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The global market is witnessing considerable growth attributable to rapid industrialization and increase in domestic demand for power.

PORTLAND, OREGON, UNITED STATES, July 12, 2022 /EINPresswire.com/ -- The global steam turbine market size was valued at $15.5 billion in 2020, and projected to reach $21.3 billion by 2030, with a CAGR of 3.3% from 2021 to 2030.
Steam turbine is a mechanical equipment, which operates by using a heat sources such as gas, coal, nuclear, or solar to heat water to extremely high temperature until it is converted into steam. As that steam flows past a turbine spinning blades, the steam expands and cools. During this process, heat energy is transformed to mechanical energy, which is subsequently converted into electrical energy.

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.

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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 industry is segmented into design, application, and region. By design, the market is bifurcated into impulse and reaction. In terms of application, it is fragmented into power generation, petrochemical, oil & gas, and others.

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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.

These market players are adopting different strategies such as design launch, partnership, expansion, merger, and acquisition to stay competitive in the market. For instance, in June 2019, Mitsubishi Hitachi Power Systems (MHPS), Ltd. strengthened its presence by expanding its facilities. MHPS Plant Services Corporation, a new company was opened in Philippines to offer services for power generation facilities.

Elliott Group announced merger of Ebara International Corporation, which is based in Sparks, Nevada. Effective from April 1, 2019, the merged entity became one of the four business units within Elliott Group.

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

IMPACT OF COVID-19 ON THE GLOBAL STEAM TURBINE MARKET
• The outbreak of COVID-19 had a negative impact on the growth of the steam turbine market.
• This impact is majorly attributed to significant disruption in the material transportation and dearth in availability of labor, which led to shutdown of manufacturing industry, thus declining the demand for power, which, in tur, resulted in decreased demand for steam turbines.
• Moreover, decrease in demand for many nonessential products and shut down of electrical, automotive, and other manufacturing industries created a negative impact on the development of the steam turbine market.
• Furthermore, surge in demand for environment-friendly power generation and increase in awareness toward the environment hampered the growth of the market.
• Thus, the abovementioned factors are expected to have a negative impact on the development of steam turbine market.
• On the contrary, presently, all activities have started normally as the COVID cases have reduced drastically due to the vaccination drive. This drive has led to normal operation of various manufacturing industries and continuation of pending power infrastructure. The rapid development of power infrastructure will have positive impact on the development of the steam turbine market.

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.

David Correa
Allied Analytics LLP
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