Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 25.24 Billion | USD 29.45 Billion | 2.6% | 2021 |
FrequentlyAsked Questions
Several regulations for the promotion of low carbon fuels in order to reduce the environmental hazardous emissions, a growing focus on the development of low scale thermal power plants, and a growing preference for optimizing energy across industries are the factors driving the growth of the steam turbine market.
According to the Market Research report, The global Industrial Steam Turbines Market was worth around USD 25241.6 million in 2021 and is estimated to grow to about USD 29444.28718 million by 2028, with a compound annual growth rate (CAGR) of approximately 2.6 percent over the forecast period.
Asia-Pacific is anticipated to be dominant throughout the forecast period. The market growth in this region is majorly attributed to the growing demand for steam turbines in countries such as Thailand, Japan, South Korea, and Indonesia, among others, due to the development of several coal-fired plants in these countries. China is expected to be the fastest-growing market for steam turbines across the world, followed by India, during the forecast period.
Some of the main competitors dominating the global Industrial Steam Turbines Market include - Harbin Electric Machinery Co., Ltd., Dongfang Electric Corporation, Elliott Group, Kawasaki Heavy Industries Ltd., General Electric Company, Siemens AG, Mitsubishi Heavy Industries, Ltd., Toshiba America Energy Systems Corporation, Ansaldo Energia s.p.a, Peter Brotherhood Ltd., Fuji Electric Co., Ltd., Bharat Heavy Electricals Limited, Doosan Škoda Power, TGM Kanis Turbinen GmbH, and OJSC Power Machines.
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