The global market of steam turbines is likely to capitalize on the growing consumption of electricity, reveals Market Research Future (MRFR). As per MRFR findings, the worldwide Steam Turbine Market is expected to thrive at nearly 4.2% CAGR across the forecast period (2017 to 2023). The growing significance of thermal energy is likely to cause a hike in the market value. MRFR findings suggest that the global steam turbine is expected to value at USD 19.21 million by 2023.

In recent times, electricity is being generated from renewable sources, such as biomass and nuclear, due to their high demand across industries is also likely to promote the global market of steam turbines. Steam turbine utilizes less physical space and their design allows them the large holding capacity. Their design also offers high speed. These advantages are expected to gain substantial traction for steam turbines across industries.

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Segmentation

The steam turbine market has been segmented based on plant fuel, capacity, exhaust type, and end user industry.

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 industry, the steam turbine market has been segmented into Power & Utility, Industrial and other.

Regional Analysis

Region-wise, the steam turbine market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

The APAC region is likely to remain the most lucrative for the growth of the steam turbine market. In APAC, the demand for electricity is rising fast, and coal-fired power generation has continued to sustain despite deep emission concerns, in part, due to, the abundant supply of coal in the region, Moreover, coal powered generation is relatively simple to operate and durable.

Conversely, coal-fired generation capacity has been markedly reduced in Europe and North America, and these markets are likely to showcase moderate growth over the forecast period. Meanwhile, power demand in these leading gas-consuming countries is being met by new, efficient CCGT capacity, as they emit half the amount of carbon emissions as compared to conventional methods. Steam turbines are an integral part of CCGT plants and help to retain the market demand for steam turbines.

Competitive Landscape

Siemens AG (Germany), Elliott Group (U.S.), Toshiba Corporation (Japan), Fuji Electric Co., Ltd.,( Japan), Man Diesel & Turbo SE (Germany ), Alstom SA (France), General Electric (U.S.), ABB (Switzerland), and Mitsubishi Hitachi Power Systems (Japan) are the notable players in the steam turbine market.

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