• GlobalData report predicts 32% decline in steam turbine market over next five years

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      Patrick Lavery

      Combustion Industry News Editor

A new report by GlobalData has predicted that the worldwide market for steam turbines will decline significantly in the medium term, down from US$13.06 billion in 2017 to US$8.9 billion in 2022. A shift towards renewables and gas away from coal are cited as the chief reasons for the decline in the market, though there is demand for coal-fired plants forecast in Asia, the Middle East and South Africa. In 2017, China accounted for the largest share of the world’s market (adding 44 GW of steam-turbine driven capacity), followed by India (17.5 GW), the US, Saudi Arabia and Vietnam. GlobalData predicts that the Chinese government will more strictly limit the development of further coal-fired plants in the future, however, with gas firing instead being favoured for environmental reasons.