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Steam Turbine Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
The Business Research Company’s Steam Turbine Global Market Report 2022 – Market Size, Trends, And Forecast 2022-2026
LONDON, GREATER LONDON, UK, September 1, 2022 /EINPresswire.com/ -- According to ‘Steam Turbine Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026’ published by The Business Research Company, the steam turbine market size is expected to grow from $16.37 billion in 2021 to $16.88 billion in 2022 at a compound annual growth rate (CAGR) of 3.33%. The global steam turbine market size is expected to grow to $20.06 billion in 2026 at a compound annual growth rate (CAGR) of 4.41%. The increasing focus on renewable energy is expected to propel the growth of the steam turbine market.
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The steam turbine market consists of sales of steam turbines by entities (organizations, sole traders, and partnerships) that refer to a machine that converts thermal energy from pressurized steam and transforms it into mechanical work on a rotating output shaft. It uses heat sources such as gas, coal, nuclear, and solar to heat water at extremely high temperatures until it is converted into steam. The main parts of stream turbines are rotors and blades.
Global Steam Turbine Market Trends Environmentally friendly and efficient cogeneration process is one of the key steam turbine market trends in the market. Joint production or cogeneration or combined heat and power (CHP) is a method in which a simple cycle gas turbine generates electricity and steam and additional steam for other actions like drying. This method is being used in various steam turbines, proving much more efficient than other processes, which is predicted to be shaping the steam turbine industry outlook. This process recovers heat from energy loss pathways and uses it to generate electricity. The CHP method can produce electricity concurrently and useful thermal energy from a single source of fuel. For instance, in May 2020, MAN Energy Solutions, a German-based manufacturing company gave the contract for two MST050 steam turbines to employ in the operation of a CHP power plant by the German public utility company Stadtwerke Leipzig. The CHP power plant uses an environment-friendly cogeneration process to use the remaining heat for district heating networks.
Global Steam Turbine Market Segments The global steam turbine market is segmented:
By Plant Type: Gas, Coal, Nuclear, Others
By Capacity: Rated Power (<60MW), Rated Power (60-200MW), Rated Power (>200MW)
By Technology: Steam Cycle, Combined Cycle, Cogeneration
By End-Use Industry: Power and Utility, Industrial
By Geography: The global steam turbine market report is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Western Europe accounts for the largest share.
Read more on the global steam turbine market report here https://www.thebusinessresearchcompany.com/report/steam-turbine-global-market-report
Steam Turbine Global Market Report 2022 is one of a series of new reports from The Business Research Company that provides steam turbine global market overviews, analyzes and forecasts market size and growth for the steam turbine global market, steam turbine global market share, steam turbine global market segments and geographies, steam turbine market players, steam turbine market leading competitor revenues, profiles and market shares. The steam turbine market report identifies top countries and segments for opportunities and strategies based on market trends and key competitors’ approaches.
TBRC’s Steam Turbine Global Market Report 2022 includes information on the following:
Data Segmentations: Market Size, Global, By Region and Country, Historic and Forecast, and Growth Rates for 60 Geographies
Key Market Players: General Electric (GE) Co, Fuji Electric, Toshiba Corporation, Siemens, Arani Power Systems, Elliott Group, Doosan Škoda Power, Chola Turbo Machinery International Pvt Ltd, Mitsubishi Hitachi Power Systems, Ansaldo Energia, Bharat Heavy Electricals Limited, MAN Energy Solutions, DONGFANG TURBINE, Kawasaki Heavy Industries, Harbin Electric, AIstom SA, Toshiba JSW Power Systems Private Limited, Kessels Steam Turbines and Hyundai Heavy Industries.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. And so much more.
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About The Business Research Company? The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets.
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