Lucintel Blog: Lucintel Forecasts Steam Turbine Market to Reach $15.1 Billion by 2027

Wednesday, August 17, 2022

Lucintel Forecasts Steam Turbine Market to Reach $15.1 Billion by 2027

According to the recent study the steam turbine market is projected to reach an estimated $15.1 billion by 2027 from $14.6 billion in 2021, at a CAGR of 0.5% from 2021 to 2027. Growth in this market is primarily driven by growing global electricity demand and relatively lower cost of electricity generation by steam turbine.

Browse 107 figures / charts and 68 tables in this 205 -page report to understand trends, opportunities and forecast in steam turbine market by plant fuel (coal, gas, and nuclear), capacity (less than 300 MW, 300 MW to 599 MW, and 600 MW and above), technology (steam cycle, combined cycle, cogeneration), and region (North America, Europe, Asia Pacific, and the Rest of the World).

Download sample report by clicking on https://www.lucintel.com/steam-turbine-market-for-power-generation.aspx.

“Coal market is expected to remain the largest segment during the forecast period.”

Based on plant fuel, the steam turbine market is segmented into coal, gas, and nuclear. Lucintel forecasts that the coal market is expected to remain the largest segment due to 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.

“Within the steam turbine market, the 600 MW and above segment is expected to remain the largest capacity.”

Based on capacity the 600 MW and above segment is expected to witness the highest growth over the forecast period.

“Asia pacific will dominate the steam turbine market in near future.”

Asia Pacific is expected to remain the largest region and 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.

Download Brochure of this report by clicking on https://www.lucintel.com/steam-turbine-market-for-power-generation.aspx.

Major players of steam turbine market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Shanghai Electric Group, Dongfang Turbine Co Ltd., Harbin Turbine Co. Ltd., Siemens, BHEL, General Electric, and Toshiba are among the major steam turbine providers.

This unique 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 https://www.lucintel.com/steam-turbine-market-for-power-generation.aspx or helpdesk@lucintel.com.

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Contact:
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Lucintel
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Email: brandon.fitzgerald@lucintel.com
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