BANGALORE, India, Sept. 4, 2020 /PRNewswire/ -- Major factors expected to increase steam turbine market size include increased electricity consumption and demand from emerging economies, and consequent capacity expansions carried out by regional utilities.
The global Steam Turbine market size was valued at USD 24.1 Billion in 2019 and is projected to reach USD 30.2 Billion by 2027, growing at a CAGR of 2.8% from 2020 to 2027.
The report offers Porter's five forces analysis to analyze the potential of buyers & suppliers and the competitive scenario of the steam turbine industry for building strategies.
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COVID-19 MPACT ON STEAM TURBINE MARKET
The safety steps taken during lockdown have resulted in reductions in industrial and commercial energy needs each day. This has influenced steam turbines' demand since electricity generation is one of the commonly known steam turbine applications. Furthermore, the industry is affected by a shortage of employees, which has reduced major manufacturers' production ability on the market.
TRENDS INFLUENCING THE STEAM TURBINE MARKET SIZE
The growing electricity requirement around the world is expected to increase the steam turbine market size. Our research suggests that power demand increased by 4%, and the share of electricity in global energy usage increased by 20 % in 2018.
A rise in the adoption of combined-cycle natural gas plants as a reliable source of energy is one of the prominent reasons for the growth of the steam turbine market size.
Furthermore, the steam turbine market size growth is driven by rising manufacturing, commercial, and residential operations, along with regular power cuts, blackouts, and load shedding.
Resurgent economic growth with regulatory norms to encourage low-emission fuels is expected to fuel the steam turbine market size. The growing propensity towards energy optimization, coupled with an emphasis on cogeneration, would positively affect the business landscape.
Replacing or updating aged power generation infrastructure provides growth prospects for the steam turbine market. The demand for generating electricity based on nuclear energy is growing worldwide and thus anticipates opening up new development opportunities.
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STEAM TURBINE MARKET SHARE ANALYSIS
Asia-Pacific region is expected to hold the largest steam turbine market share during the forecast period. This dominance of Asia-pacific is attributed to the strong demand from countries like China and India. According to India's Central Electricity Authority, demand for power generation from thermal, hydroelectric, and nuclear power plants is projected to rise by 6.5 percent in India in 2020. This number was almost double the growth of 3.5 percent last year.
During the forecast period, Europe's steam turbines market is expected to see significant growth, mainly due to the change in emphasis from conventional energy sources towards cleaner and renewable sources.
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TOP COMPANIES IN THE STEAM TURBINE MARKET
With no new entrants in the past few years, the global market for steam turbines is moving towards consolidation. Globalization is the gateway to global economies, where foreign trade is an important part of economic development.
Top companies in the steam turbine market are General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, and Mitsubishi Hitachi Power Systems Americas Inc.
Other major players in the steam turbine market include Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd., and Mitsubishi Hitachi Power Systems Americas Inc.
KEY MARKET SEGMENTS
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In 2019, the global Condensing Steam Turbine market size was USD 4837.9 Million, and it is expected to reach USD 5375.7 Million by the end of 2026, with a CAGR of 1.5% during 2021-2026.
The growing demand for Condensing Steam Turbine in the US and Europe regions is expected to fuel the growth. Increase in government budgets in the main countries, increased spending on power generation fields, retrofitting and renovation of old technology, increased adoption of Condensing Steam Turbine will drive development in the markets of the United States and Europe.
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