Insights on the Steam Turbine for Power Generation Global Market to 2027 – Featuring Siemens, Mitsubishi Hitachi Power Systems and Bharat Heavy Electricals Among Others – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Steam Turbine for Power Generation Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The market for a steam turbine for power generation is expected to grow at a CAGR of around 6.5% during the forecast period of 2022 – 2027.
- Siemens AG
- Mitsubishi Hitachi Power Systems Ltd
- Bharat Heavy Electricals Limited
- General Electric Company
- Dongfang Turbine Company Limited
- Toshiba Corporation
- Doosan Heavy Industries & Construction Company Ltd.
- Elliott Company
Key Market Trends
Natural Gas Combined Cycle Plants to Witness a Significant Growth
- Natural gas plants do not directly use steam turbines, but combined cycle plants, which is the most efficient method of natural gas-fired plants, use smaller megawatt turbines.
- An increase in the adoption of combined-cycle natural gas plants as a reliable source of energy is one of the prominent reasons behind the increase in the demand for steam turbines.
- As renewable resources cannot provide energy around the clock, a component of natural gas-based plants in the energy mix can make way for a cleaner future.
- Many countries are looking forward to generating electricity from natural gas and are on the verge of closing coal-fired power plants. Thus, driving the growth of the market during the forecast period. For instance in the United States, as of 2021, around 32.3 GW of new natural gas-fired power plants are scheduled to commence operations in 2025 and are in advanced stages of development. Out of which 14.2 GW have a status of under construction, 3.4 GW are at pre-construction, and 14.7 GW have a status of advanced permitting.
- Further, there are several other countries that have plans to build natural gas power plants. Countries like India, China, Russia, and several other European countries are concentrating on having more number of gas fired power plant in place of coal-fired on accounts of its lower impact on the environment.
- Thus such a scenario is expected to make the natural gas combined cycle plants to have significant growth during the forecast period.
Asia-Pacific to Record the Highest Growth
- Asia- Pacific is already the largest market for steam turbines and is expected to create a significant demand for steam turbines in the coming years.
- As electricity demand increases per capita around the globe, planned thermal plants like Phulari Coal Powered Plant in Bangladesh and Patratu Super-Thermal Power Plant (Coal) in India are expected to maintain the growth in the steam turbine sector.
- China, already a significant user of steam turbines, is constructing the highest number of thermal power plants in the world. Ultra-supercritical coal plants like Fuyang Power Station and Huadian Laizhou Power Station are being built to match the electricity demand.
- Around 22 coal-powered plants are under construction in Japan, including power plants like Hitachinaka Kyodo power plant and Nakoso power plant which are expected to provide more than 1000 MW of electricity and are likely to have a positive impact on the market studied.
- Many of the countries in the Asia-Pacific region cannot provide 24-hour electricity to its citizens, and the cheapest path to achieve the objective is to construct thermal plants and use steam turbines.
- Thus, with aforementioned devlopments and upcoming thermal power plants, the Asia-pacific region will dominate the market during the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Plant Type
5.2.1 Below 40MW
5.2.2 Above 40MW
5.3.1 North America
5.3.4 Middle-East and Africa
5.3.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/is1bpw
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900