Yahoo Finance Global Reheat Steam Turbine Market Announce Eminent Growth of USD 4.66 Billion by 2027 : Fior Markets
Reheat Steam Turbine Market by Type (Rated Power (<60MW), Rated Power (60-200MW), Rated Power (>200MW)), Application (Industrial, Marine, Power Generation), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast to 2027
Newark, NJ, May 17, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The Global Reheat Steam Turbine Market is expected to grow from USD 3.63 Billion in 2019 to USD 4.66 Billion by 2027, at a CAGR of 3.16% during the forecast period 2020-2027. Reheat turbines are also utilized nearly exclusively in thermal power plants. All turbines, that consume high-pressure turbine and low-pressure turbines need a steam reheat between these stages. Reheat allows to carry more of the heat at a temperature close to the peak of the cycle (i.e. thermal efficiency increases). This involves the addition of another type of heat exchanger called a reheater. The need of the reheater involves splitting the turbine, i.e. use of a multistage turbine with a reheater.
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Potential applications and emerging markets are the factors driving reheat steam turbine market. The potential applications owing to the rising investment towards development of high capacity generating stations coupled with increasing government investment towards development of combined cycle technology are altogether spurring the demand for steam turbine market. In addition, volume increase or addition will also make an immense opportunity for manufacturers to supply their steam turbine for different purposes. For instance (in 2016), the U.S. witnessed a capacity expansion of more than 27,000 MW. Also, widespread industrial growth and increase in deep water marine excavation will yield considerable growth in the direction of the global steam turbine market. For instance (in 2016), Singapore based Atlantis Resources announced the deployment of its first tidal steam technology- AR1500 at the MeyGen project site in Scotland. But, stringent government norms related to changing of conventional energy resources with renewables will hinder the growth of steam turbine market.
The market has been segmented on the basis of type, application and region. Type segment includes Rated Power (<60MW), Rated Power (60-200MW) and Rated Power (>200MW). The Rated Power (>200MW) segment held the largest market share of 50.09% and was valued at USD 1.82 Billion in 2019, growing at a CAGR of 3.73% over the forecast period. Growing adoption of super-critical and ultra-super-critical technology coupled with the conversion of retiring power stations into combined cycle systems will foster the product deployment. Rapid industrialization, expansion of generating capacity and rising demand for captive power systems will fuel the business growth. Application segment includes Industrial, Marine and Power Generation. The power generation segment held the largest market share of 68.56% and was valued at USD 2.49 Billion in 2019, growing at a CAGR of 3.25% over the forecast period. This market is driven by a number of factors, such as the large number of ongoing projects and innovations in the Power generation sector along with the growing demand for Industrial products. Especially the growth in emerging economies in Asia-pacific with India and China being the key drivers. The market has been divided into North America, Europe, AsiaPacific, MEA and South America. APAC has the highest market share in 2019. China was observed as the leading geographical region in having market share 27.53% and valued at USD 999.99 million. China market share is predicted to witness sluggish growth on account of stringent government measures to reduce GHG emissions from the key economic sectors. The Government of China has cancelled over 350 GW of thermal power capacity since 2010 as part of its strategy to diversify electricity generation mix. Positive investment scenario across renewable energy sector has further hampered the industry growth in the country.
The key players are GE, Simens, Elliott, Toshiba, Mitsubishi Hitachi Power Systems and MAN. GE held the largest market share of 24.43% in 2019.
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About the report:
The global Reheat Steam Turbine market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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