Global Steam Turbine Market Outlook, Opportunities And Strategies – Includes Steam Turbine Market Growth
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The global steam turbine market is expected to grow from $16.37 billion in 2021 to $16.88 billion in 2022 at a compound annual growth rate (CAGR) of 3.33%. The global steam turbine market size is expected to grow to $20.06 billion in 2026 at a compound annual growth rate (CAGR) of 4.41%.
The increasing focus on renewable energy is expected to propel the growth of the steam turbine market.
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The steam turbine market consists of sales of steam turbines by entities (organizations, sole traders, and partnerships) that refer to a machine that converts thermal energy from pressurized steam and transforms it into mechanical work on a rotating output shaft. It uses heat sources such as gas, coal, nuclear, and solar to heat water at extremely high temperatures until it is converted into steam. The main parts of stream turbines are rotors and blades.
Global Steam Turbine Market Segments Include:
By Plant Type: Gas, Coal, Nuclear, Others
By Capacity: Rated Power (<60MW), Rated Power (60-200MW), Rated Power (>200MW)
By Technology: Steam Cycle, Combined Cycle, Cogeneration
By Design: Reaction, Impulse
By End-Use Industry: Power and Utility, Industrial
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Western Europe is the largest region in the global steam turbine market in 2021.
Environmentally friendly and efficient cogeneration process is a key trend in the steam turbine market. Joint production or cogeneration or combined heat and power (CHP) is a method in which a simple cycle gas turbine generates electricity and steam and additional steam for other actions like drying. This method is being used in various steam turbines, proving much more efficient than other processes. This process recovers heat from energy loss pathways and uses it to generate electricity. The CHP method can produce electricity concurrently and useful thermal energy from a single source of fuel.
TBRC’s Steam Turbine Market Report Covers:
Major Market Players: General Electric (GE) Co, Fuji Electric, Toshiba Corporation, Siemens, Arani Power Systems, Elliott Group, Doosan Škoda Power, Chola Turbo Machinery International Pvt Ltd, Mitsubishi Hitachi Power Systems, Ansaldo Energia, Bharat Heavy Electricals Limited, MAN Energy Solutions, DONGFANG TURBINE, Kawasaki Heavy Industries, Harbin Electric, AIstom SA, Toshiba JSW Power Systems Private Limited, Kessels Steam Turbines and Hyundai Heavy Industries.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)
The Steam Turbine Global Market Report 2022 is one of a series of new reports from The Business Research Company that provides steam turbine market overviews, analyzes and forecasts market size, share, steam turbine market players, steam turbine market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s steam turbine market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports From The Business Research Company:
Engine, Turbine, And Power Transmission Equipment Global Market Report 2022
Power Generation Global Market Report 2022
Wind Turbine Global Market Report 2022
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