According to the report titled ‘Global Steam Turbine Market Size study, by Design (Reaction, Impulse), by End-Use Industry (Power generation, Petrochemical, Oil & Gas, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global steam turbine market was worth USD 24.1 billion in 2019 and is expected to grow with a CAGR of 2.8% during 2020-2027.
 

Surging demand for power & electricity, rising technological advancements, and thermal power capacity additions are the key factors driving the growth of global steam turbine market. In 2018, global energy consumption increased by 2.3%, at twice the normal rate over the last 10 years, according to the International Energy Agency (IEA).
 

For those uninitiated, steam turbine is a generator that produces rotational or mechanical energy by means of hot water. They typically use thermal energy, which is the prevalently used source for electricity generation and has a high installed capacity. Steam turbines are applied to operate large ships, power plants, and find several industrial applications. Smaller steam turbines are also used to operate fans and pumps at petrochemical plants.
 

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As per Central Electricity Authority (CEA) of India, power generation demand from nuclear, thermal, and hydel powerplants in the country will raise to 6.5% by the end of 2020. Hence, surging power utilization, improving economic condition of nations, rapid industrialization & urbanization, and booming population are propelling the worldwide steam turbine market scenario. However, strict rules regarding fossil fuel based powerplants and retarded construction of nuclear powerplant are likely to impede the industry expansion over the study period.
 

Citing the regional landscape, global steam turbine market sphere is segmented into North America, Asia Pacific, Latin America, Europe, and Rest of the World. The report claims that Asia Pacific currently accounts for a significant market share and is projected to grow further over the analysis period. The regional growth is attributable to surging electricity demand and increasing focus on clean options such as natural and renewable energy resources. In addition, concentration of major vendors and increasing number of fossil-fuel based power plants are stimulating the market outlook.
 

Major contenders influencing global steam turbine market dynamics are Mitsubishi Hitachi Power Systems Americas Inc., Chola Turbo Machinery International Pvt. Ltd., Doosan Škoda Power, Turbocam International, Elliott Group, Arani Power Systems Ltd., Siemens AG, Toshiba Corporation, Turbine Generator Maintenance Inc., and General Electric (GE) Co