Steam Turbines, Update 2017 - Global Market Size, Competitive Landscape, Key Country Analysis and Forecast to 2021
Global steam turbine market registered a market value of US$13.29 Billion in the year 2016. The Asia-Pacific region was the largest market for steam turbines during the year 2016 registering close to 79.2% of the global market share. Europe, Middle East, and Africa (EMEA) was the second-largest market, representing 15.1%, followed by the Americas with 5.8%. Key drivers in the global steam turbine market include governments’ mandated use of clean coal technologies for new coal-fired power plants, increased demand for combined-cycle gas turbine (CCGT) plants, cheap coal prices, and supportive policies in a few countries for coal-fired power plants.
During the forecast period 2017-2021, the total global steam turbine market is expected to register an aggregate value of US$58.29 Billion. The steam turbine market is heavily reliant on the power generation and transmission industry. Increasing demand for uninterrupted power from developing countries such as China and India is expected to contribute to the market value during the forecast period. Developments with respect to coal capacity additions from countries like Turkey, Egypt, South Africa, Indonesia, and Vietnam contribute to the projected market trends for the forecast period.
Global steam turbine market is projected to grow at a moderate growth rate accompanied by growing industrial, commercial, and residential activities. Thermal capacity addition is rising every year with constantly increasing electricity consumption. Frequent power cuts, blackouts, and load shedding have contributed to the increased demand for steam turbines for power generation. Increase in combined-cycle and co-generation operations are expected to propel the growth of steam turbines for power generation market all around the world.
Asia-Pacific region led the global steam turbine market in the historical period and is expected to continue holding its top position through the forecast period. China was identified as the top country for the steam turbine market in terms of shipment capacity and market value, followed by India, Vietnam, Indonesia, and Korea. In 2016, in terms of market value, China held a 51.2% share in the region and is expected to hold 43.07% in 2021.
In 2016, India held a 16.9% share of the steam turbine market in the Asia-Pacific region, which is expected to rise to 17.7% by 2021. Vietnam and Indonesia held 4.2% and 3% shares, respectively, in 2016 and are expected to increase their share by registering 6.5% and 5%, correspondingly, in the region by 2021.
The report Steam Turbines, Update 2017 - Global Market Size, Competitive Landscape, Key Country Analysis and Forecast to 2021, offers comprehensive information and understanding of the global steam turbines market. The report analyzes the current trend and future potential of steam turbines market at global, regional (Asia-Pacific, Americas, Europe, and Middle East and Africa) and key countries (the US, India, China, Republic of Korea, Vietnam, Indonesia, the UK, Germany, Turkey, and South Africa) level.
The report provides the following information in-depth -
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