July 28,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Steam Turbine Market.
Steam Turbine Market is likely to witness a steady CAGR of more than 2.5%, during the forecast period. This is primarily because of the several regulations for the promotion of low carbon fuels in order to reduce the environmental hazardous emissions. Also, there has been a growing focus towards the development of low scale thermal power plants, which is significantly fueling the market growth. In addition, on account of the growing preference towards optimizing energy across industries, there would be a surge in the overall market demand, globally. In other words, with the increasing requirement for electricity, there would be a higher demand for steam turbines during the forecast period.
Steam turbines extract thermal energy from steam on high pressure and use it to perform mechanical work on a rotating output shaft. This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.Based on the capacity type, the market is segmented as < 50 KW, 50 kW to 500 KW, 500 KW to 1 MW, 1 MW to 30 MW, 30 MW to 70 MW, > 70 MW. The >70 MW segment dominated the market in 2019, and is expected to maintain its position during the forecast period. Growing demand for energy from wide array of sectors is likely to drive the growth of the market.
Based on the design type, the market is segmented into reaction and impulse. The major factors that drive the market share for impulse design steam turbines are low maintenance and operation costs and their compact size. Similarly, the key reason due to which the reaction design steam turbines are used is their high efficiency.
Based on the fuel type, the market is segmented into fossil fuel, biomass, and geothermal. The major factors that drive the usage of biomass are the various measures taken by industries to reduce the carbon footprint in the atmosphere along with the stringent government regulations to check the industrial emissions. Therefore, the biomass market segment is expected to grow at a good pace over the forecast period.
Based on the technology type, the market is segmented into steam cycle, combined cycle, and cogeneration, among which, the steam cycle technology is expected to generate the largest demand over the forecast period. It is estimated that the increasing installation of coal-fired plants in the South East Asian countries in the recent years, will escalate the demand for steam turbines with steam cycle technology, during the forecast period.
Based on region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. Among these regions, Asia-Pacific is expected to be dominant throughout the forecast period. The market growth in this region is majorly attributed to the growing demand for steam turbines in countries such as Thailand, Japan, South Korea, and Indonesia, among others, due to the development of a number of coal-fired plants in these countries. North America and Europe are also expected to offer promising growth opportunities during the forecast period.
Key Players:
• Ansaldo Energia
• Elliott Group
• DONGFANG TURBINE CO., LTD.
• Fuji Electric Co., Ltd.
• General Electric
• Kawasaki Heavy Industries, Ltd.
• Mitsubishi Power, Ltd.
• Mitsui E&S Holdings Co., Ltd.
• Siemens Energy
• Toshiba America Energy Systems Corp.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Steam Turbine Market analysis report discusses the following heads in great detail:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors