Steam Turbine Market Highlights
Large-scale industrialization and urbanization across the globe are accompanied by towering energy demands, which is a key factor supporting the growth of the steam turbine market. Steam turbine finds widespread application as steam power generation involves lower operational cost and exhibits higher efficiency and output. Steam turbines are highly versatile and can be used across diverse industries such as power generation, nuclear plants, process plants, oil and gas, aviation, as well as domestic and smaller related industries.
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The trend of modernizing aging coal plants with modern steam turbines and greater interest in CCGT plants for power generation has impacted the market positively. The progressive shutdown of various coal-fired facilities has affected the demand for steam turbines, but the demand has remained resilient due to the introduction of clean coal technologies. Various power producers have been able to identify opportunities for steam turbine installation to reap the benefits of incremental improvements in single power stations’ operations. Rapid conversion of open-cycle gas turbine (OCGT) plants to CCGT mode has also been a boon for the market growth.
- Siemens AG (Germany),
- Elliott Group (U.S.),
- Toshiba Corporation (Japan),
- Fuji Electric Co., Ltd., (Japan),
- Man Diesel & Turbo SE (Germany),
- Alstom SA (France),
- General Electric (U.S.),
- ABB (Switzerland), and
- Mitsubishi Hitachi Power Systems (Japan)
The steam turbine market has been segmented based on plant fuel, capacity, exhaust type, and end user industry.
By plant fuel, the steam turbine market has been segmented into Coal, Gas, Nuclear, and others.
By capacity, the steam turbine market has been segmented into Up to 120 MW, 121-750 MW and Above 750 MW.
By exhaust type, the steam turbine market has been segmented into Condensing steam turbines and Non-condensing steam turbines.
By end user industry, the steam turbine market has been segmented into Power & Utility, Industrial and other.
Region-wise, the steam turbine market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The APAC region is likely to remain the most lucrative for the growth of the steam turbine market. In APAC, the demand for electricity is rising fast, and coal-fired power generation has continued to sustain despite deep emission concerns, in part, due to, the abundant supply of coal in the region, Moreover, coal powered generation is relatively simple to operate and durable.
Conversely, coal-fired generation capacity has been markedly reduced in Europe and North America, and these markets are likely to showcase moderate growth over the forecast period. Meanwhile, power demand in these leading gas-consuming countries is being met by new, efficient CCGT capacity, as they emit half the amount of carbon emissions as compared to conventional methods. Steam turbines are an integral part of CCGT plants and help to retain the market demand for steam turbines.
Other factors supporting the growth of the steam turbine market include the advantages provided by steam turbines such as the reduction in CO2 emissions, energy efficiency, and low cost. Steam turbines are a key technology in the nuclear sector. Consolidation of nuclear sector in various developing countries and various proposed nuclear developments are likely to boost the growth of the steam turbine market.
June 2019 – Ansaldo Energia, an Italian power engineering company and REP Holding, enterprise, a designer, manufacturer and supplier of new generation power machines, announced a joint venture for the production, upgradation, and repair of industrial steam turbines in Russia.
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