Steam Turbines Markets Market to enrol growth rate of 4.4% reaching to the market value of $19.3 billion by 2020
The Global Steam Turbines Markets market was valued at $14.8 billion in 2014, which is projected to reach $19.3 billion by 2020, at a CAGR of 4.4% during the forecast period of 2015 to 2020.
Steam Turbines are essentially a high speed machine, converting the heat energy released by fossil fuels and nuclear fuels into the kinetic energy for driving the power generators. Steam Turbines Market is driven by the increasing energy demand. It is one of the advanced energy sources which can help in fulfilling the increased global power demand.
The growth of the Steam Turbines Market is directly proportional to the installation capacity of the plant. Most of the companies are prioritizing to meet the energy demand by increasing the installation capacity from MW to GW and from GW to TW worldwide.
Asia–Pacific led the global Steam Turbines Market with a market share of more than 70% in 2014, and is projected to grow at the highest CAGR among as the electricity demand is growing rapidly owing to the increasing population and rapid industrialization. There is a massive increase in the installation capacity of Steam Turbines in this region.
India is looking to strengthen its position in the fast -growing power sector. General Electric will introduce 660MW and 800MW supercritical Steam Turbines Market by 2015 whereas Siemens has announced to invest $44.2 million for expansion of its Steam Turbines Market manufacturing facility in Vadodara, Gujarat.
The rapid industrialization and rising global population have increased the demand of electricity. Steam Turbines Market play a vital role in generating electricity by the different sources like coal, nuclear, biomass, and others, thus fulfilling the increased demand.
Supercritical technology has been recognized as a major tool for increasing generation capacity and efficiency while reducing greenhouse gases. Hence, its adoption is strongly promoted by Indian utility companies. The main types of services offered in the global Steam Turbines Market are conventional cycle Steam Turbines, combined cycle Steam Turbines, and cogeneration Steam Turbines.
Cogeneration Steam Turbines segment is projected to grow with the highest CAGR, followed by combined cycle and conventional cycle Steam Turbines Market segments
Biomass segment is projected to grow at the highest CAGR among all applications, followed by nuclear and coal. This high growth rate is attributed to the increasing consumption of biomass to produce biofuels. Coal application segment had the largest share of more than 50% in 2014, followed by nuclear and others.
The leading players in the global Steam Turbines Market are Siemens AG, Alstom SA, and General Electric, together accounting for 60% of the market share. Siemens offers a comprehensive range of Steam Turbines Market from 45KW to 1900 MW whereas Alstom SA designs for all kinds of fossil fuels applications up to 1,200 MW, in 50 HZ and 60 HZ grids. In cogeneration plants, Alstom Steam Turbines Markets are highly flexible and operate between power plants and heat demand to accommodate wide variation in process steam flows.
The above statistics here are given by the report “Global Steam Turbines Markets by Type, Application and Geography – Forecast 2020”.
Objective of this study is to analyse the market trends, share, growth & restraining factors and projection supported by market estimates and forecasts of global market.
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