Global Steam Turbines Market Overview:
Steam turbines convert the energy stored in high energy steam around it into useful forms of energy such as electrical and mechanical energy. The demand for steam turbines is growing with an increase in power requirement and it is also cheaper in the market as compare to others. As there is rapid development in developing countries such as China and India in terms of infrastructure, power requirements, and industrialization. This market is having great growth potential in emerging countries.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increase in Adoption of Dual Purpose Steam Turbines, Which Has Both Heat And Electricity Generated Simultaneously
Market Growth Drivers:
Increasing Focus towards Gas-Fired Power Production, Rapid Industrialization in Emerging Economies and Increasing Global Population
Challenges:
Steam Turbine Cannot Be Made Reversible and Efficiency of Small Simple Steam Turbines Is Poor
Restraints:
Market Is Facing Challenges Due To Prevalence of Strict Government Norms Relating To the Replacement of Generic Sources of Energy
Opportunities:
There Are Strong Opportunity For Vendors in This Particular Market, Due To Emerging Countries Are Strengthening Their Position in the Power Sector
Competitive Landscape:
Players Are Continuously Focus On Improving Their Offerings And Global Reach. Specifically In China Is Having More Than 150 New Coal-Fired Power Plants In Pipeline. The Market Is Consolidated With Little Potential For New Entrants In Future. Otherwise Big Players Are Continuously Adopting Inorganic Growth Strategies For Maintain Their Stronghold Over the Market.
Some of the key players profiled in the report are Harbin Electric Machinery Co., Ltd. (China), Dongfang Electric Corporation (China), Kawasaki Heavy Industries Ltd. (Japan), Elliott Group (United States), Siemens (Germany), General Electric Co. (United States), Toshiba (Japan), Ansaldo (Italy), Mitsubishi Heavy Industries Ltd. (Japan) and Hitachi (Japan). Additionally, following companies can also be profiled that are part of our coverage like Howden (Lanarkshire), Dresser-Rand (United States) and Sumitomo Heavy Industries Ltd. (Japan). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Steam Turbines market by 2028. Considering Market by Rated Capacity, the sub-segment i.e. Less Than 125 MW will boost the Steam Turbines market. Considering Market by Operating Principle, the sub-segment i.e. Reaction Turbine will boost the Steam Turbines market. Considering Market by Power Sources, the sub-segment i.e. Fossil Fuels will boost the Steam Turbines market. Considering Market by Exhaust Type, the sub-segment i.e. Condescending will boost the Steam Turbines market.
In Mar 2019, Toshiba Energy Systems & Solutions Corporation and Kawasaki Heavy Industries Announced A Collaboration Agreement to Supply Medium-Capacity Steam Turbines for Utility and Industrial Thermal Power Plants. Additionally, In Jan 2019, Siemens Announced The Signed Roadmap Implementation Agreement With Iraqi Government. Which Include Rehabilitation, Upgrade Of Existing Plants, And Expansion Of Transmission And Distribution Network.
What Can be Explored with the Steam Turbines Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Steam Turbines Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Steam Turbines
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Steam Turbines market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Steam Turbines market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Stakeholders, Government Bodies, Steam Turbines Manufacturers and End Users.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.