Increase in demand for thermal power generation and electric supply and increase in efforts to reduce energy demand & supply gaps drive the growth of the global steam turbine market.
PORTLAND, Ore., June 9, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Steam Turbine Market by Design (Reaction, Impulse), by End Use Industry (Power Generation, Petrochemical, Oil and Gas, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030”. According to the report, the global steam turbine industry generated $15.5 billion in 2020, and is anticipated to generate $21.3 billion by 2030, witnessing a CAGR of 3.3% from 2021 to 2030.
Prime determinants of growth
Increase in demand for thermal power generation and electric supply, surge in energy demand and steady investment for expansion of the power industry, and increase in efforts to reduce energy demand & supply gaps as well as the development in thermal power projects drive the growth of the global steam turbine market. Moreover, 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 present new opportunities in the coming years.
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Covid-19 Scenario
The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global steam turbine market, owing to significant disruptions in the supply chain.
The pandemic had halted the production facilities due to the implementation of lockdown, which, in turn, declined the demand for power through steam turbines gradually.
However, the market is going to recover soon in 2022 as work begins.
The impulse segment to maintain its leadership status throughout the forecast period
Based on design, the impulse segment held the highest market share in 2020, accounting for nearly two-thirds of the global steam turbine market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 3.5% from 2021 to 2030. Rapid industrialization and migration of individuals from rural to urban areas in developing nations led to a huge demand for power, which is eventually anticipated to boost the growth of the global impulse steam turbine market. The report also analyzes the reaction segment.
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The power generation segment to maintain its lead position during the forecast period
Based on end use industry, the power generation segment accounted for the largest share in 2020, contributing to nearly half of the global steam turbine market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 3.7% from 2021 to 2030, owing to growth in power plants all over the world. The report also analyzes the segments including petrochemical, oil and gas, others.
Asia-Pacific to maintain its dominance by 2030
Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for nearly half of the global steam turbine market. Moreover, the same region is expected to witness the fastest CAGR of 3.7% during the forecast period, owing to rise in demand for electricity in the region. Other regions discussed in the report include North America, Europe, and LAMEA.
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Leading Market Players
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.
Mitsubishi Hitachi Power Systems Americas Inc.
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