Future Market Insights
Large rotating devices that efficiently extract useful energy from a high speed flowing fluid are called turbines. Steam turbines therefore convert the energy stored in high energy steam around it into useful forms of energy such as electrical and mechanical energy. One of the most common uses of industrial steam turbine is for the production of electricity. At present, electricity generation for power requirement is usually sourced from fossil fuels such as coal & petroleum and also from renewable sources of energy such as solar energy to heat the water present in the boilers generating steam. The demand for industrial steam turbines is on a growing curve owing to increasing power requirements, growing infrastructure developments, rapid industrialization, migration of large chunk of population from less developed to highly developed areas and growing human population.
Industrial Steam Turbines Market Dynamics
Industrial steam turbines in comparison to other forms of power generation turbines are cheaper alternative for the production of low cost electricity when the source of power is fossil fuel, making it an attractive prospect for electricity production, thereby driving the growth of the market. The problems associated with the exponential rate of depletion of non-renewable sources of energy compel the manufacturers of industrial steam turbines to manufacture more efficient and durable equipment leading to a healthy growth of the industrial steam turbine market. The expansion of nuclear based power generation and increasing setting up of nuclear power plants have influenced the growth of industrial steam turbines market.
One of the important factors that can come across as a roadblock for the growth of the industrial steam turbine market is the growing preference for gas turbines in power generating plants. This is due to increasing pressure from environmental activists on reducing the level of pollution caused by the steam turbines run by fossil fuels as well as being able to generate power through variety of fuel sources and being highly efficient.
Trends in the market include the increasing popularity of dual purpose industrial steam turbines wherein both heat and electricity are generated simultaneously for different purposes known as Combined Heat and Power (CHP) or Cogeneration as well as Trigeneration or Combined Cooling Heat and Power (CCHP). These special purpose industrial steam turbines are usually employed in manufacturing applications where heat is utilized.
Industrial Steam TurbinesMarket: Segmentation
Industrial Steam TurbinesMarket can be segmented as follows.
By Rated Capacity, the Industrial Steam Turbines market can be segmented as:
By Type, the Industrial Steam Turbines market can be segmented as:
By Operating Principle, the Industrial Steam Turbines market can be segmented as:
By Exhaust Type, the Industrial Steam Turbines market can be segmented as:
By Power Source, the Industrial Steam Turbines market can be segmented as:
By Application, the Industrial Steam Turbines market can be segmented as:
Industrial Steam TurbinesMarket: Regional Outlook
Rapid development in China and India in terms of infrastructure, industrialization and power requirement has led to high growth of industrial steam turbines market in the Asia Pacific region, while the growth of the market in Western Europe and North America is estimated to slowdown, owing to adoption of less polluting gas turbines.
Industrial Steam Turbines Market: Market Participants
Examples of some of the market participants identified in the Global Industrial Steam Turbines market are:
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