Steam Turbines Market – An Overview
The global steam turbines market is anticipated to witness slow growth during the forecast period between 2021 and 2031.
Steam turbines are electric devices which extract thermal energy from pressurized steam and convert them into kinetic energy. A steam turbine consists of blades, which are mounted on a rotor with shafts connected to generators, to produce the electricity used in various industries.
The COVID-19 pandemic adversely affected the steam turbines market. Strict government regulations in various countries led to social distancing norms.to lead to disrupted operations of steam turbine units.
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The steam turbine manufacturing plants were affected by these social distancing rules, as there was reduced manpower in production facilities, thereby impacting steam turbine production and the overall market, as well.
However, the subsequent decline in cases and availability of vaccines could ensure production facilities to start functioning in close to full capacity again which would help in the steady growth of the steam turbines market, in future.
Steam Turbines Market – Trends and Opportunities
Rapid industrialization and rising electricity demand, particularly in developing economies, are driving the growth in the steam turbine market.
Also, increasing electricity consumption and surging thermal power capacities are expected to fuel the growth in the steam turbines market, in future.
In addition to this, technological advancements of steam turbines, along with consistent research to produce clean coal technology, could positively impact the steam turbines market, in the coming years.
The replacement of older power generation infrastructure with advanced steam turbines could also propel the overall steam turbines market, in years to come.
Supportive policies and financial incentives by governments globally are also anticipated to help in the growth of the steam turbines market, in next few years.
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Factors such as the rising focus on renewable energy could drive the growth in the steam turbines market, in future.
Steam Turbines Market – Competitive Landscape
The global steam turbines market has several established players, who are expected to account for a large share in the overall market, in the coming years.
Prominent players in the steam turbines market are expected to invest heavily in research and development activities in a bid to develop the functional capabilities of existing products and to develop new products, which would meet the customer requirements and increase the consumer base.
Players in the steam turbines market could establish R&D centers in different parts of the world which will exclusively function to improve the existing product. The R&D undertakings could be a key growth strategy for steam turbines market players, in years to come.
Leading market players may also collaborate with smaller players to expand their market presence and improve their revenue share.
Some of the leading players in the steam turbines market include General Electric, Toshiba Corporation, Alstom SA, ABB, and Fuji Electric Co. Ltd.
Steam Turbines Market – Regional Assessment
The global steam turbines market is divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
North America is expected to witness maximum growth in the global steam turbines market in the coming years. Growth in the manufacturing sector and a rising integration of combined cycle technologies for captive power generation are expected to fuel the demand for steam turbines in North America.
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Asia Pacific is expected to witness sluggish growth in the steam turbines market in future owing to the strict government regulations imposed in countries such as China to decrease greenhouse gas emissions from key industries.
Europe is anticipated to witness moderate growth in the steam turbines market, owing to a shift in focus from conventional to cleaner renewable energy sources.
Other regions such as Middle East and Africa and Latin America is expected to witness slow growth in the steam turbines market, in the upcoming years.
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