Sellbyville, Delaware , April 24, 2018 (GLOBE NEWSWIRE) --
Global Steam Turbine Market is expected to surpass USD 24 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Increasing investments toward large scale thermal power plants coupled with stringent regulatory norms to promote sustainable fuels including natural gas and biomass will foster the steam turbine market share. In addition, the growing inclination toward efficient utilization of energy will further propel the industry growth. In 2016, as per EIA, the combined cycle capacity has increased by 14% in last five years in the U.S.
UK steam turbine market is set to grow over USD 190 million by 2024. Paradigm shift toward CHP and cogeneration-based power plants coupled with stringent government norms toward coal based generating stations will foster the industry growth. In addition, the ongoing refurbishment of existing plants with an aim to achieve improved efficiencies and low carbon emission will propel the business outlook.
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Increasing deployment of coal fired plants across the African region on account of its improved efficiency and low prices will foster the condensing steam turbine market. Ongoing government measures to enhance electricity access and meet rising electricity demand will stimulate the business outlook. High thermal efficiency, improved economies of scale, low maintenance and reduced footprints are some of key features which will propel the product adoption.
3 - 100 MW steam turbine market is anticipated to grow over 8% by 2024. Increasing investments toward energy intensive industries including chemicals, paper, sugar and pulp will foster the business growth. The increasing deployment of gas fired combined cycle plants on account of their higher efficiency ratio & electricity output will further enhance the industry landscape.
Browse key industry insights spread across 540 pages with 1,142 market data tables & 13 figures & charts from the report, “Steam Turbine Market” in detail along with the table of contents:
Favourable government regulations to support low emission fuels along with increasing investments toward sustainable generating technologies will stimulate the biomass-based steam turbine market. Stringent regulatory framework toward conventional technologies will further foster the industry growth. In 2016, 4.8 quadrillion BTU of energy derived from biomass was consumed across the U.S., with a combined capacity of over 10 GW.
Rapid economic expansion along with increasing investments toward manufacturing industries will foster the China market share. In addition, the shifting trends toward cogeneration technologies on account of ambitious government targets to curb emissions will further stimulate the industry growth. For instance, China has planned to install biomass & CHP based power plants with 12 GW capacity by 2020 and 25 GW capacity by 2035.
Notable players catering the steam turbine market include Toshiba, Siemens, Turbo Tech, Mitsui, GE, Fuji Electric, Mitsibushi Hitachi Power Systems, Dongfang, Eliott Group, Harbine Turbine, Ansaldo Energia, MAN, BHEL and Kawasaki Heavy Industries. Major industry players have been providing customized services along with high-end upgradation facility as a key strategic inference to sustain their industry presence.
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Gas Turbine Market share for 2015 was valued over USD 13 billion and is set to exceed 120GW by 2024. Growing industrialization coupled with rising electricity demand will drive the global gas turbine market trends over the forecast timeline.
Hydropower turbine market share is expected to witness substantial growth from 2016 to 2023. Growing demand for renewable energy sources along with rising environmental security concerns is anticipated to drive the industry growth over the forecast period. The overall turbine market trends is expected to be over USD 190 billion by 2023.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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