Power Generation Market Segmentation:
Type
The steam turbine segment in the power generation market is estimated to gain the largest revenue share of 40% by the year 2035 owing to the increasing electricity demand is fueling segment domination. For instance, the global energy demand is increasing by over 1% per year. To address the rising power demand, developing nations are increasing the utilization of steam turbines for steam power plants with the target of generating electricity. In addition, the conversion of thermal energy into mechanical energy by steam turbines is quite effective, since they can transform up to 90% of the heat energy into mechanical energy, which makes them a desirable alternative for generating electricity.
The nuclear reactor segment is projected to witness the highest growth through 2035, owing to the increasing emphasis being placed to reduce global carbon emissions with the rising erection of nuclear power plants worldwide.
Application
Power generation market from the industrial segment is predicted to pool in significant revenue during 2035. To satisfy the energy demand, the industrial sector makes use of a variety of power generation. For instance, by harnessing the power of steam, steam turbines are utilized to produce energy in industrial settings. Besides this, CHP systems are frequently utilized in industrial settings, such as manufacturing factories, where there is a large need for both power and heat. All such factors are predicted to bring numerous opportunities for the growth of the segment in the upcoming years.
Our in-depth analysis of the global market includes the following segments:
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