San Francisco, California, December 08, 2017 – The global market for steam turbine is anticipated to experience immense growth opportunities in the coming years, as reported by TMR Research. The report by the market research company, titled, “Steam Turbine Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” details about how the growing popularity of steam turbine is essentially propelling the market growth in an unprecedented way. However, continuous technological development and innovation are two aspects of this field that need to be relied on for the betterment of all the stakeholders of this market.
The market for steam turbine is projected to expand substantially over the forecast period of 2017-2025. The market for steam turbine is also forecasted to register a healthy CAGR throughout the forecast period. Proven research methodologies that comprise market segmentation of steam turbine, growth prospects and market size, key opportunities, industry analysis that includes Porter’s five forces and value chain analysis are some of the important elements of the report. The report has been prepared in such a way that it serves as an information guide for stakeholders such as suppliers and distributors, private equity groups, and OEM. The report also features about key companies that are active in the global market for steam turbine. The market value of the companies, their recent strategic initiatives and financial performance gave also been gauged.
High-speed industrialization of Asia Pacific and Latin America are reportedly expected to bolster the growth of the market for steam turbine. Expanding global population, particularly in the Asia Pacific region is estimated to contribute towards the growth. Steam turbines have their applications in a wide range of industrial segments. Steam turbines are used in the generation of electricity from coal, biomass, and nuclear substances. It is also anticipated to play a critical role in improving upon the efficiency and generation capacity of electricity.
However, there is a flipside of the market as well. There has been an increasing focus on gas-fired power generation along with growing emphasis on energy from cleaner resources like renewable sources of energy, natural gas and the like. These factors are anticipated to mar the growth of the market for steam turbine over the forecast period.
The market for steam turbine has been geographically segmented into Asia Pacific, North America, Europe, Middle East and Africa and Latin America. Asia pacific offers a lucrative market for steam turbines and is poised for substantial growth over the forecast period of 2017-2025. Countries such as China and India are anticipated to be the major markets in the Asia Pacific region for steam turbine market.
In India, General Electric (GE) has put up 800MW and 660MW supercritical steam turbines. Siemens has invested US$44.2 mn in India at Vadodara in Gujarat to expand the steam turbine facility that exists there. Likewise, China is to come up with more than 150 new coal-fired power plants.
Amongst the North American countries, the market for steam turbines in the U.S. is set to grow registering a healthy CAGR during the forecast period. Effective utilization of resources will further improve the market in the US. Serbia in Europe also offers substantial growth opportunity for the market for steam turbines owing to effective utilization of resources and there is enough scope for the market in Serbia’s electric supply security.
Some of the key players of global steam turbine market are Toshiba JSW Power Systems Private Ltd, General Electric, Hyundai Heavy Electronics, MAN Diesel, Spirax Sarco, Ansaldo Energia, and Mitsubishi Heavy Industries Ltd.
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