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Steam Turbine For Power Generation Market Size, Share Global Analysis Report, 2020–2026
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 Forecast 2020–2026
Industry Insights
According to the report published by Facts & Factors, the global Steam Turbine For Power Generation market size was worth around USD 10 billion in 2019 and is predicted to grow to around USD 35 billion by 2026 with a compound annual growth rate (CAGR) of roughly 6% between 2020 and 2026. The report analyzes the global Steam Turbine For Power Generation market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Steam Turbine For Power Generation market.
This specialized and expertise oriented industry research report scrutinizes the technical and commercial business outlook of the Steam Turbine For Power Generation market. The report analyzes and declares the historical and current trends analysis of the Steam Turbine For the Power Generation industry and subsequently recommends the projected trends anticipated to be observed in the Steam Turbine For Power Generation market during the upcoming years.
The Steam Turbine For Power Generation market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire team Turbine For Power Generation market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms of both volume (K Units) and value (USD Million) from FY 2016 – 2026.
Key Insights from Primary Research
- As per the response from our primary respondent, the Steam Turbine for Power Generation market is expected to grow at CAGR of around 6%.
- The revenue generated by the market was valued at around USD 35 Billion.
- The category of “Coal”, on the basis of Fuel segmentation, has the maximum share as compared with other fuel types.
- The category of “121 MW -350 MW”, on the capacity segmentation, has the lead in the revenue generation.
- The category of “Energy & Power”, on the basis of application segmentation, leads the market and shares the maximum revenue generated.
Key Recommendations from Analysts
- As per our analysts, steam engines which are an integral part of thermal power plants as they are operated across the world are undergoing changes and accepting clean sources like fuel cells, natural gas, and renewable energy for reducing the environmental pollution caused by the coal-burning.
- European countries like Germany are installing combined heat &power(CHP) technology that produces heat and electrical power from gas at the same time which also serves as a source of direct power, electricity, and heat.
- The high rate of industrialization going in the developing countries of the Asia Pacific region creates an opportunity for CHP in these countries.
- Steam Turbine for Power Generation market is heading towards consolidation and the key players are focusing mainly on acquisitions and mergers.
- Growing at a CAGR of around 6%, Steam Turbine for Power Generation market provides numerous opportunities for all of the involved stakeholders across the entire value chain.
- Our analysts have identified the “Nuclear” and “consumer durables” categories as the leading investment pocketSteam Turbine for Power Generation market in terms of Fuel type segmentation.
The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the Steam Turbine ForPower Generation industry are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.
Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the Steam Turbine For the Power Generation industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the Steam Turbine For Power Generation market.
The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the Steam Turbine For Power Generation industry. The Steam Turbine For Power Generation market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.
The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the Steam Turbine For Power Generation sector. Key strategic developments in the Steam Turbine For Power Generation market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the Steam Turbine For Power Generation market are appropriately highlighted in the report.
Steam turbines are used for the conversion of thermal energy into mechanical energy and utilize high pressure and high temperature. Coal is the primary fuel that is used in powering these steam turbine plants but due to its hazardous effects on the environment, many developed countries are replacing coal power plants with cleaner options such as gas power, nuclear power, renewable sources, etc. About 90% of the electricity that is generated across the world comes from the steam turbine.
There are multiple types of fuels available that can be used in powering these steam engines out of which coal is used on a large scale as it is less expensive and easily available. But as burning coal leads to various environmental problems, many countries are replacing coal burning with other clean sources like natural gas burning, renewable energy, and fuel cells. These steam turbines are in huge demand in developing countries as there is a demand for continuous energy supply for housing and industrial purposes.
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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Regional Overview:
The Steam Turbine For Power Generation market research report delivers an acute valuation and taxonomy of the Steam Turbine For Power Generation industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
The regional segmentation of the Steam Turbine For the Power Generation industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the Steam Turbine For the Power Generation industry is provided for the leading economies of the world.
The Steam Turbine For Power Generation market is segmented based on Fuel, Capacity, and Application. On the basis of Fuel segmentation, the market is classified into Gas, Coal, Nuclear, and Others. On the basis of Capacity segmentation, the market is divided into < 120 MW, 121 MW -350 MW, 351 MW -750 MW, and > 750 MW. In terms of Application segmentation, the market is bifurcated into Energy & Power, Industrial, Petrochemical, Transport, and Others.
Some of the essential players operating in the Steam Turbine For Power Generation market, but not restricted include:
- Alstom
- Siemens AG
- General Electric Company
- Mitsubishi Hitachi Power Systems
- Bharat Heavy Electricals Limited
- Elliott Group
- MAN Diesel & Turbo
- Dongfang Turbine Company Limited
The taxonomy of the Steam Turbine For Power Generation Market by its scope and segmentation is as follows:
By Fuel Segmentation Analysis (Customizable)
- Gas
- Coal
- Nuclear
- Others
By Capacity Segmentation Analysis (Customizable)
- < 120 MW
- 121 MW -350 MW
- 351 MW -750 MW
- > 750 MW
By Application Segmentation Analysis (Customizable)
- Energy & Power
- Industrial
- Petrochemical
- Transport
- Others
By Regional Segmentation Analysis (Customizable)
- North America
- The U.S.
- Canada
- 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
Table of Content
Industry Major 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
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