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Global Market Insights: steam turbine market revenue to surpass US$32 billion by 2024

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World Coal,

The global Steam Turbine Market will surpass US$32 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. An increasing focus toward expansion of generating capacity and resurgent economic growth across major countries will fuel market growth.

The ongoing expansion of thermal power generation along with a positive outlook toward the utilisation of geothermal energy resources will boost the demand for large capacity steam turbines. Furthermore, efforts to reduce electricity supply demand gap will complement the business scenario.

A growing inclination toward the adoption of energy efficient technologies along with regulatory norms to reduce carbon footprint will stimulate market growth. Growing demand for reliable electricity along with positive outlook toward the adoption of combined cycle technology will further drive industry growth. However, reduced investments across the coal fired systems and stringent government measures to reduce dependence on fossil fuel fired power generation may hamper industry growth.

The <3 MW steam turbine market size is anticipated to expand over 2% by 2024. Positive outlook toward co-generation and geothermal energy utilisation will drive the industry growth. Rapid industrialisation and efforts toward energy optimisation have significantly enhanced the demand for on-site power generation, which will enhance the product adoption in coming years.

Indonesia’s market is anticipated to witness growth of over 12% by 2024. Low coal prices, along with government efforts to boost the domestic industrial output will thrust the product deployment in coming years. Ongoing investment toward enhancing baseload power generation capacity along with positive outlook toward adoption of supercritical & ultra-supercritical systems will further stimulate the business growth.

The condensing steam turbine market in 2017 was over US$17 billion. The turbine’s ability to extract maximum energy from steam makes it suitable for the thermal power generation. Ongoing investments in new generating capacity additions along with an increasing electricity demand across industries will favour industry growth. Furthermore, rising focus toward cogeneration and rising utilisation of non-conventional energy resources will positively influence the industry landscape.

South Africa’s market will witness a significant growth owing to favourable government policy toward strengthening and development of industrial sector. Growth of domestic manufacturing industry has resulted in increased demand for electricity which in turn will complement the business landscape. Ongoing investments toward power generation and growing geothermal capacity will further complement the industry growth.

Notable players active in the global market include Siemens, Bharat Heavy Electricals Limited, Harbin Turbine, Kawasaki Heavy Industries, Mitsubishi Hitachi Power Systems, Toshiba, Eliott Group, TurboTech, General Electric, Mitsui, Man Diesel & Turbo, Ansaldo Energia, Fuji Electric, Doosan Skoda Power and Dongfang amongst others.

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