Cognitive is fastest growing segment fueling the growth of the Global Steam Turbine Market.
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...