Steam Turbine Market Trends 2021: Global Projection, Developments Status, Analysis, Trend and Forecasts
The global steam turbine market is garnering significant traction. The market growth attributes to the shifting focus from traditional to cleaner and renewable energy sources. Besides, increasing industrial uses such as generators at power plants and large ships that run on steam turbines drive the growth of the market. Rising uses of smaller steam turbines to drive pumps and fans at petrochemical plants escalate the market growth. According to a leading research firm Market Research Future (MRFR), the global steam turbine market is expected to garner a valuation of approximately USD 19.21 MN by the end of 2023. MRFR, in its recent market analysis, also asserts that the market would register 4.2% CAGR during the assessment period (2017-2023). The notable increase in the renewable energy sectors worldwide, alongside advances in manufacturing techniques and related technologies, define the market landscape. Rising demand for power and increasing greenhouse gas emissions increase th...