Steam Turbine Market To Witness Growth Owing To Rising Demand For Industrial, Power & Utility Applications Till 2022 | Million Insights

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According to new report available with Million Insights, Prominent factors that are playing major role in the market growth are, growth in thermal power plants operating, growing deployment of combined heat & power (CHP) units.

Global Steam Turbine Market is segmented based on type, plant fuel, design, capacity, exhaust type, application, and region. A steam turbine is a mechanical device that extracts thermal energy from pressurized steam and converts it into mechanical work on rotation of output shaft that suits to driving electrical generators.

Steam turbine is mainly motorized by steam. As gaseous, hot steam flows by turbine spinning blades, steam expands and cool. This steam supportsto spin the blades uninterruptedly, hencechanging steam’s potential energy into kinetic energy which is then used for fabrication of electricity and to run a generator.

Prominent factors that are playing major role in the market growth are, growth in thermal power plants operating, growing deployment of combined heat & power (CHP) units. On the other hand, factors that are restraining market growth are strict government rules for replacement of conventional energy resources with renewables.

Full Research Report On Global Steam Turbine Market Analysis available at: https://www.millioninsights.com/industry-reports/steam-turbine-market

Steam Turbine Market is classified, by type into Steam Cycle Type Turbines (Conventional thermal, Nuclear Power Plants), Combined Cycle Type Turbines, Cogeneration Cycle Type Turbines, and others.

Steam Cycle Type Turbines segment accounted for the largest market share of overall Steam Turbine Industry Market and is expected to remain dominant over the forecast period. This is because these turbines are widely used by consumers. On the other hand, combined cycle type turbines are growing at fastest pace over the forecast period. The reason being growing demand from combined cycle power plants, as natural gas fired power generation an alternative to cleanest fossil fuel.

Steam Turbine Market is classified, by plant fuel into Nuclear, Coal, and Gas. The coal segment is expected to grow at fastest pace over the forecast period. The reason being, the coal fired power generation is the most affordable option for emerging countries in the world, especially in Asia Pacific, adequate supply of coal to use as a fuel. Steam Turbine Market is classified, by design into Reaction Steam Technology, Impulse Steam Technology, and others.

Impulse steam technology segment expected to grow gradually over the forecast period. This is mainly due to its increasing use in marine propulsion and power generation. Whereas, reaction steam technology is projected to grow substantially during the forecast period. The reason being, increasing importance of proficient combined cycle and waste to energy electricity generation.

Steam Turbine Market is classified, by capacity into>750 MW, 352-750 MW, 121-350 MW,

Power & Utility segment accounted for the largest market share of the Steam Turbine Industry Market and is expected to remain dominant over the forecast period. The reason being, steam turbine units can be paired with any combustion fuel such as coal. On the other hand, industrial applications are expected to grow at fastest pace in the form of CHP units, that gives superior efficacy than the single unit and produce outputs in numerous ways.

Steam Turbine Market is segmented, geographically into North America, Europe (Eastern Europe, Western Europe), Asia Pacific, Latin America, Middle East and Africa. Globally, Asia Pacific regional market accounted for the largest market share of Steam Turbine Industry and is estimated to lead the market over the forecast period. The use demand is coming from the country China. The reason being, high rate of industrialization in China, India.

Moreover, Europe is expected to grow gradually over the forecast period. This is mainly due to shifting concentration from traditional to cleaner and renewable energy sources, increasing use of natural gas as the main power generation source fixed with gas turbines. Steam Turbine Industry key players are, Toshiba, Shanghai Electric Group, General Electric, Dongfang Turbine Co. Ltd., BHEL, Harbin Turbine Co. Ltd., and Siemens.

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Market Segment:

Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Steam Turbine in these regions, from 2012 to 2022 (forecast), covering
• North America
• Europe
• China
• Japan
• Southeast Asia
• India

Global Steam Turbine market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
• GE
• Siemens
• Mitsubishi Heavy Industries
• Kawasaki Heavy Industries
• ABB
• UTW
• Weir Group
• Elliott
• Sumitomo Heavy Industries
• JFE Engineering
• Shin Nippon Machinery
• Alstom
• Turboatom
• Doosan ?koda Power
• Power Machines OJSC
• Toshiba
• MAN Diesel & Turbo
• Mitsubishi Hitachi Power Systems
• BHEL
• Mitsui Engineering & Shipbuilding
• ICM INC
• Shanghai Electric

On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
• Rated Power (<5MW)
• Rated Power (5-20MW)
• Rated Power (20-200MW)
• Rated Power (>200MW)

On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Steam Turbine for each application, including
• Power Equipment
• Ship Equipment
• Other

Related Reports of This Category Available at Million Insights:
https://www.millioninsights.com/industry/machinery-and-machine-parts

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