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Steam Turbine Market by Design (Reaction, Impulse), by End Use Industry (Power Generation, Petrochemical, Oil And Gas, Others): Global Opportunity Analysis and Industry Forecast, 2022-2030

Steam Turbine Market by Design (Reaction, Impulse), by End Use...

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Steam Turbine Market by Design (Reaction, Impulse), by End Use Industry (Power Generation, Petrochemical, Oil And Gas, Others): Global Opportunity Analysis and Industry Forecast, 2022-2030
Steam Turbine Market by Design...
Report Code
RO14/128/2317

Publish Date
19/Sep/2022

Pages
200
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The global steam turbine market size was US$ 15.5 billion in 2020. The global steam turbine market is expected to grow to US$ 21.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 3.5% during the study period from 2022 to 2030.
A steam turbine is a generator that produces mechanical or rotational energy by heating water.

Factors Influencing the Market
The International Energy Agency estimates that global energy consumption rose by 4.6% in 2021, twice as quickly as it did in 2018. Therefore, the rise in energy consumption is expected to open doors of opportunities for the steam turbine market during the analysis period.
Government support aimed at lowering carbon emissions is expected to sustain the growth of the steam turbine market during the analysis period. For instance, ISO, the Universal Association for Institutionalization, is the association of national guidelines bodies, which sustain the development of steam, and turbine industries. The organization, along with the International Electrotechnical Commission (IEC), works on encouraging the supply of steam turbines and gas extension turbines for mechanical applications. Therefore, such efforts are expected to contribute to the growth of the steam turbine market during the analysis period.
However, the high costs of steam turbines may limit the growth of the global market during the analysis period.

Regional Analysis
The Asia-Pacific steam turbine market is expected to grow at the fastest pace due to the growing contribution of countries like India, China, Japan, South Korea, and the Rest of Asia-Pacific. Additionally, the regional market is influenced by the factors like the presence of developing and highly populated countries like China, India, and others. Additionally, governments are making potential efforts to boost industrialization in their respective countries as it is one of the key components to boosting economic growth. Additionally, countries like India are the manufacturing hub, which is expected to escalate the demand for electricity, thereby stimulating the demand for the steam turbine in the coming years.

COVID-19 Impact Analysis:
The COVID-19 impact on the steam turbine was negative all due to the chaos caused by the disease. Forced by the severity of the situation, governments imposed a complete lockdown to tackle the uncontrollable situation. A majority of commercial and industrial places closed their doors as a result of the COVID-19 disease spread. Therefore, the demand for electricity fell dramatically.
The manufacturing disruptions limited the steam turbine market growth as government investments in the steam turbine industry were reduced. Moreover, the range of projects dedicated to infrastructure and construction development also decreased, which hampered the growth of the steam turbine market.

Competitors in the Market
General Electric (GE) Co.
Turbine Generator Maintenance Inc
Toshiba Corporation
Siemens AG
Arani power systems
Elliott Group
TURBOCAM
Doosan koda Power
Chola Turbo Machinery International Pvt. Ltd.
Mitsubishi Hitachi Power Systems Americas Inc.
Other Prominent Players

Market Segmentation
The global steam turbine market segmentation focuses on Design, End-Use Industry, and Region.
By Design
Reaction
Impulse
By End Use Industry
Power Generation
Petrochemical
Oil And Gas
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

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