Portland, OR, Oct. 22, 2020 (GLOBE NEWSWIRE) -- According to the report published, the global steam turbine market was estimated at $24.1 billion in 2019 and is expected to hit at $30.2 billion by 2027, registering a CAGR of 2.8% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in demand for energy and reduction in fossil-based energy generation drive the growth of the global steam turbine market. On the other hand, higher efficiency of other turbines curtails down the growth to some extent. Moreover, advancements promoting the use of steam turbine is expected to create lucrative opportunities for the key market players.
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Covid-19 Scenarios-
- The covid-19 outbreak negatively impacted the global steam turbine market. The lockdown has led to shutdown of almost all commercial places, due to which the demand for energy has been declined.
- Also, the shortage of workers, due to worldwide lockdown, has reduced the production capacity, thereby impacting the market significantly.
The global steam turbine market is segmented on the basis of design, application, and region. Based on type, the impulse segment contributed to nearly two-thirds of the market revenue in 2019. The segment is anticipated to dominant the market throughout the forecast period. Furthermore, the same segment would also portray the fastest CAGR of 3.1% during the study period. The report also analyzes the reaction segment.
Based on application, the market is fragmented into power generation, petrochemical, industrial and others. The power generation segment held the major share in 2019, garnering more than one-third of the market. Nevertheless, the oil & gas segment would grow at the fastest CAGR of 3.5% throughout the forecast period.
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Based on region, Asia-Pacific accounted for around half of the global steam turbine market revenue in 2019. The region is expected to rule the roost till 2027. Moreover, the region is anticipated to manifest the fastest CAGR of 3.4% from 2020 to 2027. In addition, the report also covers regions including Europe, North America, and LAMEA.
Key market players of the industry in the report include Arani power systems, Elliott Group, TURBOCA, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd., Mitsubishi Hitachi Power Systems Americas Inc., General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG.
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