Global steam turbine market is expected to reach USD 15.48 billion by 2025, according to a new report by Grand View Research.
Asia Pacific was the leading regional market with capacity share exceeding 50 percent in 2015
Asia Pacific is also expected to witness the fastest growth of 3.2 percent over the forecast period owing to rapid industrialization and increasing focus on thermal power plants to fulfill increasing electricity demand.
Steam turbines have been a key part of the global power generation systems from past. However, factors such as limited primary energy sources, increasing awareness regarding environmental pollution, etc. has resulted in rising need towards developing efficient steam turbines, the research said.
Also read: Renewables upset market for boilers, turbines and generators
Other key findings from the report include:
The global steam turbine market capacity was 103.16 GW in 2015 and is expected to reach 121.27 GW, growing at a CAGR of 1.6 percent from 2016 to 2025
Steam turbines with <120 MW capacity is expected to be the fastest growing segment on account of increasing demand for small capacity CHP units.
Power & Utilities is expected to emerge as the largest application segment and accounted for over 70 percent of total capacity in 2015
Industrial application segment is expected to witness the highest growth of 3.3 percent in terms of revenue over the forecast period
Siemens is expected to emerge as the largest player in the industry and is anticipated to hold over 20 percent of the market share
Other companies operating in the market space include General Electric, Mitsubishi Heavy Industries, Toshiba, Ansaldo, Hitachi, and Dresser-Rand.
editor@greentechlead.com