The steam turbines market is projected to grow from an estimated $14.8 billion in 2014 to $19.2 billion by 2020, at a compound annual growth rate (CAGR) of 4.4 per cent, according to a recent report.
The report, titled “Steam Turbines Market by Type (steam cycle, combined cycle and cogeneration), by Rated Capacity (1-120 MW, 121-350 MW, 351-750 MW and Above 750 MW), by Exhaust Type (condensing and non-condensing), by Application (coal, nuclear, biomass and others) and by region (Americas, Asia-Pacific, Europe and Middle East and Africa) - Global Trends and Forecasts to 2020”, defines and segments the global steam turbine market with an analysis and forecast of the market size.
The growing demand for electricity and corresponding increase in investments for capacity expansions are driving the market for steam turbines across the globe, said the report.
The report analyses the steam turbines market with respect to four regions, namely, the Americas, Asia-Pacific, Europe, and the Middle East and Africa. Asia-Pacific leads the world in terms of market demand for steam turbines, as thermal power forms the core of the region’s electricity generation infrastructure, it added.
Nearly three quarters of all new demand for steam turbines is set to emanate from the fast-growing economies of Asia-Pacific, particularly China and India, as these countries lay out ambitious plans to expand generation capacity, it stated.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the steam turbines market including Alstom (France), Siemens (Germany), General Electric (US), Mitsubishi Hitachi Power Systems (Japan), and Toshiba Corporation (Japan) among others.
Dominant players are trying to grab a strong footing into developing economies and adopting various methods to grab the market share, with contracts and agreements, and partnerships (joint-ventures, collaborations) being their most favoured strategies, it said.
Market share analysis, by revenue, of the top companies is also included in the report. The scope accordingly aids market participants to identify high growth markets and help managing key investment decisions.
For this report, major players in the steam turbine market have been identified using various primary and secondary sources, which include annual reports of top market players, interviews with key opinion leaders such as CEOs, directors, and marketing executives. Based on this research, the market shares have been evaluated and validated, it added.