The rising global population is leading to increased energy requirements. The power industry worldwide is focusing on large-scale usage of natural gas as a fuel for electricity generation owing to the increasing awareness regarding sustainable energy sources. The global electricity demand is anticipated to witness an increase of nearly 66% of the current electricity demand over the forecast period. Growing focus on distributed power and utility projects is anticipated to fuel the growth of the market. Increasing awareness regarding sustainable energy sources and environmental concerns has shifted the industry focus toward large-scale utilization of natural gas as a fuel for electricity generation.
Conserving energy and cutting down carbon dioxide emissions are important. Emerging economies such as India and China are expected to fuel the growth of the industry. These countries are expected to decrease their dependence on coal and increase focus on renewable installed capacity and gas, making it a key market for steam turbines over the forecast period. The growing focus of policymakers on promoting the use of clean sources for electricity production is positively affecting the growth of steam turbine market in Asia Pacific.
Steam turbines are more efficient and result in lower carbon emissions than other combustion-based power plants and utility facilities. They play an important role in reducing greenhouse gas emissions. With the implementation of various climate change initiatives and the imposition of various regulations to cut down greenhouse gas emissions from power plants and utility facilities, the global demand for steam turbines is expected to increase. Advancements in technologies is also expected to reduce the dependence on coal-fired power plants and utility facilities. Natural gas/methane based turbines lead to lower carbon emissions, making steam turbines efficient systems for use in power plants and utility facilities.
Steam turbines discharge some harmful substances such as arsenic, mercury, chromium, cadmium, and other pollutants into the environment. The regulation against steam electricity power generation is expected to reduce the volume of toxic metals, nutrients, and other pollutants discharged by steam turbines into the environment. This can restrain the growth of steam turbine market over the forecast period. The electricity generation sector in the U.S. accounts for a share of approximately 25% of greenhouse gas emissions in the country. Fossil fuels are among the most prominent energy generation sources in power plants in the U.S. Some of the fossil fuels used in power plants in the country include gas, petroleum, and coal. Coal is one of the key sources used for electricity generation across the world. There are over 3,000 fossil fuel-powered power plants located in the U.S. A large volume of greenhouse gas emissions from power plants results in rising global temperatures.
This section will provide insights into the contents included in this steam turbine market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
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