- Rise in demand for energy and reduction in fossil-based energy generation propel the growth of the global steam turbine market
PORTLAND, Ore., Aug. 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Steam Turbine Market by Design (Reaction and Impulse) and Application (Power generation, Petrochemical, Oil & Gas and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report published by Allied Market Research, 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.
Key determinants of the market-
Rise in demand for energy and reduction in fossil-based energy generation propel the growth of the global steam turbine market. Conversely, higher efficiency of other turbines curtails down the growth to some extent. Nevertheless, advancements promoting the use of steam turbine is expected to create lucrative opportunities in the near future.
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The impulse segment dominated in 2019 -
Based on type, the impulse segment contributed to nearly two-thirds of the global steam turbine market revenue in 2019. In addition, the segment is expected to maintain its dominance by the end of 2027. The same segment would also portray the fastest CAGR of 3.1% during the study period. This is attributed to rising demand for impulse turbine for low flow and high inlet pressure applications.
The power generation segment to lead throughout 2027-
Based on application, the power generation segment held the major share in 2019, garnering more than one-third of the global steam turbine market. Rise in demand for power generation for thermal, hydel, and nuclear plants drive the growth of the segment. However, the oil & gas segment would grow at the fastest CAGR of 3.5% throughout the forecast period. The growing use of steam turbines in oil & gas industries to generate power is the major factor augments the growth of the segment. In addition, the rise in demand for CHP fuels the segment growth.
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Asia-Pacific to rule the roost in terms of revenue, North America to grow at a significant pace-
Based on region, Asia-Pacific accounted for around half of the global steam turbine market revenue in 2019, and is anticipated to maintain the lion's share till 2027. In addition, the region is anticipated to manifest the fastest CAGR of 3.4% from 2020 to 2027. This is due to rising demand for electricity in the region. Furthermore, factors such as growing economies, rising per-capita pay, and expanding use of transport is anticipated to increase the demand for steam turbine in this province. Moreover, the North America region is anticipated to grow at a CAGR of 3.1% from 2020 to 2027.
Key players in the industry-
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