Steam Turbine Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Steam Turbine Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : August, 2020 | Energy & Mining | PPT format

Report Digest


Global Steam Turbine Market: Snapshot

With the assistance of blades joined to a rotor, the steam turbines change thermal energy of steam into mechanical energy. The turbine begins to turn when steam of high pressure goes through the succession of rotor blades. With the developing populace over the world, and robust urbanization in developing economies, the continuous demand for power and energy is heightening reliably, and therefore, the demand in the worldwide steam turbine market is anticipated to extend at a sound rate. The demand for steam turbine will be high from the integration of nuclear energy and the upgradation relating to plants and production. Rise in deep-water marine exploration and excavation and the robust industrial growth are further going to supplement the progress of the market in the years to come.

The market for steam turbine might be challenged due to the prevalence of strict government norms relating to the replacement of generic sources of energy. The rising focus on gas-fired power production and the rising emphasis on the use of clean resources namely natural gas and other forms of renewable energy is anticipated to further inhibit the growth of the global steam turbine market in the years to come. In the years ahead supercritical innovation will be an essential part in expanding the generation limit and in addition proficiency, other than diminishing the greenhouse gasses. It has likewise been noticed that few old steam turbines are achieving a developing stage, which will additionally expand the interest for the high-end steam turbines.

Global Steam Turbine Market: Overview

With the help of blades attached to a rotor, the steam turbines convert thermal energy of steam into mechanical energy. The turbine starts to rotate when high pressure steam passes through sequence of rotor blades. With the growing population across the world, and rapid urbanization in several emerging economies, the demand for energy is escalating consistently, and as a result, the demand in the global steam turbine market is expected to expand at a healthy rate during the forecast period of 2017 to 2025. 

This report on the global steam turbine market has been prepared using proven research methodologies, and includes steam turbine market segmentations, market size and growth prospects, value chain analysis, key opportunities, and industry analysis including Porter’s five forces. The report has been prepared to serve as an information guide to targeted audiences such as distributors and suppliers, OEMs, private equity groups. The report also includes a featured section on the companies that are currently active in the global steam turbine market, estimating their market share, financial performance, product benchmarking, and recent strategic initiatives.

The global steam turbine market can be segmented on the basis of type into steam cycle and combined cycle, on the basis of application into coal, nuclear, biomass, and others, on the basis of rated capacity into 1 to 120 MW, 121 to 350 MW, 351 to 750 MW, and above 750 MW. By exhaust type, the market can be segmented into condensing and non-condensing. Geographically, the report studies the potential available for steam turbine market in the regions such as North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. 

Global Steam Turbine Market: Drivers and Restraints

Rapid industrialization in emerging economies and rising global population, which are consistently propelling the demand for energy, are the primary factors augmenting the demand for steam turbine. Steam turbines are essential in generating electricity from various sources such as nuclear, biomass, and coal. Moreover, the report observes that in the coming years, supercritical technology will play an important role in increasing the generation capacity as well as efficiency, besides decreasing the greenhouse gases. It has also been noted that several old steam turbines are reaching a maturing stage, which will further augment the demand for the advanced steam turbines. Currently, steam turbine of capacity between 121 MW to 350 MW serves the maximum demand, owing to its application in CHP units. 

Conversely, the growing emphasis on gas-fired power generation, and increasing emphasis on cleaner resources such as natural gas and renewable energy owing to environmental concerns are expected to hinder the growth rate during the forecast period. Each of these factors have been analyzed in detail in the report and their eventual implications have been estimated. 

Global Steam Turbine Market: Regional Outlook

India and China are the two most lucrative country-wide markets for steam turbine market, which makes Asia Pacific the most important region for this market. In China, there are more than 150 new coal-fired power plants in pipeline while India is aspiring to strengthen its position in the power sector. General Electric (GE) are introducing 660MW and 800MW supercritical steam turbines in India while Siemens is investing US$44.2 million in the country to expand its steam turbine facility in Vadodara, Gujarat. 

Companies mentioned in the research report

Siemens, General Electric Co., Toshiba, Ansaldo, Mitsubishi Heavy Industries Ltd., Hitachi, and Dresser-Rand are some of the leading vendors in the global steam turbine market, which is primed to get consolidated with little potential for new entrants in the new future. Moreover, these prominent players aggressively acquire smaller players to maintain their stronghold over the market and establish their monopoly.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.