Cognitive is fastest growing segment fueling the growth of the Global Steam Turbine Market.
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Steam Turbine Market |
The global Steam Turbine Market is estimated to be valued at US$ 16.63 Bn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Steam turbines convert the thermal energy of pressurised steam into rotary
motion. They are widely used to generate electricity in thermal power plants.
Steam turbines provide reliable, efficient and cost effective power generation.
Market key trends:
One of the key trends in the steam
turbine market size is the increasing demand for renewable energy. With
growing concerns around greenhouse gas emissions and climate change, many
countries are putting efforts to increase the share of renewables in their
energy mix. Solar and wind energy projects are being commissioned at large
scale. However, solar and wind power are intermittent in nature. Steam turbines
help in balancing the variability of renewable power plants. They can quickly
adjust their power output to complement the ramping of renewables. This is
expected to continue driving demand for steam turbines in the coming years.
Segment Analysis
The global steam turbine market is segmented into
impulse and reaction turbine. The reaction turbine segment dominates the market
as it offers higher efficiency and better performance in large power generating
units and cogeneration applications. The dominance of reaction turbine can be
attributed to capability of extracting energy from steam at multiple pressure
levels, which improves overall efficiency. In reaction turbines, steam passes
through row of stationary and moving blades. This allows steam to impart
kinetic energy gradually, which is then converted to mechanical energy.
Key Takeaways
The global steam turbine market is expected to witness high growth,
exhibiting a CAGR of 2.2% over the forecast period, due to increasing demand
for electricity from industrial and utility sectors.
Regional analysis
Asia Pacific dominates the global steam turbine market and is expected to
continue its dominance over the forecast period. This can be attributed to
increasing power generation capacities and growing industrialization in China
and India. These countries are focusing on developing domestic manufacturing
bases to cater to rising demand.
Key players
Key players operating in the steam turbine market are General Electric
(GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Ã…
koda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL),
and Fuji Electric Co., Ltd. General Electric dominates the global steam turbine
market owing to its vast product portfolio and widespread geographical presence
across major markets.
For more details on the report, Read - https://www.newsstatix.com/steam-turbine-market-share-size-outlook-and-opportunity-analysis-2023-2030/
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