Lucintel Forecasts Steam Turbine Market To Reach $33.8 Billion By 2024

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According to the recent study the steam turbine market is projected to reach an estimated $33.8 billion by 2024, at a CAGR of 5.7% from 2020 to 2025. Growth in this market is primarily driven by growing global electricity demand and relatively lower cost of electricity generation by steam turbine.
Browse 126 figures / charts and 76 tables in this 162 -page report to understand trends, opportunities and forecast in steam turbine market by plant fuel (coal, gas, and nuclear), turbine size (less than 300 MW, 300 MW to 599 MW, and 600 MW and above), thermal power plant type (steam cycle, combined cycle, cogeneration), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Coal market is expected to remain the largest segment during the forecast period.”
Based on plant fuel, the steam turbine market is segmented into coal, gas, and nuclear. Lucintel forecasts that the coal is expected to witness the largest segment over the ...
... forecast period as abundance in the availability of coal and lower cost of generating electricity through coal-fired power plants is likely to drive this segment over the forecast period and nuclear energy based electricity generation is expected to witness highest growth during the forecast period.
“Within the steam turbine market, the 600 MW and above segment is expected to remain the largest turbine size”
Based on turbine size, the non-residential segment is expected to witness the largest turbine size over the forecast period and is also expected to witness highest growth during the forecast period as high efficiency as compared to smaller turbines is driving growth of this segment over the forecast period.
“Asia Pacific will dominate the steam turbine market in near future”
Asia Pacific is expected to be the largest region over the forecast period and witness the highest growth over the forecast period due to growing energy requirement at domestic and industrial level and increasing installation of coal, nuclear and combine cycle power generation facilities.
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Major players of steam turbine market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Shanghai Electric Group, Dongfang Turbine Co Ltd., Harbin Turbine Co. Ltd., Siemens, BHEL, General Electric, and Toshiba and others are among the major steam turbine providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/steam-turbine-market-for-power-generation.aspx or helpdesk@lucintel.com
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At Lucintel, we offer solutions for you growth through game changer ideas and robust market & unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times. For further information, visit www.lucintel.com

Contact:
Brandon Fitzgerald
Lucintel
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Email: brandon.fitzgerald@lucintel.com
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