The global steam condenser market for thermal power has been forecast to grow at a compound annual growth rate (CAGR) of 5.2% through to 2012, increasing from a value of $1.9 billion in 2011, to hit $3.3 billion.
Global electricity consumption has increased at CAGR of 3.6% over the past 10 years, and is expected to continue growing due to increasing industrialization, urbanization, and growing population worldwide.
Developed and developing countries are strengthening their electricity supplies in order to meet growing demand, and thermal power is expected to remain a dominant source of electricity generation for the foreseeable future, sustaining the steam condenser market.
Global thermal installed capacity stood at 3,578 GW in 2011, and is expected to grow during 2012-2020 at a CAGR of 2.9%, to reach 4,692 GW, due to the growing demand for electricity from residential, commercial and industrial sectors.
However, while thermal power sources accounted for 66.2% of total global installed capacity in 2011, this share is expected togradually decline in the future, as renewable energy sources develop and take over more of the market.
For more information on the steam condenser market, see the latest research: Steam Condenser Market Report
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