According to a new report, published by KBV research, The Global Steam Turbine Market size is expected to reach $19.5 billion by 2028, rising at a market growth of 3.5% CAGR during the forecast period.
The 151 to 300 MW market is generating high revenue in the Global Steam Turbine Market by Capacity in 2021, thereby, achieving a market value of $10.7 billion by 2028. It is because the 151 to 300 MW steam cycle power station is located at 1724 meters above sea level and is fueled by natural gas and equipped with a once-through boiler system with supercritical specifications. On this power plant, four distinct repowering strategies have been simulated using commercial software
The Oil & Gas market has shown the growth rate of 3.8% during (2022 - 2028). Steam turbines are used in a variety of industrial settings, including oil & gas production facilities. When used in mechanical drive applications, steam turbines can be connected to pumps or compressors to generate energy. When compared to other drivers like gas turbines and electric motors, steam turbine drivers are much more durable.
The Steam Cycle market has acquired the maximum revenue share in the Global Steam Turbine Market by Technology in 2021, thereby, achieving a market value of $15.1 billion by 2028. The fuel is burned in a boiler that transforms the heat produced by combustion into high-pressure, high-temperature steam. This steam is then pushed using a turbine to produce electricity. The turbine's exhaust steam is cooled in a heat transfer and returned to the boiler through feed pumps.
The Reaction market is showcasing a CAGR of 5.3% during (2022 - 2028). The reaction turbine's rotor blades are positioned in convergent nozzle configurations. This particular type of turbine utilizes the reaction force created as the steam accelerates through the rotor-created nozzles. Steam is directed onto the rotor by the fixed vanes of the stator. It departs from the stator as a jet that fills the rotor's circumference.
The Asia Pacific market dominated the Global Steam Turbine Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $11.4 Billion by 2028. The Europe market is estimated to witness a CAGR of 2.8% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 3.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/steam-turbine-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of General Electric (GE) Co., Siemens AG, Toshiba Corporation, Elliott Group (Ebara Corporation), Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.), MAN Energy Solutions SE (Volkswagen Group), Fuji Electric Co., Ltd., Kawasaki Heavy Industries, Ltd., Chola Turbo Machinery International Pvt. Ltd., and Turbine Generator Maintenance, Inc.
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