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Steam Turbine Market to Reach USD 15.48 Billion by 2025: Grand View Research Inc.

The Report& Utility, Industrial), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) And Segment Forecasts, 2018 – 2025

The global environmental pollution, etc. has resulted in rising need towards developing efficient steam turbines.

Steam turbines are now popularly used for combined heat & power (CHP) systems, mainly employed in industrial applications. CHP units offer greater efficiency & flexible output and also operate on cleaner fuels such as natural gas. Legislative support towards CHP installation is expected to foster small and medium capacity steam turbines demand over the forecast period.

The performance of the steam turbine greatly influences the overall efficiency, and for the same, market participants focus on improving the turbine efficiency. Companies such as GE have implemented a number of programs focusing on material development. Re-heat technology is another aspect which GE has revealed to have achieved a break through. The company is also working on double re-heat technology which is expected to significantly boost the system efficiency.

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Further key findings from the report suggest:

The global steam turbine market capacity was 103.16 GW in 2015 and is expected to reach 121.27 GW, growing at a CAGR of 1.6% from 2016 to 2025
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