Steam Turbine Market Outlook, Opportunity and Demand Analysis Report by 2027

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.

Download Sample PDF: https://www.alliedmarketresearch.com/request-sample/6028

The global steam turbine market growth is majorly driven by increase in demand for thermal power generation and electric supply. In addition, rapid oil & gas and power demand in developing countries is expected to boost the growth of the steam turbine market.

Furthermore, surge in energy demand and steady investment for expansion of the power industry are expected to have positive impact on the demand and enhance steam turbine market opportunities. Moreover, the global market is expected to witness notable growth due to increase in efforts to reduce energy demand & supply gaps as well as the development in thermal power projects. In addition, robust economic growth and regulatory standards promoting the use of low emission fuels such as natural gas & biomass in steam turbines notably contribute toward the market growth. However, implementation of stringent government regulations to reduce reliance on traditional energy sources such as coal-fired power generation and their replacement with renewables hinder the market growth. Moreover, the competitive cost of renewable technologies impedes the growth of the global steam turbine market.

Moreover, increase in interest in energy optimization and rapid development in the turbine manufacturing technology, as well as focus on cogeneration power plant in the sugar and steel industries are anticipated to have a favorable impact on the development of the global market during the forecast period. Furthermore, the market growth is driven by increase in regulatory initiatives to minimize carbon emissions as well as increased investments in the development of large-scale thermal power plants in developing countries.

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.

For Purchase Enquiry @ https://www.alliedmarketresearch.com/steam-turbine-market/purchase-options

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.

The key players operating in the global steam turbine market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd. Triveni Turbines, and Mitsubishi Power. Among these, General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, and Mitsubishi Hitachi Power Systems Americas Inc. hold significant steam turbine market share.

Key findings of the study
• Region wise, Asia-Pacific is projected to exhibit the highest CAGR during the steam turbine market forecast period.
• On the basis of design, the impulse turbine segment was the major share contributor in 2020.
• Depending on steam turbine market analysis by end-user industry, the power generation segment dominated the market in 2020.

Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Follow us on: https://www.linkedin.com/company/allied-market-research

About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.