The steam turbine market is projected to grow at a CAGR of 2.20%, with estimated market size of USD 15.5 billion in 2021 and USD 17.7 billion by 2028. More power plants are being built worldwide to compensate for the energy shortage. This is one of the main factors influencing the industry, along with the increasing emphasis placed on it by policymakers in several nations to build energy-efficient and clean power-producing facilities. Additionally, there is a rise in the need for combined heat and power plants (CHP) to use the leftover heat from producing electricity for various uses. This is having a beneficial impact on the market, as is the advent of cutting-edge technologies like cryptocurrencies and 5G technology, both of which require a lot of electricity to operate. Additionally, industry investors are benefiting greatly from the growing use of electric vehicles (EVs) to replace fossil fuels in the transportation sector, thus driving market growth.
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Steam Turbine Market Dynamics
Drivers: Increased power demand
With increased power consumption, there will likely be a greater requirement for steam turbines. The vast bulk of electric electricity is produced by steam-electric power plants worldwide. The need for electricity is anticipated to increase dramatically as the world's population grows. It is anticipated that this factor would increase demand for steam turbines even more. On the other hand, the global market for steam turbines has not yet reached its full potential. The growing industrialization and increased electricity demand, particularly in developing economies, are further reasons to boost industry growth. The market's expansion is accelerated by rising energy consumption and thermal power capacity. Additionally, during the forecast period, market participants will have additional profitable chances due to numerous breakthroughs and technological advancements in steam turbines.
Key Market Players
The steam turbine market is dominated by a few global players and comprises several regional players. Some key manufacturers in the market are Toshiba Corporation, Fuji Electric Co. Ltd, Istom SA, Mitsubishi Hitachi Power Systems, Siemens AG, Man Diesel & Turbo SE, Bharat Heavy Electricals Ltd., Doosan Skoda Power, Kawasaki Heavy Industries and Ansaldo Energia.
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