Press release
Steam Turbine Market Demand, Growth Analysis and Estimated Revenue Forecast by 2027
Global steam turbine market was valued at $24.1 billion in 2019 and is projected to reach $30.2 billion by 2027, growing at a CAGR of 2.8% from 2020 to 2027. The key factors that drive the growth of this market include increase in demand for thermal power generation and electric supply.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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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. The oil & gas segment is estimated to grow at a CAGR of 3.5% during the forecast period. The power generation and oil & gas segments collectively accounted for around 65.6% market share in 2019, with the former constituting around 34.3% share.
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The key players involved in the market includes Sulzer Ltd, Mitsubishi Hitachi Power Frameworks Americas Inc., Turbine Generator Support Inc., Hyundai Substantial Businesses Ltd., JSW Power Frameworks Private Ltd, Elliot Gathering, Ansaldo Energia and Kessels Steam Turbines. In order to stay competitive, these market players are adopting different strategies such as design launch, partnership, expansion, merger and acquisition.
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.
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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.
Key Findings Of The Study
• In 2019, the Asia-Pacific market held a share of over 50.0% in the steam turbine market size.
• The impulse segment is expected to hold a dominant position in the steam turbine market share during the forecast period.
• The Asia-Pacific segment is projected to grow at a CAGR of 3.4% by 2027.
• The Power generation dominated the steam turbine market in 2019 and oil & gas segment is expected to grow with the highest CAGR during the forecast period.
• The qualitative data in the report aims on the steam turbine market trends, dynamics, and developments in the steam turbine industry while the quantitative data provides information about the market share and market size in terms of revenue and volume.
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