According to a new market report published by Lucintel, the future of the steam turbine market looks good with opportunities in coal-fired, gas-fired, and nuclear energy based power generation. The steam turbine market for power generation is expected to reach an estimated $33.8 billion by 2024 with a CAGR of 5.7% from 2019 to 2024. The major drivers for growth of this market are growing global electricity demand and relatively lower cost of electricity generation by steam turbine.
Browse 76 market data tables and 126 figures spread through 162 pages and in-depth TOC on “Steam Turbine Market"
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In this market, steam turbines are used in coal, gas, and nuclear energy based power generation. On the basis of comprehensive research, Lucintel forecasts that steam turbine used in coal based power generation is expected to remain the largest segment. 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. Steam turbines used in nuclear energy based electricity generation is expected to witness highest growth during the forecast period.
By turbine size, the ‘600 MW and above’ turbine is expected to remain the largest segment and is also expected to witness highest growth during the forecast period. High efficiency as compared to smaller turbines is driving growth of this segment over the forecast period.Steam turbines are used in steam cycle, combine cycle, and co-generation power plants. Steam turbine used in the steam cycle power generation will remain the largest segment by both value and volume.
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 increasing installation of coal, nuclear and combine cycle power generation facilities.
Emerging trend, which has a direct impact on the dynamics of the industry, include development of more efficient turbines. Shanghai Electric Group, Dongfang Turbine Co Ltd., Harbin Turbine Co. Ltd., Siemens, BHEL, General Electric, and Toshiba are among the major suppliers of steam turbines.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the steam turbine market for power generation by plant fuel, turbine size, thermal power plant type, and region and has come up with a comprehensive research report, “Growth Opportunities in the Steam Turbine Market for Power Generation 2019-2024: 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 growth opportunities in the steam turbine market for power generation by plant fuel, turbine size, by thermal power plant type, and region as follows:
By plant fuel [Volume (GW) and Value ($ billion) from 2019 to 2024]:
By turbine size [Volume (GW) and Value ($ billion) from 2019 to 2024]:
Less than 300 MW
300 MW to 599 MW
600 MW and above
By thermal power plant type [Volume (GW) and Value ($ billion) from 2019 to 2024]:
Steam Cycle
Combined Cycle
Cogeneration
By region [Volume (GW) and Value ($ billion) from 2019 to 2024]:
North America
Europe
Asia Pacific
Rest of the World
This 162-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 click on this link https://www.lucintel.com/steam-turbine-market-for-power-generation.aspx or helpdesk@lucintel.com.
About Lucintel
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