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]:
- Coal
- Gas
- Nuclear
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
- Cogeneration
By region [Volume
(GW) and Value ($ billion) from 2012 to 2023]:
- North America
- Europe
- 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 helpdesk@lucintel.com.
Lucintel offerings include energy
market report, energy
industry, commercial due diligence
report, business
strategy consulting and market
research reports online.
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.
This
report answers following 11 key questions:
Q.
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)?
Q.
2.Which segment will grow at a faster pace and why?
Q.
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?
Q.
11. What M & A activity has occurred in the last 5 years and what has its
impact been on the industry?
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