Steam Turbine Market will achieve 7.1% CAGR to bypass $24 Billion by 2024

“Key industry players across the global steam turbine market include Siemens, Toshiba, General Electric, Ansaldo Energia, Fuji Electric, BHEL, Mitsubishi Hitachi Power Systems, Kawasaki Heavy Industries, Man Diesel & Turbo, Eliott Group, Doosan Skoda Power”
Utility steam turbine market revenue is set to register substantial growth driven by ongoing investments toward capacity expansion at existing power plants.

Global Steam Turbine Market is poised to exceed USD 24 Billion by 2024 as reported in the latest study by Global Market Insights, Inc. Ongoing deployment of coal-based plants across the Africa owing to low fuel prices and improved efficiency will stimulate the condensing steam turbine market. Low maintenance cost, improved efficiencies, high thermal efficiency and reduced carbon footprints are some of the prominent features which will stimulate the product adoption. In addition, the rising power demand across the emerging economies along with stringent regulatory measures to enhance the electricity demand will foster the industry outlook.

Stringent government norms to promote clean fuels along with accelerating investments toward the development of thermal power plants will foster the industry growth. Growing inclination toward the efficient consumption of energy will further stimulate the business outlook. According to EIA, in last five years the combined cycle capacity has amplified by 14% across the U.S.

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UK steam turbine market is set to surpass USD 190 million by 2024. Shifting trends toward cogeneration and CHP based electricity generating plants along with strict regulatory norms toward coal-based power plants will propel the industry outlook. Refurbishment of existing generating stations with an aim to reduce carbon emissions and improve efficiency will stimulate the business growth.

3 – 100 MW capacity plant is projected to expand over 8% by 2024. Growing installation of gas-based plants owing to their high electricity output and higher efficiency ratio will foster the steam turbine market. These capacity plants find their wide application across energy intensive industries including paper, chemicals, pulp and sugar.

Stringent government norms toward conventional technologies along with increasing investments toward the development of sustainable energy technologies will stimulate the business biomass-based steam turbine market. In addition, the regulatory framework to support low emission fuels will foster the business growth.

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Growing manufacturing sector coupled with rapid economic expansion across the country will propel the steam turbine market in China. Paradigm shift toward various cogeneration technologies owing to the governments ambitious targets to reduce emissions will positively influence the industry growth. China has planned to install CHP and biomass based generating stations of 12 MW capacity by 2020 & 25 GW by 2035.

Eminent industry players catering across the steam turbine market includes Siemens, Toshiba, Kawasaki Heavy Industries, Mitsui, Fuji Electric, GE, BHEL, MAN, Dongfang, Eliott Group, Ansaldo Energia, Harbine Turbine and Turbo Tech. Key industry players are providing high-end product upgradation and customization services as a major strategic inference to strengthen their industry presence.

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