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 US$15.7 billion and it is forecast to grow at a CAGR of 2.1% from 2018 to 2023. 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 ‘Global Steam Turbine Market For Power Generation’.
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.
View the full report here.
Read the article online at: https://www.worldcoal.com/coal/26092018/lucintel-publishes-new-global-steam-turbine-market-for-power-generation-report/