Steam Turbine Market: Current Analysis and Forecast (2022-2030)
Emphasis on Steam Turbine Type (Impulse turbine and Reaction turbine), Fuel Type (fossil fuel, GTCC, nuclear, and thermal renewables), Power Rating (<30MW, 30-100MW, 100-200MW, >200MW), and End-User Industry (Independent Power Producers, Sugar & Distilleries, Cement Industry, Steel Industry, Oil_Gas & Chemical Industry, And Others) Region/Country.
The steam turbine market is expected to grow at a steady CAGR of around 3.5% during the forecast period.
Steam turbines are mechanical devices that remove thermal energy from pressurized steam and convert that thermal energy into mechanical energy. The majority of these turbines are used for power generation where 80% of today’s world’s electricity is still generated by steam turbines and are going to be used continuously for the foreseeable future with the increasing power demands of the world. Furthermore, with a rising focus on decreasing GHG emissions and de-carbonization, energy-intensive sectors are focusing more on increasing their energy efficiencies by including biomass, waste heat recovery, and waste-to-energy power plants in their facilities which is generating a large quantum of demand for steam turbines from these industries, and investments are increasing globally for these. For instance, on April 2023, Giza Governorate and the National Military Production Authority signed a contract for the construction of the first Waste-to-energy Plant in Giza for converting solid waste into electric energy at a total cost of about USD 120 million.
Some of the major players operating in the market include General Electric; Triveni Turbines; WEG; Harbin Electric Corporation co.,Ltd; Siemens; MITSUBISHI HEAVY INDUSTRIES, LTD; Toshiba America Energy Systems Corporation; IHI Corporation; Alstom; and Bharat Heavy Electricals Limited
Insights Presented in the Report
Based on the end-user industry, the market is segmented into independent power producers, sugar & distilleries, the cement industry, the steel industry, the oil_gas & chemical industry, and others. The majority of demand for steam turbines is generated from independent power producers because of rising power demands across the board. Furthermore, in order to curb the carbon emission from these power plants countries are retiring their old coal-fired power plants with new gas-fired power plants, which will require new investments in machinery and pieces of equipment, which are being done. For instance, on September 2021, Siemens Energy announced that it is supplying its HL-class gas turbine technology to Greece for the first time. As part of a new combined cycle power plant in Komotini in the northeast of the country. The new power plant will be fired with natural gas and is designed as a multi-shaft plant, with one gas turbine and one steam turbine each driving its own generator. Siemens Energy will supply a power island consisting of an SGT5-9000HL gas turbine, an SST5-5000 steam turbine, an SGen5-3000W generator for the gas turbine, an SGen5-1200A generator for the steam turbine, the heat-recovery steam generator, and the SPPA-T3000 control system.
“Asia Pacific steam turbine is growing at a significant CAGR.”
The steam turbine market in the Asia Pacific region held a significant market share and is expected to maintain its growth throughout the forecast period. The major reason for this growth is the rising power demand in the Asia Pacific region, and this rising demand has been driven by the factors such as increasing population and the growth in the manufacturing sector. For instance, on October 2019, International Energy Agency(IEA), estimated that the demand for electricity consumption in Southeast Asia will be doubled by 2040, the annual growth rate in demand is nearly 4% which is twice as fast as the rest of the world. The share of electricity in final energy consumption is 18% today but this rises rapidly to 26% in 2040 and reaches the global average. Moreover, the rising standard of living in these countries is also driving the demand for electricity where appliance ownership and space cooling is becoming one of the fastest-growing uses of electricity, which in turn is generating demands for steam turbines.
Steam Turbine Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global steam turbine market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Poc Hba1C Testing Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Poc Hba1C testing market were the three major steps undertaken to create and analyze the adoption of Poc Hba1C testing in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Poc Hba1C testing market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Poc Hba1C testing market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Poc Hba1C testing market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Poc Hba1C testing market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the Poc Hba1C testing market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Poc Hba1C testing market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Poc Hba1C testing market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Poc Hba1C Testing market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Poc Hba1C Testing market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Poc Hba1C testing market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global Poc Hba1C testing market.
The main objective of the Global Poc Hba1C Testing Market Study
The current & future market trends of the global Poc Hba1C testing market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Poc Hba1C testing market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product, technology, and end-users
- Define and analysis of the regulatory framework for the Poc Hba1C testing industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Poc Hba1C testing market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Poc Hba1C testing market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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February 11, 2025
