The Global Steam Turbine Market is expected to grow at a CAGR of 4.5% in the forecast period 2019-2026.
Increasing global consumption of electricity, rising investments on large scale thermal power plants, and government initiatives are the major factors driving the global Steam Turbine market in recent years.
(EMAILWIRE.COM, November 14, 2019 ) Market Overview
• A steam turbine is a rotary heat engine which converts thermal energy into electrical energy and mechanical work. A steam turbine consists of a boiler (steam generator), condenser, feed pump and variety of auxiliary devices. About 90% of electricity generated in the world is achieved by a steam turbine.
Market Dynamics
• According to the International energy agency, the global electricity production in 2016 was 2.9% higher than 2015. Year-0n-year, global electricity production has grown continuously since 1974 except for 2008 and 2009, when the economic crisis of OECD countries caused a visible decline in the production. The Global electricity consumption reached 20,863 TWh in 2016, which is 3.2% higher than 2015.
• Increasing investments toward large scale thermal power plants coupled with stringent regulatory norms to promote sustainable fuels including natural gas and biomass will foster the steam turbine market share. In addition, the growing inclination toward efficient utilization of energy will further propel the industry growth. Government initiatives to promote low emission fuels including biomass and natural gas will further expand the steam turbine market growth in the coming years.
• Rising global environmental concerns for the CO2 emissions and increasing adoption and replacing conventional plants to renewable energy technologies will affect the growth of steam turbine market in the forecast period. For instance, the change in the regulatory policy of European Union had put restrictions on the installation of fossil-fuel fired power plants. This can further hamper the growth of steam turbine for power generation market. Government policies on regional and country level to decrease the impact of carbon emissions on environment have led to retirement of certain old existing plants. This resulted in further closing the other development opportunities that restraining market to a certain extent owing to the significant number of old age plants.
Market Segmentation
• Global Steam Turbine market is segmented based on the plant type as Combined Cycle, Steam Cycle and Cogeneration. Among these, steam cycle type turbines (which include conventional thermal and nuclear power plants) are the most widely used product/ technology type and holds around 60% share of the total steam turbines market globally. Cogeneration plant types is expected to grow with increasing requirements for both power and heat output in the industries and government institutional end-users, especially in the western countries.
• Based on the End user, the market is segmented as Industrial, power & utility and others. Industrial sector is expected to have strong growth with increasing industrialization trends and increasing power requirements in the industries. Government sector accounts the highest share for power generation by steam turbine, as growing industrialization will create more opportunity for small and medium capacity steam turbines through Combined Heat and Power units. Industrial steam turbine market stands the second among global market share. As the steam turbines in industrial stream run on Fossil Fuel, and Nuclear.
Geographical Analysis
• By geography, The Global Steam Turbine Market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa. North America is anticipated to witness strong growth in the future owing to the increasing combined cycle technologies and development of manufacturing sector which will increase product demand. Increased utilization of Cogeneration plants will further increase market growth in the coming years.
• The Asia Pacific region is the dominant segment in the Steam Turbine market owing to the growing heavy equipment industries in the region and increasing electricity demand from the developing countries. The primary drivers for the growth of this market are rising aged steam turbines that requires installation of new steam turbines, especially in the APAC region. China and India are focusing on coal power plants for market growth while India still has a challenge of using intermittent coal.
Competitive Analysis
• New product launches, partnerships and expansion of facilities are vital strategies adopted by most of the companies to improve their market growth rate in recent years.
• New tenders and incentives by the government for greater reliability and efficiency of power generation are further enabling for the enhanced companies presence in the market. For instance, on 15th February, 2019 a formal ceremony is held to mark the construction of Montgomery country power station, an advanced combined cycle power plant for which Toshiba won the deal to supply of a 450MW steam turbine and generator (STG).
• On 28th February 2017, Mitsubishi Hitachi power systems (MHPS) together with Mitsubishi Corporation, and H. Young & Company have received an order to supply power generation facilities to Kenya electricity generating company limited (KenGen). The equipment order includes two 70 MW Class steam turbines, generators and other auxiliaries which are to be installed at Olkaria V Geothermal Power Plant in Nakuru district in the central area of the Republic of Kenya.
• Companies are seeking collaborations in order to expand their global sales through their respective sales network. For instance, On 27th March, 2019 Toshiba Energy systems & solutions corporation (Toshiba ESS) and Kawasaki Heavy industries have partnered up to supply medium capacity steam turbines adaptable for industrial and utility use in order to cater to the increasing cost competitiveness.
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About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Enquire Before Purchase: https://www.datamintelligence.com/enquiry/steam-turbine-market
Download free sample: https://www.datamintelligence.com/download-sample/steam-turbine-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
• A steam turbine is a rotary heat engine which converts thermal energy into electrical energy and mechanical work. A steam turbine consists of a boiler (steam generator), condenser, feed pump and variety of auxiliary devices. About 90% of electricity generated in the world is achieved by a steam turbine.
Market Dynamics
• According to the International energy agency, the global electricity production in 2016 was 2.9% higher than 2015. Year-0n-year, global electricity production has grown continuously since 1974 except for 2008 and 2009, when the economic crisis of OECD countries caused a visible decline in the production. The Global electricity consumption reached 20,863 TWh in 2016, which is 3.2% higher than 2015.
• Increasing investments toward large scale thermal power plants coupled with stringent regulatory norms to promote sustainable fuels including natural gas and biomass will foster the steam turbine market share. In addition, the growing inclination toward efficient utilization of energy will further propel the industry growth. Government initiatives to promote low emission fuels including biomass and natural gas will further expand the steam turbine market growth in the coming years.
• Rising global environmental concerns for the CO2 emissions and increasing adoption and replacing conventional plants to renewable energy technologies will affect the growth of steam turbine market in the forecast period. For instance, the change in the regulatory policy of European Union had put restrictions on the installation of fossil-fuel fired power plants. This can further hamper the growth of steam turbine for power generation market. Government policies on regional and country level to decrease the impact of carbon emissions on environment have led to retirement of certain old existing plants. This resulted in further closing the other development opportunities that restraining market to a certain extent owing to the significant number of old age plants.
Market Segmentation
• Global Steam Turbine market is segmented based on the plant type as Combined Cycle, Steam Cycle and Cogeneration. Among these, steam cycle type turbines (which include conventional thermal and nuclear power plants) are the most widely used product/ technology type and holds around 60% share of the total steam turbines market globally. Cogeneration plant types is expected to grow with increasing requirements for both power and heat output in the industries and government institutional end-users, especially in the western countries.
• Based on the End user, the market is segmented as Industrial, power & utility and others. Industrial sector is expected to have strong growth with increasing industrialization trends and increasing power requirements in the industries. Government sector accounts the highest share for power generation by steam turbine, as growing industrialization will create more opportunity for small and medium capacity steam turbines through Combined Heat and Power units. Industrial steam turbine market stands the second among global market share. As the steam turbines in industrial stream run on Fossil Fuel, and Nuclear.
Geographical Analysis
• By geography, The Global Steam Turbine Market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa. North America is anticipated to witness strong growth in the future owing to the increasing combined cycle technologies and development of manufacturing sector which will increase product demand. Increased utilization of Cogeneration plants will further increase market growth in the coming years.
• The Asia Pacific region is the dominant segment in the Steam Turbine market owing to the growing heavy equipment industries in the region and increasing electricity demand from the developing countries. The primary drivers for the growth of this market are rising aged steam turbines that requires installation of new steam turbines, especially in the APAC region. China and India are focusing on coal power plants for market growth while India still has a challenge of using intermittent coal.
Competitive Analysis
• New product launches, partnerships and expansion of facilities are vital strategies adopted by most of the companies to improve their market growth rate in recent years.
• New tenders and incentives by the government for greater reliability and efficiency of power generation are further enabling for the enhanced companies presence in the market. For instance, on 15th February, 2019 a formal ceremony is held to mark the construction of Montgomery country power station, an advanced combined cycle power plant for which Toshiba won the deal to supply of a 450MW steam turbine and generator (STG).
• On 28th February 2017, Mitsubishi Hitachi power systems (MHPS) together with Mitsubishi Corporation, and H. Young & Company have received an order to supply power generation facilities to Kenya electricity generating company limited (KenGen). The equipment order includes two 70 MW Class steam turbines, generators and other auxiliaries which are to be installed at Olkaria V Geothermal Power Plant in Nakuru district in the central area of the Republic of Kenya.
• Companies are seeking collaborations in order to expand their global sales through their respective sales network. For instance, On 27th March, 2019 Toshiba Energy systems & solutions corporation (Toshiba ESS) and Kawasaki Heavy industries have partnered up to supply medium capacity steam turbines adaptable for industrial and utility use in order to cater to the increasing cost competitiveness.
Enquire Before Purchase: https://www.datamintelligence.com/enquiry/steam-turbine-market
Download free sample: https://www.datamintelligence.com/download-sample/steam-turbine-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Enquire Before Purchase: https://www.datamintelligence.com/enquiry/steam-turbine-market
Download free sample: https://www.datamintelligence.com/download-sample/steam-turbine-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
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DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results