Global steam turbine market set for steady growth

13 December 2013



The global steam turbine market is forecast to grow at a steady but sustained rate, climbing from $14.1 billion in 2013 to $19 billion by 2020, at a compound annual growth rate (CAGR) of 4.3%, says research and consulting firm GlobalData.
According to the company's latest report*, the steam turbine market has been boosted by the increasing demand for electricity, caused by the growing global population and economic development. Global power consumption is expected to increase from 19 133.2 TWh in 2012 to 25 747.1 TWh by 2020, also at a CAGR of 4.3%.
Sayani Roy Nath, GlobalData's analyst covering Power, says: "Although the focus on renewables is increasing, it has so far been difficult to achieve a major shift towards alternative sources, because they are either uneconomical or incapable of generating sufficient power to meet demand.
"Furthermore, global coal reserves are much larger than oil and gas reserves, reaching almost 861 billion tons in 2012. Therefore, thermal power is still the dominant source of energy, and with clean coal technology gaining ground, the steam turbine market is set for steady growth in the future."
In terms of sales, China's Harbin Electric Machinery Company has led the global steam turbine market for the last few years. In 2012, it accounted for a share of 20% in the 120-350 MW segment and a 31% share in the 350-660 MW segment. Shanghai Electric Group Company and Dongfang Electric Corporation were the other two important Chinese players boasting considerable shares.
* Steam Turbines in Thermal Power, 2013 Update - Global Market Size, Average Pricing, Equipment Market Share to 2020



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