According to the report, the global industrial steam turbines market was valued at approximately USD 16.35 billion in 2017 and is expected to generate revenue of around USD 22.02 billion by the end of 2024, growing at a CAGR of around 4.34% between 2018 and 2024.
New York, NY, Oct. 26, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Industrial Steam Turbines Market by Type (Steam Cycle, Combined Cycle, Cogeneration, and Trigeneration), by Rated Capacity (Less Than 125MW, 125-300MW, 300-550MW, 550-750MW, and More Than 750MW), by Operating Principle (Reaction Turbine and Impulse Turbine), by Power Source (Fossil Fuels, Solar Energy, and Others), by Exhaust Type (Condensing, Extraction, Back Pressure, and Re-heat), and by Application (Power and Utility and Industrial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2024”. According to the report, the global industrial steam turbines market was valued at approximately USD 16.35billionin 2017 and is expected to generate revenue of around USD 22.02billion by the end of 2024, growing at a CAGR of around 4.34% between 2018 and 2024.
The rapid industrialization and urbanization in developing economies, such as China and India, are expected to propel the growth of this market. The growth and development of the market are majorly driven by the capability of industrial steam turbines to generate electricity from various sources, such as nuclear, biomass, and coal. The rapid expansion of nuclear-based power plants across the globe will have a positive impact on the growth of this market. Additionally, due to the rapid depletion of non-renewable energy resources, the manufacturers across the globe are investing inR&D to come up with steam turbines that can generate electricity from renewable energy sources. The government initiatives and measures across the world to develop electricity access in order to meet the growing electricity demand will further fuel this market’s growth. Better economies of scale, high thermal efficiency, reduced carbon footprints, and low-maintenance costs are some other factors expected to drive the industrial steam turbines market growth during the forecast period.
Browse through 141 Tables & 38 Figures spread over 110 Pages and in-depth TOC on “Global Industrial Steam Turbines Market: Industry Share, Size, Trends, Segments, Analysis and Forecast, 2018 – 2024”.
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The industrial steam turbine market is segmented on the basis of type: steam cycle, combined cycle, cogeneration, and trigeneration. The steam cycle segment held a major revenue share in 2017, due to the increasing demand to meet growing electricity requirement globally. This has resulted in the investments toward the construction of new power generation plants.
Based on rated capacity, the industrial steam turbines market is fragmented into less than 125MW, 125-300MW, 300-550MW, 550-750MW, and more than 750MW. The 125-300MWsegment is expected to dominate the market, due to the growing utilization across various industries, such as food and beverage, paper mills, manufacturing, and sugar plants and refineries.
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Based on the operating principle, the industrial steam turbines market is bifurcated into a reaction turbine and impulse turbine. The impulse turbine segment is expected to dominate the market, due to the high adoption rate of impulse turbines across various industries, like paper and pulp, food processing, and chemical.
Based on exhaust type, industrial steam turbines market has been segmented into condensing, extraction, back pressure, and re-heat. The condensing segment is expected to dominate the market. The growth of the market is attributed because these products are operated across big thermal power plants to obtain maximum output.
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Based on the power source, the industrial steam turbines market has been classified into fossil fuels, solar energy, and others. The fossil fuels segment is expected to dominate the market, due to their low price, easy availability, and high combustion rate.
The Asia Pacific witnessed the highest growth rate in the global industrial steam turbine market in 2017 and is likely to continue its regional domination over the forecast period. This growth can be attributed to the rapid industrialization and urbanization across the region. Moreover, the region is a manufacturing hub. The escalating demand and requirement of electricity are also fueling this market’s growth.
Browse the full “Industrial Steam Turbines Market by Type (Steam Cycle, Combined Cycle, Cogeneration, and Trigeneration), by Rated Capacity (Less Than 125MW, 125-300MW, 300-550MW, 550-750MW, and More Than 750MW), by Operating Principle (Reaction Turbine and Impulse Turbine), by Power Source (Fossil Fuels, Solar Energy, and Others), by Exhaust Type (Condensing, Extraction, Back Pressure, and Re-heat), and by Application (Power and Utility and Industrial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2024” report at http://www.zionmarketresearch.com/report/industrial-steam-turbines-market
Europe is predicted to contribute a substantial revenue share in the global industrial steam turbines market. The standard shift toward CHP and cogeneration-based power plants and strict government norms regarding coal-based power generation faculties will fuel this market’s growth. In North America, the organizations involved in power generation are continuously investing in renewable sources of energy rather than traditional sources of energy. Thus, power generation through renewable energy source is going to fuel the growth and development of the industrial steam turbines market.
The Middle East and African industrial steam turbines market are projected to offer significant growth opportunities during the forecast timeframe. This growth is attributed to the growing development of construction and other activities across the region. Nations like Iran and Saudi Arabia are slowly moving toward infrastructural development. These factors are expected to fuel this market’s growth in the Middle East and African region during the forecast period.
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Some industry players operating in the industrial steam turbines market include Mitsubishi Heavy Industries, Ltd.,Harbin Electric Machinery Co., Ltd., Elliott Group, Dongfang Electric Corporation, General Electric Company, AnsaldoEnergia S.P.A, Fuji Electric Co., Ltd., Doosan Škoda Power, OJSC Power Machines, Kawasaki Heavy Industries Ltd., Siemens AG, Peter Brotherhood Ltd., Toshiba America Energy Systems Corporation, Bharat Heavy Electricals Limited, and TGM KanisTurbinen GmbH.
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This report segments the global industrial steam turbines market as follows:
Global Industrial Steam Turbines Market: Type Segment Analysis
- Steamed Cycle
- Combined Cycle
Global Industrial Steam Turbines Market: Rated Capacity Segment Analysis
- Less than 125 MW
- More than 750MW
Global Industrial Steam Turbines Market: Operating Principle Segment Analysis
- Reaction Turbine
- Impulse Turbine
Global Industrial Steam Turbines Market: Exhaust Type Segment Analysis
- Back Pressure
Global Industrial Steam Turbines Market: Power Source Segment Analysis
- Fossil Fuels
- Solar Energy
Global Industrial Steam Turbines Market: Application Segment Analysis
- Power and Utility
Global Industrial steam turbines Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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