North America Steam Turbine Market to Garner Brimming Revenues by 2026

Published Date: 2020-06-05

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According to the Graphical Research new growth forecast report titled “North America Steam Turbine Market Share By Design (Reaction, Impulse), By Exhaust (Condensing, Non-Condensing), By Fuel (Fossil Fuel, Biomass, Geothermal), By End-use (Industrial {Refinery, Chemical Plant, Sugar Plant, Pulp & Paper, Others}, Utility), By Capacity (< 3 MW, 3-100 MW, > 100 MW), By Technology (Steam Cycle, Combined Cycle, Cogeneration ), Industry Analysis Report, Regional Outlook (U.S, Canada), Application Potential, Competitive Market Share & Forecast, 2020 – 2026” to Garner Brimming Revenues by 2026.

The market value is projected to grow on account of stringent government regulations toward reduction of carbon footprint along with extensive development of industrial establishments. In addition, growing need to ease the gap between the supply and demand of electricity will positively influence the business outlook.

Increasing investments across the renewable sector coupled with ongoing government incentives to promote low emission fuels will drive the biomass industry landscape. In addition, shifting customer inclination toward sustainable sources and energy optimization will positively impact the product adoption. Moreover, enhanced use of biomass-based power generating systems and stringent norms to reduce emissions will propel the industry growth.

Reaction steam turbine market is set to grow on account of its high-power generation capacity, provision of high steam velocity and enhanced productivity of turbines. Furthermore, large scale generation and higher efficiency will further fuel the product penetration over the years to come.

Ability to generate electricity in large volumes and its flexibility to regulate the power output will foster the Condensing steam turbines market size. Moreover, increasing electricity demand on account of upsurge in industrial activities will drive the business growth. However, strict environment policies to reduce fossil fuel dependency for power generation will hamper the overall industry growth.

Rapid urbanization along with ongoing grid expansion plans has forced respective governments to boost their domestic electricity generation capacity which will further drive the industrial steam turbine industry outlook. In addition, consistent investments from World Bank and various other international organizations toward development of industries will favor the >100 MW capacity expansion.

Canada steam turbine market will witness a significant growth on account of its environmental policies aimed at shifting focus toward sustainable energy and increasing adoption of clean energy systems. However, following the COVID-19 outbreak, several industries have been experiencing lockdowns and reduced number of daily operations, which may impact the industry growth.

Eminent industry participants operating across the industry includes Siemens AG, Toshiba Corporation, Triveni Turbines, General Electric Company, PBS ENERGO, Chola Turbo Machinery International, Hitachi Power Systems, Mitsubishi, Power Systems. LLC, BHEL, Fuji Electric, Eliott Group, Kawasaki Heavy Industries, Shin Nippon Machinery, and MAN Energy Solutions amongst others.