The steam turbine market involves the manufacturing, repair and maintenance of steam turbine units. Steam turbines work on the principle of expanding high-pressure steam in turbine blades to produce rotatory motion. This rotatory motion is further converted into electrical or mechanical power. Steam turbines find widespread applications in power generation, marine propulsion, oil and gas, and other industrial sectors. Advantages of steam turbines include reliability, longevity and ability to handle large power outputs. Steam turbines play a crucial role in meeting the world's growing energy demand through cost-effective power generation from various fuel sources like coal, natural gas, nuclear etc. The

Global Steam Turbine Market is estimated to be valued at US$ 19.16 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.

Key players operating in the Steam Turbine Market are Neuro Care Group, Myndlift Ltd, Brainmaster Technologies, Inc., Mitsar Co. Ltd, Emotiv, Brainworks, Mindfield Biosystems Ltd. , Narbis, Thought Technology Ltd., InteraXon Inc., Mind Media USA Inc., and NeuralScan. Growing energy demand around the world and focus on reducing greenhouse gas emissions are fueling the adoption of steam turbines. Many utilities worldwide are investing in new advanced ultra-supercritical steam turbines to boost power generation capacity from fossil fuels more efficiently. Moreover, rising share of renewable power is also driving the demand for flexible and dispatchable steam turbines to balance intermittent solar and wind power on electrical grids.

The Steam Turbine Market Demand is witnessing high growth in Asia Pacific owing to massive investments in new coal-fired power plants, replacement of aging equipment and rapid industrialization. China dominates the global steam turbine market supported by largest installed base and new additions of coal capacity. Countries like India are also emerging as major markets driven by capacity extensions at existing plants and newly commencing thermal power projects over the coming years. In Europe and North America, replacement of old turbines with highly efficient models compliant with strict emissions norms is supporting the market growth. Ongoing nuclear capacity additions worldwide along with proliferation of combined cycle gas plants are creating new opportunities for steam turbine manufacturers.

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