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Steam Turbine Market drivers of growth analyzed in a new research report

Press Release   •   Aug 16, 2017 06:55 EDT

Global Steam Turbine Market size is set to grow substantially during the forecast time frame due to rising investment towards the development of high capacity generating stations. Government initiatives towards development of combined-cycle technology and capacity addition will further foster the industry. In 2016, the U.S. witnessed a capacity addition of more than 27,000 MW.

Nuclear energy integration will depict a considerable growth for the global steam turbine market. Nuclear power plant installation and upgradation pertaining to plant life extension, positively thrust the industry share. In 2017, World Nuclear Association presented active construction of 60 power reactors in 13 countries including Russia, South Korea, UAE, China and Taiwan.

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Growth in deep-water marine excavation and rampant industrial growth will yield appreciable growth towards the global steam turbine market. Competitive technological will further steer the industry size. In 2016, Singapore based Atlantis Resources announced the deployment of its first tidal steam technology- AR1500 at the MeyGen project site in Scotland.

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Based on design, the global steam turbine market can be segmented into impulse and reaction. Impulse steam technology is anticipated to grow significantly owing to its multiple applications in power generation and marine propulsion. Increasing electricity demand will further enhance the technology scope. In 2013, Siemens Energy, Germany developed its SST-500 GEO for geo-thermal plants. Reaction steam technology is predicted to grow considerably owing to growing emphasis on efficient combined cycle and Waste to energy electricity generation. Recovering oil and gas industry will further enhance industry growth across the forecast period. In 2016, The U.S. based General Electric has been contracted to retrofit three steam turbine generators at the Yatagan coal-fired power plant in Turkey.

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1. Steam Turbine Market size & share forecast by product & application 2017-2024
2. Growth drivers, pitfalls & industry challenges
3. Steam Turbine Market growth opportunities & emerging business models
4. Competitive benchmarking with market share analysis and company profiles

On the basis of applications, the global steam turbine market is segmented as power generation, petrochemical, pharmaceuticals, food processing and waste to energy. Power generation is anticipated to grow substantially owing to increasing demand for electrification and government initiatives in compliance to effective technology adaption. In 2017, Government of India has revised generation targets for financial year 2017-18 to be increased by 50 billion units in comparison to previous year.

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The U.S. Steam turbine market offers appreciable growth pertaining to growing combined cycle technology. Effective resource utilization will further drive the industry from 2016 to 2024. In 2017, the U.S. based General Electric has been contracted to supply steam engines for a 488 MW combined cycle power plant in Pennsylvania.

In China steam turbine market, government initiatives complying to remote electrification will foster the technology across the forecast period. Waste to energy cogeneration technology is set to further enhance the industry share. In 2017, Armed forces in china has announced the design and development of an indigenous steam turbine and oil-fired boiler powered aircraft carrier.

For Europe, Serbia steam turbine market provides appreciable scope to the technology pertaining to electricity supply security and effective resource utilization. Technology integration with increasing plant capacity will further positively drive the global industry. In 2017, the U.S. based General Electric has been hired for retrofitting steam turbine technology in coal fired power plant in the country.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.