According to the research report, the steam turbine market was valued at USD 15.95 billion in 2021 and is expected to reach USD 19.87 billion by 2030, to grow at a CAGR of 2.5% during the forecast period.
Polaris Market Research has recently published a research report titled Steam Turbine Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032 that emphasizes a comprehensive analysis of current and future prospects to analyze the growth rate of the market. The report describes Steam Turbine Market size, historical trends, industry advancements, segmentation analysis, new opportunities, factors controlling the market, and developments. The report analysts have provided a detailed Steam Turbine Market segmentation assessment of the market based on type, application, and geography. Client needs with an understanding of market capacities are ensured in this analytical study.
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Asia Pacific region’s high growth in the industry is mainly due to increased demand for electricity, rapid industrialization, and the development of more efficient turbines & technology. Since wood-plastic composites are used on a large scale to reduce vehicle weight, this advancement is predicted to affect the market directly.
As a result of their efficiency, low pollution, and optimum maintenance costs, renewable energy sources have gained popularity in developed and developing countries alike. In addition to these factors, global industry growth is constrained by a rise in demand for clean energy sources. These factors have contributed to driving the global market.
In natural gas-fired plants, they are not directly used, but combined cycle plants, which are the most efficient, do. In addition to the increased use of combined-cycle natural gas plants as a reliable energy source, there is also an increase in demand for the industry. Adding natural gas-fired power plants to the energy mix can promote a greener future since renewable resources cannot provide energy 24 hours a day.
Steam Turbine Market Report Highlights
- The combined cycle segment is anticipated to grow at a significant CAGR over the forecast period because of generating electricity from waste materials.
- Impulse accounted for a significant revenue share. This impulse segment to its compact size and economic properties. A significant factor driving industry demand is government investment in expanding infrastructure and an increase in demand from power generation industries.
- The biomass segment is anticipated to grow at a lucrative CAGR over the forecast period. In recent years, captive power generation and combined heat and power systems have become increasingly popular.
- Asia Pacific is expected to grow at a significant CAGR over the projected period on account of the Increase in building and construction activities in the Asia-Pacific countries, such as China and India. Because Asia Pacific vast population and development as the world’s manufacturing hub will impact the electricity demand
- The global market players include Toshiba Corporation, Mitsubishi Hitachi Power Systems, Fuji Electric Co. Ltd, Istom SA, General Electric (GE) Co., Siemens AG, Bharat Heavy Electricals Ltd., Man Diesel & Turbo SE, Nanjing Turbine & Electric Machinery, Trillium Flow Technologies, Arani power systems, Doosan Skoda Power, Kawasaki Heavy Industries, Ansaldo Energia, Dongfang Electric Company
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Polaris Market Research has segmented the steam turbine market report based on type, fuel, design, and end-use:
Steam Turbine, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Steam Cycle
- Combined Cycle
- Cogeneration
Steam Turbine, Fuel Outlook (Revenue – USD Billion, 2018 – 2030)
- Reaction
- Impulse
Steam Turbine, Design Outlook (Revenue – USD Billion, 2018 – 2030)
- Fossil Fuel
- Biomass
- Geothermal
Steam Turbine, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Industrial
- Utility
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The Report Addresses the Following Queries:
- How have the production techniques evolved in recent years?
- How can the emerging players in the market establish their foothold in the current market landscape?
- The market in which region is expected to witness the highest growth during the forecast period?
- What is the projected value of the market during the forecast period?
- How can the emerging players in the market solidify their position in the market?
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