Steam Turbine Market Is Expected to Reach $30.2 Billion by 2027: Says Allied Market Research

Increase in demand for energy and reduction in fossil-based energy generation drive the growth of the global steam turbine market. Based on type, the impulse segment is anticipated to dominate the market throughout the forecast period. By application, the power generation segment would lead the trail by 2027. Moreover, Asia-Pacific region dominated the market in 2019, and would rule the roost throughout 2027.


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.

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

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.

Get detailed COVID-19 impact analysis on the Steam Turbine Market: https://www.alliedmarketresearch.com/request-for-customization/6028?reqfor=covid

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.

Have Any Query? Connect with Our Research Expert: https://www.alliedmarketresearch.com/connect-to-analyst/6028

Avenue Basic Plan | Library Access | 1 Year Subscription |

Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Get more information: https://www.alliedmarketresearch.com/library-access

About Allied Market Research:

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 domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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. 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.

 

Contact Data