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 $18.5 billion by 2021 at a CAGR of
2.3% during the forecast period (from 2016 to 2021). The major drivers for the growth of this market
are growing global electricity demand and relatively lower cost of electricity generation
by steam turbine.
In this
market, coal, gas, and nuclear are the major type of plant fuel being used for
power generation. On the basis
of comprehensive research, Lucintel forecasts that steam turbine demand for nuclear
energy based electricity generation is expected to show above-average growth
during the forecast period.
Within the steam turbine market, coal-fired power generation is expected
to remain as the largest market. 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.
By turbine size, the ‘600 MW and above’
turbine is expected to remain the largest segment by both value and volume. High
efficiency compared to small turbine is the major driving factors, which
would spur
growth for this segment over the forecast period.
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 resulting installation of coal, nuclear and combine
cycle power generation facilities.
For business expansion,
this report suggests innovation and new product development for achieving higher efficiency, low
maintenance cost, and flexibility.
Emerging
trends, which have a direct impact on the dynamics of the industry, include development
of more efficient turbines and technology transfers to secure footprint in
large and high growth markets. Shanghai Electric Group, Dongfang Turbine Co
Ltd., Harbin Turbine Co. Ltd., Siemens, BHEL, General Electric, and Toshiba are
among the major suppliers of steam turbine.
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, and region and has come up with a
comprehensive research report, “Growth
Opportunities in the Global Steam Turbine Market for Power Generation
2016-2021: 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 the
growth opportunities in the global steam turbine market for power generation by plant fuel, turbine size, and
region as follows:
By plant fuel [Volume (GW) and Value ($
billion) from 2010 to 2021]:
· Coal
· Gas
· Nuclear
By turbine size [Volume (GW) and Value ($
billion) from 2010 to 2021]:
· Less than 300 MW
· 300 MW to 599 MW
· 600 MW and above
By region [Volume
(GW) and Value ($ billion) from 2010 to 2021]:
· North America
· Europe
· Asia Pacific
· Rest of the World
This 112-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 helpdesk@lucintel.com.Lucintel offerings include
Energy
Market Report, Energy
Industry, Capital
Investment Analysis, Strategic
Growth Consulting and Due Diligence.
About Lucintel
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.
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