Global Steam Turbine Market is Estimated to be Worth $19.3 Billion by 2020, at a CAGR of 4.4% From 2015 to 2020
Jun 16, 2015, 10:15 ET
FORT WORTH, Texas, June 16, 2015 /PRNewswire/ --
The Global steam turbine market was valued at $14.8 billion in 2014, which is projected to reach $19.3 billion by 2020, at a CAGR of 4.4% during the forecast period of 2015 to 2020.
Browse through the TOC of global steam turbine market for an in-depth analysis of the industry trends and segments, with help of various tables and figures.
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The growth of the global steam turbine market is attributed to the increasing demand for electricity in Asia-Pacific region owing to the rising population and rapid industrialization. This market is led by the Chinese companies.
India is looking to strengthen its position in the fast -growing power sector. General Electric will introduce 660MW and 800MW supercritical steam turbines by 2015 whereas Siemens has announced to invest $44.2 million for expansion of its steam turbine manufacturing facility in Vadodara, Gujarat.
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The rapid industrialization and rising global population have increased the demand of electricity. Steam turbines play a vital role in generating electricity by the different sources like coal, nuclear, biomass, and others, thus fulfilling the increased demand.
Supercritical technology has been recognized as a major tool for increasing generation capacity and efficiency while reducing greenhouse gases. Hence, its adoption is strongly promoted by Indian utility companies.
The main types of services offered in the global steam turbine market are conventional cycle steam turbine, combined cycle steam turbine, and cogeneration steam turbine. The market has been analyzed in terms of the major regions, including Asia-Pacific, Europe, North America, and the Rest of the World.
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