Steam Turbine Market to Record USD 3.42 billion between 2022 and 2027, The increasing demand for power generation drives growth - Technavio

The market is fragmented due to the presence of many global and regional players.

This comprises category-focused, industry-focused, and diversified vendors.

The global off-grid segment is expected to ...

23, 2024 /PRNewswire/ -- The steam turbine market size is expected to grow by USD 3.42 billion from 2022 to 2027, according to Technavio.

In addition, the growth momentum will progress at a CAGR of 3.82% during the forecast period.

The increasing demand for power generation drives growth.

A steam turbine is a mechanical device that utilizes pressurized steam to convert heat energy into rotational motion and has largely replaced reciprocating steam engines.

This is due to its high thermal efficiency and power-to-weight ratio.

Furthermore, steam turbines play a vital role in power generation, accounting for approximately 80% of the world's electricity production.

Also, since the global economy has become increasingly digitalized, there is a growing demand for efficient and reliable power generation.

To find a preview of the drivers, opportunities, and potentials request a free sample report The market is fragmented due to the presence of many global and regional players.

This comprises category-focused, industry-focused, and diversified vendors.

The global off-grid segment is expected to grow rapidly during the forecast period due to the Growing demand for power generation.

Hence, the competition among companies is expected to intensify during the forecast.

The report analyzes the competitive landscape and offers information on several companies.

ALSTOM SA, Baker Hughes Co., Dongfang Electric Corp.

Ltd., Doosan Corp., Downer EDI Ltd., Ebara Corp., General Electric Co., Hangzhou Steam Turbine Power Group Co.

KG, Howden Group Ltd., Mitsubishi Heavy Industries Ltd., Moog Inc., Nanjing Turbine and Electric Machinery Group Co.

Ltd., Porsche Automobil Holding SE, Shandong Qingneng Power Co.

Ltd., Siemens AG, Sumitomo Heavy Industries Ltd., and Triveni Engineering and Industries Ltd.

The utility segment will be significant during the forecast period.

Several power plant operators use steam to generate electricity and use steam turbines as their primary propulsion system.

The size of the power plant, the type and configuration of equipment used in the steam power plant, etc are determined by the amount of steam required to generate electricity.

To know additional highlights and key points on various segments and their impact in coming years, Get a FREE Sample Report.

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Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com