According to the latest report by IMARC Group, “Global Steam Turbine Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global steam turbine market reached a value of US$ 23.13 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 31.07 Billion by 2027, exhibiting a CAGR of 4.60% during 2022-2027.
A steam turbine represents a machine that relies on steam to extract thermal energy and convert it into mechanical work on a rotating output shaft. It is a technological device with advanced design and operational procedures. A steam turbine offers enhanced efficiency, maximum power output per unit, improved power densities, the highest mean times between failure, etc. In addition to this, it is highly reliable, with fewer vibrations and a higher power-to-weight ratio when compared to reciprocating engines. Consequently, steam turbines find wide-ranging applications across several sectors, such as power generation, petrochemical, oil and gas, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The rising number of power plants across the globe to compensate for the energy deficit is primarily driving the steam turbine market. Additionally, the escalating demand for combined heat and power plants (CHPs) to use the waste heat from electricity production is further catalyzing the market growth. Besides this, the launch of various favorable policies by government bodies to stabilize greenhouse gas levels in the environment is acting as another significant growth-inducing factor.
Moreover, the growing adoption of geothermal energy for desalination of water, heavy water production, extraction of minerals from geothermal fluids, etc., is also positively influencing the global market. Apart from this, the introduction of advanced technologies, such as cryptocurrency and 5G technology, that require high power for their operations is anticipated to fuel the steam turbine market over the forecasted period.
Global Steam Turbine Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Arani Power Systems Limited, Doosan Škoda Power, Elliott Company (Ebara Corporation), Fuji Electric Co. Ltd., General Electric Company, MAN Energy Solutions SE (Volkswagen AG), Mitsubishi Heavy Industries Ltd, Shanghai Electric Group Company Limited, Siemens Energy AG, Toshiba Corporation, Turbine Generator Maintenance Inc. and Turbocam Inc.
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The report has segmented the market on the basis of region, exhaust type, capacity, technology and application.
Breakup by Exhaust Type:
• Condensing
• Non-Condensing
Breakup by Capacity:
• Less than 120 MW
• 121-350 MW
• 351-750 MW
• More than 750 MW
Breakup by Technology:
• Steam Cycle
• Combined Cycle
• Cogeneration
Breakup by Application:
• Power Generation
• Petrochemicals
• Oil & Gas
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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