India Steam Turbines Market Estimated to Grow at Formidable Rate Through 2024
Rising environmental concerns and growing demand for power
are expected to drive the growth of the steam turbines market in India during
forecast period
According to
TechSci Research report, “India
Steam Turbines Market By Type, By Rated Capacity, By Exhaust Type, By Fuel
Type, Competition, Forecast & Opportunities, 2024”, India steam
turbines market is forecasted to grow at a robust CAGR during the forecast
period on account of growing demand for power, increasing investments in
electricity generation infrastructure coupled with increasing demand for
nuclear energy-based electricity generation. In addition to this, establishment
of nuclear sectors in the country is propelling the demand for steam turbines, which
is expected to give a healthy push to the growth of India steam turbines market
over the coming years. Furthermore, wide acceptance of combined heat &
power technology systems (CHP) owing to reduced environmental impacts and
increased efficiency is further anticipated to spur the India steam turbines
market growth through 2024. However, the factors that might act as major
impediments to the market growth over the coming years are regulatory and
policy restrictions on fossil-fuel fired power plants.
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In terms of
exhaust type, the India steam turbines market is segmented into condensing and
non-condensing. Among them, the condensing steam segment dominated the market
until 2018 and is expected to maintain its dominance over the next five years
as well which can be attributed to its high efficiency and ability to produce
more electricity at comparatively lower operational cost. Based on fuel type,
the market is categorized into coal, biomass, nuclear and others. Steam
turbines in coal power application are expected to register highest CAGR during
the forecast period owing to enough supply of coal to be used as fuel.
Mitsubishi Hitachi
Power Systems India Pvt. Ltd, Siemens India, Bharat Heavy Electricals Limited,
Man Diesel & Turbo India Pvt Ltd, Alstom Transport India Ltd, Doosan Skoda power
Pvt. Ltd., Toshiba India Pvt. Ltd., GE Power India Limited etc. among others
are the leading players operating in India steam turbines market.
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“Growing need
for the generation of electricity in the country has boosted the demand for
steam turbines. The major market players across steam turbine industry are
focusing more on various key strategies like product customizations, inorganic
growth ventures and development of innovative product ranges to expand their
market share, decrease costs, and gain access to new markets, which is
estimated to bolster the growth of India steam turbines market through 2024.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“India Steam Turbines Market By Type, By Rated
Capacity, By Exhaust Type, By Fuel Type, Competition, Forecast &
Opportunities, 2024” has evaluated
the future growth potential of India steam turbines market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers to take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India steam turbines market.
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