Market Research Future (MRFR) has released an extensive report on the global steam turbine market highlighting the key macro and micro-economic factors impacting the growth of the market over the forecast period of 2017-2023. MRFR has asserted that
Global Non-Volatile Memory Market Research Report: Forecast to 2023
Global Steam Turbine Market
Research Report: Forecast to
2025
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Copyright © 2017 Market Research Future.
Global Non-Volatile Memory Market Research Report: Forecast to 2023
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Global Non-Volatile Memory Market Research Report: Forecast to 2023
Summary
Market Research Future (MRFR) has released an extensive report on the global steam turbine market highlighting
the key macro and micro-economic factors impacting the growth of the market over the forecast period of 20172023. MRFR has asserted that the steam turbine market would reach USD 19.21 Bn at a CAGR of 4.2% over the
forecast period. Steam turbines are used in thermal electricity generation plants, one of the older methods of power
generation. Steam turbine consume less pace, have larger capacity and are designed for greater speed range.
Despite surging concerns regarding environmental degradation, coal-fired power generation has continued to
increase in Asia Pacific. This is partly because, coal is found in abundance in the region which boosts the demand
for steam turbines. Moreover, steam-cycle plants are easy to operate and very durable. In addition, steam turbines
form an integral part of CCGT plants which adds to the market demand. In Europe and North America, majority of
the power demands are met through CCGT capacity which forms a major chunk of the global steam turbine demand.
Steam turbine installations can significantly lead to incremental improvements in single power stations' operations
due to which various power generation companies are investing in steam turbines to leverage the opportunity. Steam
turbines are also key in the nuclear sector. Establishment of nuclear sector in developing countries is likely to propel
the demand for steam turbines over the forecast period. Growing niche applications of steam turbines in concentrated
solar power (CSP) where they contribute to emission-free energy facilities have been instrumental in driving the
steam turbine market. Steam turbines are also used in geothermal power plants which are commonplace in US,
Iceland, Italy and east Africa.
Large-scale industrialization and urbanization across the globe are accompanied by towering energy demands,
which is a key factor supporting the growth of the steam turbine market. Steam turbine finds widespread application
as steam power generation involves lower operational cost and exhibits higher efficiency and output. Steam turbines
are highly versatile and can be used across diverse industries such as power generation, nuclear plants, process
plants, oil and gas, aviation, as well as domestic and smaller related industries.
The trend of modernizing aging coal plants with modern steam turbines and greater interest in CCGT plants for
power generation has impacted the market positively. The progressive shutdown of various coal-fired facilities has
affected the demand for steam turbines, but the demand has remained resilient due to the introduction of clean coal
technologies. Various power producers have been able to identify opportunities for steam turbine installation to reap
the benefits of incremental improvements in single power stations’ operations. Rapid conversion of open-cycle gas
turbine (OCGT) plants to CCGT mode has also been a boon for the market growth.
Competitive Landscape
Siemens AG (Germany), Elliott Group (U.S.), Toshiba Corporation (Japan), Fuji Electric Co., Ltd.,( Japan), Man
Diesel & Turbo SE (Germany ), Alstom SA (France), General Electric (U.S.), ABB (Switzerland), and Mitsubishi
Hitachi Power Systems (Japan) are the notable players in the steam turbine market.
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Global Non-Volatile Memory Market Research Report: Forecast to 2023
Market Segmentation
The global steam turbine market has been segmented based on plant fuel, capacity, exhaust type, and end user.
By plant fuel, the steam turbine market has been segmented into coal, Gas, Nuclear and others.
By capacity, the steam turbine market has been segmented into Up to 120 MW, 121-750 MW and Above 750 MW.
By exhaust type, the steam turbine market has been segmented into condensing steam turbines and non-condensing
steam turbines.
By end user, the steam turbine market has been segmented into Power & Utility, Industrial and others.
Regional Analysis
Region-wise, the steam turbine market has been segmented into North America, Rest-of-the-World (RoW), Europe,
and Asia Pacific (APAC).
The APAC region is likely to remain the most lucrative for the growth of the steam turbine market. In APAC, the
demand for electricity is rising fast, and coal-fired power generation has continued to sustain despite deep emission
concerns, in part, due to, the abundant supply of coal in the region, Moreover, coal powered generation is relatively
simple to operate and durable.
Conversely, coal-fired generation capacity has been markedly reduced in Europe and North America, and these
markets are likely to showcase moderate growth over the forecast period. Meanwhile, power demand in these
leading gas-consuming countries is being met by new, efficient CCGT capacity, as they emit half the amount of
carbon emissions as compared to conventional methods. Steam turbines are an integral part of CCGT plants and
help to retain the market demand for steam turbines.
Other factors supporting the growth of the steam turbine market include the advantages provided by steam turbines
such as the reduction in CO2 emissions, energy efficiency, and low cost. Steam turbines are a key technology in the
nuclear sector. Consolidation of nuclear sector in various developing countries and various proposed nuclear
developments are likely to boost the growth of the steam turbine market.
Industry Updates:
June 2019 - Ansaldo Energia, an Italian power engineering company and REP Holding, enterprise, a designer,
manufacturer and supplier of new generation power machines, announced a joint venture for the production,
upgradation, and repair of industrial steam turbines in Russia.
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Global Non-Volatile Memory Market Research Report: Forecast to 2023
owned company based in Norway that has developed a field-proven portfolio of completion systems and intervention tools.
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