Steam turbine Market Scope
A steam turbine is a mechanical device, which extracts thermal energy from pressurized steam and converts it into mechanical work. A steam turbine consists of a turbine, boiler, condenser, feed pump, and a variety of auxiliary devices. It is a rotary heat engine, it is particularly suited to be used to drive an electrical generator. A steam turbine is powered by steam. Hot, gaseous steam flows from turbine spinning blades. It, in turn, spins the blades continuously and transforms most of the energy of steam into kinetic energy. Steam turbines are used to produce electricity as well as to run a generator.
According to AMA, the Global Steam turbine market is expected to see growth rate of 7.1% and may see market size of USD24.0 Billion by 2026.
Research Analyst at AMA estimates that Japanese Manufacturers will contribute to the maximum growth of Global Steam turbine market throughout the predicted period.
Siemens AG (Germany), Toshiba Corporation (Japan), General Electric Company (United States), Mitsubishi Hitachi Power Systems Ltd. (Japan), Ansaldo Energia S.P.A (Italy), BHEL (India), Kawasaki Heavy Industries Ltd. (Japan), MAN Energy Solutions (Germany), Eliott Group (United States) and Dongfang Electric Corporation Limited (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Harbin Turbine Company Limited (China), Doosan Skoda Power (Czechia), Fuji Electric Co., Ltd. (Japan), Peter Brotherhood Ltd. (United Kingdom), Shin Nippon Machinery (Japan), Turboatom (Ukraine), Mitsui Engineering & Shipbuilding (Japan), Chola Turbo Machinery International Pvt. Ltd (India), TurboTech Precision Engineering Pvt. Ltd. (India), PBS ENERGO (Czechia) and Triveni Turbines (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Steam turbine market , by Application (Industrial {Refinery, Chemical plant, Food & Beverages, Sugar plant, Pulp & paper, Others} and Utility) and Region with country level break-up.
On the basis of geography, the market of Steam turbine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 1 Apr. 2019, Mitsubishi Hitachi Power Systems, Ltd. (MHPS) has received an order for construction of a 1,026.3 MW gas turbine combined cycle (GTCC) power plant for the Emirate of Sharjah in the United Arab Emirates (UAE). and On 28 March 2019, Toshiba Energy Systems & Solutions Corporation and Kawasaki Heavy Industries have entered into a collaboration agreement to supply medium-capacity steam turbines for utility and industrial thermal power plants.
On 19 Feb 2019, Toshiba, a leading steam turbine manufacturers have won the order to supply steam engine and generator for Montgomery country power station in the United States. and On 3 July 2018, Bharat Heavy Electricals Limited (BHEL) has awarded twin boiler equipment orders to GE Power’s Steam Power business for supercritical thermal power projects at Patratu in Jharkhand and Udangudi in Tamil Nadu (India), at a combined order value of 72.4 million USD out of which the scope for GE Power India Limited (GEPIL) is 68.3 million USD.
Market Drivers
- Rising Focus toward Expansion of Generating Capacity
- Resurgent Economic Growth across Major Countries
- The Ongoing Expansion of Thermal Power Generation Along With a Positive Outlook toward the Utilization of Geothermal Energy Resources
- Growing Inclination toward the Adoption of Energy Efficient Technologies Along With Regulatory Norms
Opportunities
- Replacement or Upgrade of Aged Power Generation Infrastructure
- Demand for Nuclear Energy Based Electricity Generation
Restraints
- Reduced Investments across the Coal Fired Systems
- Stringent Government Measures to Reduce Dependence on Fossil Fuel-Fired Power Generation
Key Target Audience
OEMs, EPC companies, Raw material suppliers, Government utility providers, Consulting companies in the energy and power sector, Traders, Distributors, and Suppliers, Industry associations and experts, Research organizations and consulting companies, Research Institutes, Industry associations and Market research and consulting firm