Global Steam Turbines Market: Introduction
A steam turbine is a device that extracts thermal energy from pressurized steam to carry out mechanical work on a rotating output shaft. A steam turbine consists of a boiler, turbine, condenser, feed pump, and a variety of auxiliary devices. Steam turbine is a rotary heat engine, it is particularly suited to be used to drive an electrical generator. A steam turbine is powered by steam. Hot, gaseous steam flows from turbine spinning blades. It, in turn, spins the blades continuously and converts most of the energy of steam into kinetic energy. Steam turbines are used to produce electricity and run a generator.
Global Steam Turbines Market: Segmentation
Based on type, the steam turbines market has been segmented into steam cycle, combined cycle, and cogeneration. Steam cycle type turbines are most widely used. The steam cycle segment holds around 60% share of the global steam turbines market. Combined cycle type turbines are witnessing increasing demand from power plants, as natural gas-fired power generation is being preferred as the cleanest fossil fuel alternative. In natural gas-fired power generation, exhaust steam is utilized for additional power generation, increasing the demand for steam turbines. In terms of rated capacity, the steam turbines market has been classified into 1-120 mw, 121-350 mw, 351-750 mw, and above 750 mw. Two major types of exhaust are available in steam turbines: condensing and non-condensing. Based on application, the steam turbines market has been divided into coal, biomass, nuclear, and others. The coal segment is expected hold the leading market share during the forecast period, followed by the nuclear power plants segment. In Asia Pacific and Middle East & Africa, the biomass application segment holds a major share. The coal application segment is projected to expand at a rapid pace during the forecast period, as several new coal plants are already under construction or are being planned for future, particularly in Asia Pacific.
Global Steam Turbines Market: Overview
Increasing electricity consumption, rising thermal power capacity additions, and surging combined-cycle and co-generation operations are major drivers of the steam turbines market. Regulatory policy restrictions on fossil-fuel-fired power plants and slowdown in the construction of new nuclear power plants are major restraining factors for the steam turbines market. Replacement or upgrade of aged power generation infrastructure is presenting growth opportunities for the steam turbines market. Demand for nuclear energy based electricity generation is increasing across the world thus anticipating opening up new growth opportunities.
Global Steam Turbines Market: Regional Outlook
Based on region, the global steam turbines market has been segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa. Asia Pacific is expected to be the major market for steam turbines from 2018 to 2026. The market in Asia Pacific is likely to witness growth at the maximum rate during the forecast period, due to increasing demand for electricity in the region. Power companies in the country have significantly reduced their investment in plants and equipment. The steam turbines market in Europe is expected to witness significant growth during the forecast period, primarily due to the shifting focus from traditional energy sources toward cleaner and renewable energy sources. On the other hand, Germany has legally supported the installation of CHP units and has passed a law supporting the installation of CHP units.
Global Steam Turbines Market: Key Players
Key players operating in the global steam turbines market are Alstom, Siemens AG, GENERAL ELECTRIC, Mitsubishi Hitachi Power Systems, Ltd., Toshiba Corporation, ABB, Elliott Group, Fuji Electric Co., Ltd., and MAN Diesel & Turbo.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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10. What will be the barrier to entry for new players in the market?
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