Lucintel identifies and prioritizes opportunities for growth in global steam turbine market for power generation by plant fuel, turbine size, and region

According to a new market report published by Lucintel, the future of the global steam turbine market looks good with opportunities in coal-fired, gas-fired, and nuclear energy based power generation. The global steam turbine market for power generation is expected to reach an estimated $18.5 billion by 2021 at a CAGR of 2.3% during the forecast period (from 2016 to 2021). The major drivers for the growth of this market are growing global electricity demand and relatively lower cost of electricity generation by steam turbine.

In this market, coal, gas, and nuclear are the major type of plant fuel being used for power generation. On the basis of comprehensive research, Lucintel forecasts that steam turbine demand for nuclear energy based electricity generation is expected to show above-average growth during the forecast period.

Within the steam turbine market, coal-fired power generation is expected to remain as the largest market. Abundance in the availability of coal and lower cost of generating electricity through coal-fired power plants is likely to drive this segment over the forecast period.

By turbine size, the ‘600 MW and above’ turbine is expected to remain the largest segment by both value and volume. High efficiency compared to small turbine is the major driving factors, which would spur growth for this segment over the forecast period.

Asia Pacific is expected to remain the largest market and is likely to witness the highest growth over the forecast period due to growing energy requirement at domestic and industrial level and resulting installation of coal, nuclear and combine cycle power generation facilities.

For business expansion, this report suggests innovation and new product development for achieving higher efficiency, low maintenance cost, and flexibility.

Emerging trends, which have a direct impact on the dynamics of the industry, include development of more efficient turbines and technology transfers to secure footprint in large and high growth markets. Shanghai Electric Group, Dongfang Turbine Co Ltd., Harbin Turbine Co. Ltd., Siemens, BHEL, General Electric, and Toshiba are among the major suppliers of steam turbine.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global steam turbine market for power generation by plant fuel, turbine size, and region and has come up with a comprehensive research report, “Growth Opportunities in the Global Steam Turbine Market for Power Generation 2016-2021: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the growth opportunities in the global steam turbine market for power generation by plant fuel, turbine size, and region as follows:

By plant fuel [Volume (GW) and Value ($ billion) from 2010 to 2021]:

• Coal
• Gas
• Nuclear

By turbine size [Volume (GW) and Value ($ billion) from 2010 to 2021]:

• Less than 300 MW
• 300 MW to 599 MW
• 600 MW and above

By region [Volume (GW) and Value ($ billion) from 2010 to 2021]:

• North America
• Europe
• Asia Pacific
• Rest of the World

This 112-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Energy Market Report, Energy Industry, Capital Investment Analysis, Strategic Growth Consulting and Due Diligence.

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com. 

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