The global steam turbine market 2020 plans to register a high growth of around 4.2% CAGR in the next six years. This information has been gathered from the latest research study conducted by Market Research Future after studying impact analysis on COVID-19. The six years indicated forecast period, which is 2017-2023. During these years, the market has the potential to achieve USD 19.21 million.
The report under COVID-19 impact analysis comes out as an exceptional and thorough assessment tool as well as an inclusive resource that will help you to secure a position of strength in the global steam turbines market.
Top Rising Factors Impacting
The incidence of COVID 19 breakthrough has affected nearly every aspect of the business domain, including core steam turbines and its market. In the time of COVID-19, MRFR analysis that the market has seen a sudden growth in the usage of steam turbines to extract thermal energy for mechanical work on a rotating output shaft efficiently.
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The rising electricity consumption, surging combined-cycle, rising thermal power capacity additions, and co-generation operations are some major drivers of the steam turbines market. The regulatory policy restrictions on fossil-fuel-fired power plants and slowdown in the construction of new nuclear power plants are the foremost restraining factors for the steam turbines market. In fact, replacement or upgrade of aging power generation infrastructure is presenting growth opportunities for the steam turbines market amid the COVID-19 outbreak.
To add to this, the demand for nuclear energy-based electricity generation is increasing across the world. Thus, it is contemplating opening up new growth opportunities. Other factors that trigger the growth of the steam turbine market embrace efficient power supply for both residential as well as industrial sectors. Steam turbines can be used as a variety of sources such as biomass and coal for steam generation. This forces the market growth efficiently.
Segmentation of Market: Steam Turbine
The global steam turbine market has further been segmented along the following lines:
In terms of plant fuel, the market has included coal, gas, nuclear and more.
In terms of capacity, the market has included up to 120 MW, 121-750 MW and above 750 MW.
In terms of exhaust type, the market has included condensing steam turbines and non-condensing steam turbines.
Geographically, the global steam turbine market has been studied among the regions of Europe, North America, Asia Pacific, and RoW.
The region of Asia-Pacific is likely to remain the largest and witness the highest growth over the forecast period. The increasing demand for electricity in the region has been the primary reason. Thermal power generation in Japan has been affected by the slowdown in demand for electric utility rates, and power companies have dramatically shortened their investment in plants and equipment. In opposition, the mounting emphasis on gas-fired power generation and rising accents on cleaner resources such as natural gas and renewable energy, owing to environmental concerns, are supposed to obstruct the estimated period’s growth rate. Also, China’s market share is likely to sluggish growth due to stringent government measures to reduce GHG emissions from the main economic sectors. The Government of China canceled over 350 GW of thermal power capacity since the year 2010 as part of its strategy to diversify the electricity generation mix. The favorable investment scenario behind the renewable energy sector has further hampered the industry growth in the country.
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The region of Europe is anticipated to observe sluggish growth over the forecast period, mainly due to its irregular focus from traditional to cleaner and renewable energy sources. However, Germany has legally supported the installation of CHP units has passed a law supporting CHP installation.
Top Market Players
The foremost players operating in the market of global steam turbine are listed as Siemens AG (Germany), Alstom SA (France), Mitsubishi Hitachi Power Systems (Japan), General Electric (U.S.), ABB (Switzerland), Toshiba Corporation (Japan), Fuji Electric Co., Ltd.,( Japan), Elliott Group (U.S.) and Man Diesel & Turbo SE (Germany).