Steam Turbines Market by Type, Rated Capacity, Exhaust Type, Application & Region - Global Trends and Forecasts to 2020 - Market Size to Reach $19 Million

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Nov 25, 2015, 03:45 ET

DUBLIN, November 25, 2015 /PRNewswire/ --

Research and Markets (http://www.researchandmarkets.com/research/z5htrl/steam_turbines) has announced the addition of the "Steam Turbines Market - Global Trends and Forecasts to 2020" report to their offering.

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Asia-Pacific is the leading market for steam turbines in 2014 with strong demand from China and India. It is also projected to be the fastest growing market with CAGR of 5% during the forecast period. China is expected to be the fastest growing market for steam turbines across the world, followed by India, with a CAGR of 5.7% and 5.5% during the forecast period respectively. These countries account for around 60% of the global thermal power capacity additions projected for the next five years helping drive the market for steam turbines.

The global steam turbines market size was estimated to be around USD 14.8 Billion in 2014, at USD 19,292 Million by 2020 and is expected to grow at a CAGR of 4.4% during the forecast period. The steam turbines market is segmented on the basis of its type, application, rated capacity, exhaust type, and region.

Factors driving the steam turbines market include increase in electricity consumption and demand from emerging economies, and the consequent capacity expansions carried out by utilities in the region, particularly thermal power capacity.

Regulatory and policy restrictions on fossil-fuel fired power plants can however, restrain the growth of the steam turbines market. Growing concerns about the negative impact of carbon emissions on climate and consequent measures by regional and country level policies such as capping the amount of emissions acceptable from these plants have led to retirements of existing plants as well as shelving of future construction in favor of other options, even if they are more costly.

Scope of the report:

By Type: