Steam Turbines Market Recent Trends, Business Scenario, High Demand, Product, Share and Forecasts 2031
Steam Turbines Market - An Overview
The
global steam turbines market is anticipated to witness slow growth during the
forecast period between 2021 and 2031.
Steam
turbines are electric devices which extract thermal energy from pressurized
steam and convert them into kinetic energy. A steam turbine consists of
blades, which are mounted on a rotor with shafts connected to generators, to
produce the electricity used in various industries.
The
COVID-19 pandemic adversely affected the steam turbines market. Strict
government regulations in various countries led to social distancing norms.to
lead to disrupted operations of steam turbine units.
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The
steam turbine manufacturing plants were affected by these social distancing
rules, as there was reduced manpower in production facilities, thereby impacting
steam turbine production and the overall market, as well.
However,
the subsequent decline in cases and availability of vaccines could ensure
production facilities to start functioning in close to full capacity again
which would help in the steady growth of the steam turbines market, in future.
Steam Turbines Market - Trends and Opportunities
Rapid
industrialization and rising electricity demand, particularly in developing
economies, are driving the growth in the steam turbine market.
Also,
increasing electricity consumption and surging thermal power capacities are
expected to fuel the growth in the steam turbines market, in future.
In
addition to this, technological advancements of steam turbines, along with
consistent research to produce clean coal technology, could positively impact
the steam turbines market, in the coming years.
The
replacement of older power generation infrastructure with advanced steam
turbines could also propel the overall steam turbines market, in years to come.
Supportive
policies and financial incentives by governments globally are also anticipated
to help in the growth of the steam turbines market, in next few years.
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Factors
such as the rising focus on renewable energy could drive the growth in the
steam turbines market, in future.
Steam Turbines Market - Competitive Landscape
The
global steam turbines market has several established players, who are expected
to account for a large share in the overall market, in the coming years.
Prominent
players in the steam turbines market are expected to invest heavily in research
and development activities in a bid to develop the functional capabilities of
existing products and to develop new products, which would meet the customer
requirements and increase the consumer base.
Players
in the steam turbines market could establish R&D centers in different parts
of the world which will exclusively function to improve the existing product.
The R&D undertakings could be a key growth strategy for steam turbines
market players, in years to come.
Leading
market players may also collaborate with smaller players to expand their market
presence and improve their revenue share.
Some
of the leading players in the steam turbines market include General Electric,
Toshiba Corporation, Alstom SA, ABB, and Fuji Electric Co. Ltd.
Steam Turbines Market - Regional Assessment
The
global steam turbines market is divided into North America, Asia Pacific,
Europe, Middle East and Africa, and Latin America.
North
America is expected to witness maximum growth in the global steam turbines
market in the coming years. Growth in the manufacturing sector and a rising
integration of combined cycle technologies for captive power generation are
expected to fuel the demand for steam turbines in North America.
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Asia
Pacific is expected to witness sluggish growth in the steam turbines market in
future owing to the strict government regulations imposed in countries such as
China to decrease greenhouse gas emissions from key industries.
Europe
is anticipated to witness moderate growth in the steam turbines market, owing
to a shift in focus from conventional to cleaner renewable energy sources.
Other
regions such as Middle East and Africa and Latin America is expected to witness
slow growth in the steam turbines market, in the upcoming years.
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