02-Mar-2020 | Facts and Factors
Findings from Facts and Factors report “Steam Turbine For Power Generation Market By Fuel (Gas, Coal, Nuclear, and Others), Capacity (< 120 MW, 121 MW -350 MW, 351 MW -750 MW, and > 750 MW) and By Application (Energy & Power, Industrial, Petrochemical, Transport, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global Steam Turbine For Power Generation market in 2019 was approximately USD 10 Billion. The market is expected to grow at around a CAGR of 6% and is anticipated to reach around USD 35 Billion by 2026.
The steam turbine is a mechanical device that is powered by steam and is used to take out pressurized thermal energy from the steam and carry out mechanical work on a rotating shaft. It generally converts most of the energy from the steam into kinetic energy. A steam turbine is a combination of various components like a boiler, condenser, turbine, feed pumps, and a variety of additional devices. As the steam turbine is a movable heat engine, it is mainly used for driving an electric generator. It is used to produce electricity and run a generator.
Browse the full “Steam Turbine For Power Generation Market By Fuel (Gas, Coal, Nuclear, and Others), Capacity (< 120 MW, 121 MW -350 MW, 351 MW -750 MW, and > 750 MW), and By Application (Energy & Power, Industrial, Petrochemical, Transport, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/steam-turbine-for-power-generation-market-by-fuel-564
There are multiple factors that are triggering the demand for the steam turbine market. Due to the accelerating growth in population and improving standards of living in developing countries, it is necessary to fulfill the demands of this growing population.
An increase in the adoption of combined-cycle natural gas plants as they use smaller megawatt turbines and is a cleaner option as compared with nonrenewable sources has significantly helped in driving the market of the steam turbines market. But countries like the USA, Germany, and other developed countries are imposing certain restrictions on fossil fuel-fired power plants due to an increase in the climatic crisis. Nuclear power plants are considered to be a clean source as compared with fossil fuel-fired power plants, but due to slowdown in the construction of these nuclear power plants is hindering the growth of the steam turbines market.
However, there are several opportunities where the market can expect to regain its strength such as the upgradation or replacement of the aged power generation infrastructure as the input and output ratio of the power gets aged over time and does not deliver the desired results which in turn results in the wastage of power. There is also an increase in the demand for nuclear energy-based electricity generation which is expected to open up new growth opportunities in the market.
As per the Fuel type analysis, Coal as a fuel is expected to dominate the market as compared with other sources due to its abundant availability and also the lower cost in the generation of electricity through coal-firing power plants.
As per the Capacity type analysis, 121 MW -350 MW is expected to dominate the market as they are low-capacity power units and turbines of this capacity mostly work in combined heat and power(CHP) units that are useful for the generation of heat and electrical power from gas simultaneously and provide better efficiency as compared with the single unit.
As per the application analysis, Energy & Power is expected to dominate the market as there is an increasing demand for electrification with the adaption of effective technologies through the encouragement of several government initiatives.
Regional Overview:
The Asia Pacific region is expected to emerge as a major competitor for other regions in utilizing steam engines. There is a growing requirement for energy ar the domestic and industrial levels as maximum countries in this region are developing countries and they still rely on the power generation plants that are powered by coal-fire as it is cost-effective.
Due to the abundance of availability of natural resources and economical labor power, these countries prefer power generation using coal-fire. Many countries of this region prefer the construction of thermal plants and the usage of steam turbines as they are not able to provide 24-hour electricity due to its vast geographical diversity and even to the people staying in rural and densely forest-covered areas. To achieve the objective of providing power to every citizen, steam turbine power generation is considered to be the most inexpensive way.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 10 Billion |
Projected Market Size in 2026 |
USD 35 Billion |
CAGR Growth Rate |
6% CAGR |
Base Year |
2019 |
Forecast Years |
2020-2026 |
Key Market Players |
Alstom, Siemens AG, General Electric Company, Mitsubishi Hitachi Power Systems, Bharat Heavy Electricals Limited, Elliott Group, MAN Diesel & Turbo, Dongfang Turbine Company Limited, and others. |
Key Segment |
By Fuel, Capacity, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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The list of key players in the Steam Turbine Market for Power Generation are:
- Alstom
- Siemens AG
- General Electric Company
- Mitsubishi Hitachi Power Systems
- Bharat Heavy Electricals Limited
- Elliott Group
- MAN Diesel & Turbo
- Dongfang Turbine Company Limited
- Others
This report segments the Steam Turbine For Power Generation market as follows:
Global Steam Turbine For Power Generation Market: By Fuel
Global Steam Turbine For Power Generation Market: By Capacity
- < 120 MW
- 121 MW -350 MW
- 351 MW -750 MW
- > 750 MW
Global Steam Turbine For Power Generation Market: By Application
- Energy & Power
- Industrial
- Petrochemical
- Transport
- Others
Global Steam Turbine For Power Generation Market: Region
- North America
- Europe
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
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