Steam and Gas Turbines Market Size, Share and Trends Analysis by Regions, Countries, Technology, Installed Capacity, Generation, Key Players and Forecast, 2021-2026
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How is the ‘Steam and Gas Turbines Market’ report different from other reports in the market?
- In-depth insight, comprehensive information, and understanding of the steam and gas turbine markets.
- Regional and Country Highlights: Analysis of the steam and gas turbine markets at the global, regional (Asia-Pacific, Americas, Europe, and Middle East and Africa) and key country (the US, China, India, Republic of Korea, Indonesia, Egypt, the UK, and Saudi Arabia) levels.
- Market Size and Drivers: Gain access to the historical (2017-2021) and forecast (2022-2026) period growth for the steam turbine market and gas turbine markets.
- Recent Developments and Challenges: Leverage on the drivers and restraints influencing the market and get access to market size analysis with respect to annual capacity (MW) and value ($m).
- Competitive Landscape and Strategic Insights: Get profile snapshots of all the major players along with a list of key upcoming projects.
- The report is built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by GlobalData’s team of industry experts.
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Steam and Gas Turbines Market Overview
The gas turbine market was valued at $5.93 billion in 2021. The growing demand for electricity, climate change concerns, rapid development, increasing fuel prices, and the maturity of technology are some of the major factors influencing the steam and gas turbine market. However, evolving manufacturing practices are contributing to the fabrication of new thermal power generation systems with reduced environmental pollution that enhances market acceptance. Additionally, various new technologies such as Integrated Gasification and Combined-Cycle (IGCC), carbon capture and storage (CCS), supercritical and ultra-critical power generation, and carbon sequestration, developed over the past decade, are a lot cleaner and make thermal power generation more acceptable within the confines of established policies and regulations.
The steam and gas turbines market research report offers comprehensive information and understanding of the steam and gas turbine markets. The report offers an in-depth analysis of the steam and gas turbine markets at the global, regional, and key country levels. It also analyses the steam and gas turbine markets for the historical and forecast period. The report includes drivers and restraints influencing the market and market size analysis with respect to annual capacity (MW) and value ($m). It provides a snapshot of the competitive landscape as well along with a list of key upcoming projects.
Gas Turbines Market Outlook
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Steam and Gas Turbines Market Drivers
Stringent emission norms are expected to accelerate the demand for gas turbines which is likely to have a direct impact on the global gas industry. Furthermore, increased demand for power is expected to aid growth in the steam and gas turbines market. However, the lack of robust gas infrastructure will ensure the continuity of coal consumption in emerging economies.
Steam and Gas Turbines Market Segmentation by Regions
The key regions in the steam and gas turbines market are the Americas, Asia-Pacific, and Europe, Middle East, & Africa (EMEA).
The Asia-Pacific (APAC) region consists of many fast-growing countries such as China, India, Vietnam, and Indonesia, along with developed economies such as Australia, Japan, and South Korea, all of which depend significantly on coal for their energy requirements. As the region registers rapid economic growth, the demand for coal and gas will increase, aiding the market for steam and gas turbines. Moreover, the growth in nuclear power in the region will also enhance the steam turbine market. Malaysia, Thailand, Indonesia, the Philippines, and Vietnam began building nuclear power capacity, apart from the prominent nuclear markets of China, India, Japan, and South Korea, which also have several plants under construction.
The Europe, Middle East, and Africa (EMEA) region is expected to lead the gas turbine market in the forecast period with countries such as the US and China, and the UK and Saudi Arabia, to a lesser extent, aiding growth in the market. The increase in demand for electricity, stringent emission norms, urbanization, unfavorable coal economics, and reliable supply chain and infrastructure are some of the critical factors complementing the gas turbine market.
Steam Turbines Market Analysis, by Regions
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Steam and Gas Turbines Market - Competitive Landscape
Some of the leading companies in the steam turbines market are Dongfang Electric Corporation Ltd, Harbin Turbine Co Ltd, GE Power, Toshiba Energy Systems and Solutions Corp, Shanghai Electric Group Co Ltd, Doosan Enerbility Co Ltd, Siemens AG, and Mitsubishi Hitachi Power Systems Ltd. Dongfang Electric Corporation Ltd led the steam turbines market by market share in 2021.
Some of the leading companies in the gas turbines market are GE Power, Siemens AG, Mitsubishi Power Ltd, Nanjing Turbine & Electric Machinery (Group) Co Ltd, Ansaldo Energia SpA, AVIADVIGATEL, and REP Holding. GE Power led the gas turbines market by market share in 2021.
GE Power (GEP): It is a business division of the General Electric Company and a provider of power generation and water processing products and related services. Its product portfolio includes aeroderivative and heavy-duty gas turbine systems, generators, boilers, steam turbines, air quality control systems, gas engines, reactors and water treatment, and wastewater treatment and process system solutions. It offers products and technologies for generating electricity from various sources such as oil, gas, nuclear, coal, diesel, and water.
Dongfang Electric Corporation Ltd (DEC): It is a power equipment and services company that develops, designs, manufactures, and sells equipment for hydro, thermal, nuclear, wind, steam, and solar thermal-based plants. Its major products include hydropower units, thermal power generating units, and heavy-duty gas turbine equipment, among others. DEC also provides construction contracting and related services to electricity operators, and portion project, equipment package contracting, and equipment supply.
Steam Turbines Market Analysis, by Companies
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Steam and Gas Turbines Market Report Overview
| Market Size (Gas Turbine – 2021) | $5.93 billion |
| Key Regions | The Americas, Asia-Pacific, and Europe, Middle East, & Africa (EMEA) |
| Key Companies (Steam Turbines) | Dongfang Electric Corporation Ltd, Harbin Turbine Co Ltd, GE Power, Toshiba Energy Systems and Solutions Corp, Shanghai Electric Group Co Ltd, Doosan Enerbility Co Ltd, Siemens AG, and Mitsubishi Hitachi Power Systems Ltd |
| Key Companies (Gas Turbines) | GE Power, Siemens AG, Mitsubishi Power Ltd, Nanjing Turbine & Electric Machinery (Group) Co Ltd, Ansaldo Energia SpA, AVIADVIGATEL, and REP Holding |
Segments Covered in the Report
Steam and Gas Turbines Geographical Outlook (Value, US$ Million, 2017-2026)
- Global
- The Americas
- The US
- APAC
- China
- India
- Republic of Korea
- Indonesia
- EMEA
- Egypt
- The UK
- Saudi Arabia
Steam and Gas Turbines Capacity Outlook (Value, US$ Million, 2017-2026)
- Steam turbine
- Gas turbine
AVIADVIGATEL
Dongfang Electric Corporation Ltd
Doosan Enerbility Co Ltd
GE Power
Harbin Turbine Co Ltd
Mitsubishi Hitachi Power Systems Ltd
Mitsubishi Power Ltd
Nanjing Turbine & Electric Machinery (Group) Co Ltd
REP Holding
Shanghai Electric Group Co Ltd
Siemens AG
Toshiba Energy Systems and Solutions Corp
Table of Contents
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Frequently asked questions
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What was the gas turbine market size in 2021?
The gas turbine market was valued at $5.93 billion in 2021.
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What are the key regions in the steam and gas turbines market?
The key regions in the steam and gas turbines market are the Americas, Asia-Pacific, and Europe, Middle East, & Africa (EMEA).
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What are the leading companies in the steam turbines market?
Some of the leading companies in the steam turbines market are Dongfang Electric Corporation Ltd, Harbin Turbine Co Ltd, GE Power, Toshiba Energy Systems and Solutions Corp, Shanghai Electric Group Co Ltd, Doosan Enerbility Co Ltd, Siemens AG, and Mitsubishi Hitachi Power Systems Ltd.
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What are the leading companies in the gas turbines market?
Some of the leading companies in the gas turbines market are GE Power, Siemens AG, Mitsubishi Power Ltd, Nanjing Turbine & Electric Machinery (Group) Co Ltd, Ansaldo Energia SpA, AVIADVIGATEL, and REP Holding.
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