According to a recent survey published by FMI, the global Steam Turbine market is expected to grow at a healthy CAGR during the forecast period between 2017 and 2027. The objective of the report is to uncover micro and macro-economic factors accelerating the sales of Steam Turbine over the coming decade.
Advent of Industry 4.0 Technology to Create New Growth Avenues for the Steam Turbine Market
Industrial sector is witnessing revolution as manufacturers across the world are extensively emphasizing towards adopting incorporating advanced automation, This is commonly being referred to as Industry 4.0.
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With the advent of Industry 4.0, manufacturers are stressing the use of novel technologies such as artificial intelligence, smart manufacturing, the internet of things (IoT), and machine learning, among others. This is projected to open up attractive potential for growth in the Steam Turbine industry.
Furthermore, rising government emphasis on improving the manufacturing sector and integrating augmented and virtual reality using smart equipment to boost output are expected to drive market demand in the approaching years.
Key Steam Turbine Market Takeaways and Projections
- The U.S. is estimated dominate the Steam Turbine market in North America, accounting for the largest share in the region through 2022.
- Germany is projected to account for a significant share in the Europe market over the assessment period.
- China is forecast to hold the lion’s share the East Asia market, projecting the fastest growth in the region between 2017 and 2027
- India is anticipated to emerge as a highly remunerative market in South Asia, accounting for the largest sales during the forecast period.
Report Benefits & Key Questions Answered
- Steam Turbine Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities and challenges. It studies their impact on the market over the previous assessment period 2016-2020. The report provides crucial insights to market players to capitalize on opportunities and counter challenges.
- Steam Turbine Demand-Supply Assessment: A latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Steam Turbine As per the survey, Steam Turbine sales will project steady growth over the forecast period.
- Steam Turbine Consumption by Demographics: The report published by FMI provides consumption by demographics analysis to assist the market players in formulating their marketing strategies on the basis of purchasing power of the customers. It examines changes in consumer behavior and also studies its effect on the demand for Steam Turbine.
- Steam Turbine Market Trend Analysis: FMI’s market trend analysis provide detailed insights into current and upcoming trends in the industrial automation industries. It also assist the industry players to identify potentials trends to capitalize on them.
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Steam Turbine Market: Market Participants
Examples of some of the market participants identified in the Steam Turbine market across the globe are:
- General Electric
- Sulzer Ltd.
- Stork
- Mitsubishi Hitachi Power Systems Americas, Inc.
- Turbine Generator Maintenance, Inc.
- MAN Diesel
- Hyundai Heavy Industries Ltd.
- JSW Power Systems Private Ltd.
- Elliot Group
- Ansaldo Energia
- Kessels Steam Turbines
Steam Turbine Market: Segmentation
On the basis of steam flow:
- Axial
- Radial
- Mixed
- Tangential or Helical
- Reentry
On the basis of blade design:
- Impulse
- Reaction
On the basis of application:
- Power Station
- Petrochemical
- Industrial
- Transport
- Others
The regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia-Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- The Middle East and Africa (GCC, S. Africa, N. Africa)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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