Selbyville, Delaware, Sept. 07, 2020 (GLOBE NEWSWIRE) -- According to MarketStudyReport LLC, Global steam turbine market was valued at USD 24.1 billion in 2019 and is estimated to record a y-o-y growth rate of 2.8% over 2020-2027. Growing demand for electricity, rising technological developments, and increasing investments for thermal power capacity addition are few factors impelling the growth of global steam turbine market, claims the report.
Global steam turbine market, as per the given report, is divided into segments based on design scope, end-user terrain, regional scenario, and competitive landscape. Thorough assessment of the business profile of key competitors as well as their product portfolio and expansion strategies undertaken is also entailed in the report.
For the record, steam turbines make use of thermal energy, which is a common power source for electricity generation globally and has a better-installed capability as compared to other energy sources. Steam turbine finds applications in several industries like power plants and in operation of larger ships, whereas smaller steam turbines have uses in petrochemical plants to operate fans and pumps.
According to International Energy Agency (IEA), in 2018, global energy consumption rose by 2.3%, which is twice the usual rate for the last 10 years. Increasing power utilization due to booming population and strong economic growth is stimulating steam turbine market size.
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Similarly, as per Central Electricity Authority (CEA) of India, the power generation demand from hydel, nuclear, and thermal plants is estimated to witness a growth rate of 6.5% in 2020, which is twice than the growth rate of 3.5% in 2019. Hence, increase in electricity usage is likely to proliferate the demand for steam turbines.
Although, sluggish construction of new nuclear power plants and strict norms regarding fossil-fuel-fired power plants are the major factors hampering global steam turbine market growth over 2020-2027.
Elaborating market segments:
Based on design scope, global steam turbine market is segmented into reaction and impulse. With respect to end-use spectrum, the market is divided into power generation, oil & gas, petrochemical, and others.
Considering the regional overview:
Global steam turbine market landscape is segmented into Asia Pacific, Europe, North America, Latin America, and rest of the world. Asia Pacific held majority market share in the recent past and is reckoned to grow with robust CAGR over 2020-2027. Increasing demand for electricity along with the rising inclination towards cleaner resources are boosting the demand for steam turbines. Rise in number of fossil-fuel based power plants and dense presence of key vendors in the region are further stimulating the market outlook in Asia Pacific.
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Global Steam Turbine Market End-Use Industry Analysis (Revenue, USD Billion, 2018-2027)
- Petrochemical
- Power generation
- Oil & Gas
- Others
Global Steam Turbine Market Design Analysis (Revenue, USD Billion, 2018-2027)
- Reaction
- Impulse
Global Steam Turbine Market Regional Analysis (Revenue, USD Billion, 2018-2027)
North America
- Canada
- U.S.
Europe
- Italy
- France
- Germany
- UK
- Spain
- Rest of Europe
Asia Pacific
- Japan
- South Korea
- China
- India
- Australia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
Rest of the World
Global Steam Turbine Market Competitive Landscape Analysis (Revenue, USD Billion, 2018-2027)
- Turbine Generator Maintenance Inc.
- General Electric (GE) Co.
- Toshiba Corporation
- Elliott Company
- Siemens AG
- TURBOCAM
- Arani Power Systems
- Doosan Skoda Power
- Mitsubishi Hitachi Power Systems Americas Inc.
- Chola Turbo Machinery International Pvt. Ltd.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Steam Turbine Market, by Region, 2018-2027 (USD Billion)
1.2.2. Steam Turbine Market, by Design, 2018-2027 (USD Billion)
1.2.3. Steam Turbine Market, by End-Use Industry, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Steam Turbine Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Steam Turbine Market Dynamics
3.1. Steam Turbine Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Steam Turbine Market Industry Analysis
4.1. Porter’s 5 Force Model
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Steam Turbine Market, by Design
5.1. Market Snapshot
5.2. Global Steam Turbine Market by Design, Performance - Potential Analysis
5.3. Global Steam Turbine Market Estimates & Forecasts by Design 2017-2027 (USD Billion)
5.4. Steam Turbine Market, Sub Segment Analysis
5.4.1. Reaction
5.4.2. Impulse
Chapter 6. Global Steam Turbine Market, by End-Use Industry
6.1. Market Snapshot
6.2. Global Steam Turbine Market by End-Use Industry, Performance - Potential Analysis
6.3. Global Steam Turbine Market Estimates & Forecasts by End-Use Industry 2017-2027 (USD Billion)
6.4. Steam Turbine Market, Sub Segment Analysis
6.4.1. Power generation
6.4.2. Petrochemical
6.4.3. Oil & Gas
6.4.4. Others
Chapter 7. Global Steam Turbine Market, Regional Analysis
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