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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 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.
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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.
Competitive Landscape
ABB (Switzerland), Alstom SA (France), General Electric (U.S.), Man Diesel & Turbo SE (Germany), Mitsubishi Hitachi Power Systems (Japan), Siemens AG (Germany), Elliott Group (U.S.), Fuji Electric Co., Ltd., (Japan), and Toshiba Corporation (Japan) are the leading players in the global steam turbine 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
By region, the steam turbine market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
Asia Pacific is the largest market for steam turbine and is anticipated to capture the highest CAGR over the forecast period. Augmenting need for generation of electricity in the region has catapulted the demand for steam turbines. Continued development of coal-fired electricity power generation in the APAC region along with estimated rebound in in orders for combined-cycle gas turbine (CCGT) power stations is likely to propel the market growth over the forecast period. However, thermal power generation in Japan has witnessed a slowdown and power generation companies have drastically reduced their investment in equipment which might affect the market growth. Moreover, the region is making a transition towards cleaner energy resources which might affect the growth of the market.
The Europe steam turbine market is anticipated to exhibit sluggish growth rate over the forecast period. This can be attributed to shifting focus from traditional to cleaner and renewable energy sources.
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