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    Steam Turbine Market Report

    Steam Turbine Market Report
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    Steam Turbine Market Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026
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    Impact of COVID-19 on Steam Turbine Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Steam Turbine Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    Steam Turbine Market is likely to witness a steady CAGR of more than 2.5%, during the forecast period. This is primarily because of the several regulations for the promotion of low carbon fuels in order to reduce the environmental hazardous emissions. Also, there has been a growing focus towards the development of low scale thermal power plants, which is significantly fueling the market growth. In addition, on account of the growing preference towards optimizing energy across industries, there would be a surge in the overall market demand, globally. In other words, with the increasing requirement for electricity, there would be a higher demand for steam turbines during the forecast period.

    Steam Turbine Market – Snapshot

    Growth

    >2.5% for the next five years

    Leading Fuel Type

    Fossil Fuel

    Largest End-Use Type

    Utility

    Major Capacity Type

    >100 MW

    Dominant Technology Type

    Steam Cycle

    Region with the highest demand

    Asia Pacific

    Key Players

    Ansaldo Energia, Elliott Group, DONGFANG TURBINE CO.,LTD., Fuji Electric Co., Ltd., General Electric, Kawasaki Heavy Industries, Ltd., Mitsubishi Power, Ltd., Mitsui E&S Holdings Co., Ltd., Siemens Energy, Toshiba America Energy Systems Corp.

    Segment Analysis

    Steam-Turbine-Market-Dominant-Segments

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    Steam Turbine Market Share: By Design Type

    Based on the design type, the market is segmented into reaction and impulse. The major factors that drive the market share for impulse design steam turbines are low maintenance and operation costs and their compact size. Similarly, the key reason due to which the reaction design steam turbines are used is their high efficiency.

    Steam Turbine Market Share: By Fuel Type

    Based on the fuel type, the market is segmented into fossil fuel, biomass, and geothermal. The major factors that drive the usage of biomass are the various measures taken by industries to reduce the carbon footprint in the atmosphere along with the stringent government regulations to check the industrial emissions. Therefore, the biomass market segment is expected to grow at a good pace over the forecast period.

    Steam Turbine Market Share: By End-Use Type

    Based on the end-use type, the market is segmented into industrial and utility. Over the years, there has been a rapid rise in the demand for steam engines in the industrial sector. These engines are majorly installed in the heavy industries such as chemical plants and refineries, among others. Also, there has been large investments towards the development and setup of new industrial facilities, in the recent years, which is fueling the market growth for steam turbines.

    Steam Turbine Market Share: By Capacity Type

    Based on the capacity type, the market is segmented into <3 MW, 3-100 MW, and >100 MW, among which, the >100 MW capacity is estimated to gain the maximum traction during the forecast period. Over the last decade, there has been robust investments on medium-scale industries, several government measures, and a significant rise in the global economy, which significantly drive the 3-100KW market segment.

    Steam Turbine Market Share: By Technology Type

    Based on the technology type, the market is segmented into steam cycle, combined cycle, and cogeneration, among which, the steam cycle technology is expected to generate the largest demand over the forecast period. It is estimated that the increasing installation of coal-fired plants in the South East Asian countries in the recent years, will escalate the demand for steam turbines with steam cycle technology, during the forecast period.

    Steam Turbine Market Share: By Region

    Based on region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. Among these regions, Asia-Pacific is expected to be dominant throughout the forecast period. The market growth in this region is majorly attributed to the growing demand for steam turbines in countries such as Thailand, Japan, South Korea, and Indonesia, among others, due to the development of a number of coal-fired plants in these countries. North America and Europe are also expected to offer promising growth opportunities during the forecast period.

    Steam-Turbine-Market-By-Region

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    Market Scope & Segmentation

    Steam turbines extract thermal energy from steam on high pressure and use it to perform mechanical work on a rotating output shaft.  This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    Steam Turbine Market Research Report - Features

    Market Segmentation

    7

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >200

    Company Profiles

    10

     

    The steam turbine market is segmented into the following categories. 

    Steam Turbine Market Size, Share, & Forecast, by Design Type:

    • Reaction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Impulse (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Steam Turbine Market Size, Share, & Forecast, by Exhaust Type:

    • Condensing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Non-Condensing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Steam Turbine Market Size, Share, & Forecast, by Fuel Type:

    • Fossil Fuel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Biomass (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Geothermal (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Steam Turbine Market Size, Share, & Forecast, by End-Use Type:

    • Industrial
      • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
      • Type Analysis: Refinery, Chemical Plant, Sugar Plant, Pulp & Paper, and Others
    • Utility (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Steam Turbine Market Size, Share, & Forecast, by Capacity Type:

    • <3 MW (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • 3-100 MW (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • >100 MW (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Steam Turbine Market Size, Share, & Forecast, by Technology Type:

    • Steam Cycle (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Combined Cycle (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Cogeneration (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Steam Turbine Market Size, Share, & Forecast, by Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Key Players

    Some of the key players in the steam turbine market are-

    • Ansaldo Energia
    • Elliott Group
    • DONGFANG TURBINE CO., LTD.
    • Fuji Electric Co., Ltd.
    • General Electric
    • Kawasaki Heavy Industries, Ltd.
    • Mitsubishi Power, Ltd.
    • Mitsui E&S Holdings Co., Ltd.
    • Siemens Energy
    • Toshiba America Energy Systems Corp.

    Research Methodology

    This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation by any one of the fuel types by end-use type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Steam turbine market is expected to witness an impressive growth of 2.5% CAGR in the foreseeable future.

    Ansaldo Energia, Elliott Group, DONGFANG TURBINE CO.,LTD., Fuji Electric Co., Ltd., General Electric, Kawasaki Heavy Industries, Ltd., Mitsubishi Power, Ltd., Mitsui E&S Holdings Co., Ltd., Siemens Energy, Toshiba America Energy Systems Corp are among the key players in the steam turbine market.

    Asia-pacific is expected to remain dominant in the steam turbine market during the forecast period.

    The steam cycle technology is expected to generate the largest demand in the steam turbine market over the next five years.

    The >100 MW capacity is expected to gain the maximum traction in the steam turbine market in the coming years.

    Several regulations for the promotion of low carbon fuels in order to reduce the environmental hazardous emissions, growing focus towards the development of low scale thermal power plants, growing preference towards optimizing energy across industries are the factors driving the growth of steam turbine market.

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