Press release
Steam Turbine Market To Reach USD 19.64 billion by 2031, CAGR: 2.2%. | General Electric (GE), Siemens Energy
Market Overview:
The global steam turbine market size was valued at US$ 16.27 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 2.2% from 2023 to 2030.
Market Dynamics:
Growing energy demand across the globe coupled with focus on cleaner energy sources are the major drivers propelling the growth of steam turbine market. Global energy demand is projected to increase by almost 50% by 2050, with most of the increase coming from countries that are not in the Organization for Economic Cooperation and Development (OECD). To meet this growing demand, investments in power generation capacity especially renewable and nuclear are increasing. Also, steam turbines provide stability and reliability in power generation from renewable sources making them suitable for integrating intermittent renewable power like solar and wind energy. Furthermore, steam turbines find increasing usage in petoleum refineries, gas processing plants, desalination plants, and district heating which is further augmenting the market growth.
💎 Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/5731?utm_source=openpr.com&utm_medium=referral
Ability to Provide Baseload Power Presents an Opportunity
While renewable energy capacity is growing rapidly, an opportunity exists for steam turbines to play a flexible role in powering sustainable energy infrastructure. Unlike variable renewable sources like solar and wind, steam turbines can provide critical baseload power generation required to balance intermittent supply. As more countries incorporate high levels of renewables into their grids, flexible plants like combined cycle gas turbines containing steam turbines will be needed to ensure power reliability when the sun is not shining or the wind is not blowing. These natural gas plants with steam turbines have an important role to play as a supporting technology that can ramp up or down output as needed to stabilize grids with large renewable shares. Their ability to reliably provide baseload power makes them well-positioned to partner with renewable energy for clean, stable electricity systems.
Trend Towards Higher Efficiency Drives Steam Turbine Innovation
A major trend influencing the steam turbine market is the push for ever greater efficiency. As environmental regulations tighten and the costs of fuel rise, there is pressure on steam turbine manufacturers to continuously improve the performance of their products. Utilities and power producers demand steam turbines that derive maximum output from each unit of fuel input. This has spurred innovative new designs featuring advanced materials, computational fluid dynamics modeling, and close-clearance technologies. The trend towards higher efficiency is benefitting the market as improved steam turbines allow plants to lower fuel costs and carbon intensity per unit of power generated. Ongoing efficiency gains through new designs, upgrades, and maintenance will be important for the long term viability and competitiveness of steam turbine technology.
💎 You Can Purchase Complete Report @ https://www.coherentmarketinsights.com/insight/buy-now/5731
Top Companies Included in This Report:
★ General Electric (GE)
★ Siemens Energy
★ Mitsubishi Power Ltd.
★ Toshiba Corporation
★ Doosan Škoda Power
★ Ansaldo Energia S.p.A.
★ Bharat Heavy Electricals Limited (BHEL)
★ Fuji Electric Co., Ltd.,
Market Segmentation:
By Product Type:
★ By Capacity: Up to 150 MW, 151 MW to 300 MW, More than 300 MW
★ By End Use: Power & Utility, Industrial
Key Regions/Countries are Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
💎 Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/5731
The report offers insights on the following topics:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Competitor Landscape of the Steam Turbine Market by Players
Chapter 4: Market Size of the Steam Turbine Market by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, Recent Developments, and Investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Analysis of Value Chain and Sales Channels, including notable product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
Ultimately, the Steam Turbine Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the Steam Turbine industry.
Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
Contact Us
Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837
About Us
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
The global steam turbine market size was valued at US$ 16.27 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 2.2% from 2023 to 2030.
Market Dynamics:
Growing energy demand across the globe coupled with focus on cleaner energy sources are the major drivers propelling the growth of steam turbine market. Global energy demand is projected to increase by almost 50% by 2050, with most of the increase coming from countries that are not in the Organization for Economic Cooperation and Development (OECD). To meet this growing demand, investments in power generation capacity especially renewable and nuclear are increasing. Also, steam turbines provide stability and reliability in power generation from renewable sources making them suitable for integrating intermittent renewable power like solar and wind energy. Furthermore, steam turbines find increasing usage in petoleum refineries, gas processing plants, desalination plants, and district heating which is further augmenting the market growth.
💎 Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/5731?utm_source=openpr.com&utm_medium=referral
Ability to Provide Baseload Power Presents an Opportunity
While renewable energy capacity is growing rapidly, an opportunity exists for steam turbines to play a flexible role in powering sustainable energy infrastructure. Unlike variable renewable sources like solar and wind, steam turbines can provide critical baseload power generation required to balance intermittent supply. As more countries incorporate high levels of renewables into their grids, flexible plants like combined cycle gas turbines containing steam turbines will be needed to ensure power reliability when the sun is not shining or the wind is not blowing. These natural gas plants with steam turbines have an important role to play as a supporting technology that can ramp up or down output as needed to stabilize grids with large renewable shares. Their ability to reliably provide baseload power makes them well-positioned to partner with renewable energy for clean, stable electricity systems.
Trend Towards Higher Efficiency Drives Steam Turbine Innovation
A major trend influencing the steam turbine market is the push for ever greater efficiency. As environmental regulations tighten and the costs of fuel rise, there is pressure on steam turbine manufacturers to continuously improve the performance of their products. Utilities and power producers demand steam turbines that derive maximum output from each unit of fuel input. This has spurred innovative new designs featuring advanced materials, computational fluid dynamics modeling, and close-clearance technologies. The trend towards higher efficiency is benefitting the market as improved steam turbines allow plants to lower fuel costs and carbon intensity per unit of power generated. Ongoing efficiency gains through new designs, upgrades, and maintenance will be important for the long term viability and competitiveness of steam turbine technology.
💎 You Can Purchase Complete Report @ https://www.coherentmarketinsights.com/insight/buy-now/5731
Top Companies Included in This Report:
★ General Electric (GE)
★ Siemens Energy
★ Mitsubishi Power Ltd.
★ Toshiba Corporation
★ Doosan Škoda Power
★ Ansaldo Energia S.p.A.
★ Bharat Heavy Electricals Limited (BHEL)
★ Fuji Electric Co., Ltd.,
Market Segmentation:
By Product Type:
★ By Capacity: Up to 150 MW, 151 MW to 300 MW, More than 300 MW
★ By End Use: Power & Utility, Industrial
Key Regions/Countries are Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
💎 Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/5731
The report offers insights on the following topics:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Competitor Landscape of the Steam Turbine Market by Players
Chapter 4: Market Size of the Steam Turbine Market by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, Recent Developments, and Investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Analysis of Value Chain and Sales Channels, including notable product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
Ultimately, the Steam Turbine Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the Steam Turbine industry.
Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
Contact Us
Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837
About Us
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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