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 $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.
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.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global steam turbine market for power generation by plant fuel, turbine size, thermal power plant type, and region and has come up with a comprehensive research report, “Growth Opportunities in the Global Steam Turbine Market for Power Generation 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for growth opportunities in the global steam turbine market for power generation by plant fuel, turbine size, by thermal power plant type, and region as follows:
By plant fuel [Volume (GW) and Value ($ billion) from 2012 to 2023]:
By turbine size [Volume (GW) and Value ($ billion) from 2012 to 2023]:
- Less than 300 MW
- 300 MW to 599 MW
- 600 MW and above
By thermal power plant type [Volume (GW) and Value ($ billion) from 2012 to 2023]:
- Steam Cycle
- Combined Cycle
By region [Volume (GW) and Value ($ billion) from 2012 to 2023]:
- North America
- Asia Pacific
- Rest of the World
This 162-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link……. firstname.lastname@example.org.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
- 1. What are some of the most promising, high-growth opportunities for steam turbine market by plant fuel (coal, gas, and nuclear), turbine size (less than 300 MW, 300 MW to 599 MW, and 600 MW and above), by thermal power plant type (steam cycle, combined cycle, cogeneration) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
- 2.Which segment will grow at a faster pace and why?
- 3.Which region will grow at a faster pace and why?
Q.4.What are the key factors affecting market dynamics? What are the drivers and challenges, and business risks in this market?
Q.5.What are the business risks and competitive threats in this market?
Q.6.What are emerging trends in this market and reasons behind them?
Q.7.What are some of the changing demands of customers in the market?
Q.8.What are the new developments in the market and which companies are leading these developments?
Q.9.Who are the major players in this market? What strategic initiatives are being taken by key players for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?
- 11. What M & A activity has occurred in the last 5 years and what has its impact been on the industry?