Steam Turbines Market in Thermal Power with 2020 Forecasts in New Research Report at RnRMarketResearch.com

Dallas, TX (PRWEB) December 14, 2013

Growing Global Thermal Power Industry
Thermal energy is the most commonly used source of energy for electricity generation globally, and has a greater installed capacity than any other source of energy. In 2000, the global installed capacity for thermal power was 2.2 Terawatts (TW). In 2012, the installed capacity was estimated at 3.5 TW, having grown at a Compound Annual Growth Rate (CAGR) of 3.9% during the 2000–2012 periods. This is expected to continue to grow in the 2013–2020 forecast period, with the total installed capacity expected to reach around 4.4 TW in 2020. Rising populations and high rates of industrialization, especially in developing countries, are increasing the demand for electricity and have prompted governments and companies to augment their generation capacities. Though the focus on renewable is increasing, so far it has been difficult to make a major shift towards alternative sources because they are either uneconomical or incapable of generating sufficient power to meet the demand.

Complete report is available at http://www.rnrmarketresearch.com/steam-turbines-in-thermal-power-2013-update-global-market-size-average-pricing-equipment-market-share-to-2020-market-report.html .

Growing Steam Turbine Market
In 2000, revenue from the global steam turbine market was around $14 billion, which decreased to $11 billion in 2008. The financial crises stopped growth in this market by lowering investor confidence in new projects and increasing the cost of capital. As a result, most markets saw a fall in steam turbine revenues in 2009. Global steam turbine revenues fell to $11.2 billion in 2009.
However, as the markets have almost completely recovered from the financial setback, the steam turbine business is expected to grow again due to the increasing demand for electricity and the dominance of thermal sources of energy in electricity generation. In 2020, this report forecasts that the revenue for the global steam turbine market will be around $19 billion.

Chinese Companies Lead the Global Steam Turbine Market
Harbin Electric Machinery Company Limited has led the global steam turbine market in the last few years. The company provides system equipment and general contract projects, and its products include power generation equipment, transmission and distribution equipment, environmental protection equipment, machine tools, transport equipment, package and print machinery, elevators, electromechanical integration equipment, and others.

Since 2005, it has consistently held a share of around 20% of the global steam turbine market. In 2012, it accounted for a share of 20% in the 120–350 Megawatt (MW) segment and a 31% share in the 350–660 MW segment.

Shanghai Electric Group Company Limited and Dongfang Electric Corporation Limited were the other two important Chinese players that had considerable shares in the steam turbine market in both the 120–350 MW and 350–660 MW segments.

It is only in the 1–120 MW segments where Siemens had the leading market share of 15%, followed by Mitsubishi Heavy Industries Ltd. with a share of 9% and Nanjing Steam Turbine Group Co., Ltd with a share of 9%.

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