Steam Turbine Market Scenario:
A
steam turbine consists of a variety of auxiliary devices which help to convert
steam into kinetic energy. Steam turbines are used for power generation in
industries and to drive pumps and fans at petrochemical plants. Market Research
Future (MRFR) has recently published a research report on the global steam
turbine market and has asserted the market to reach a valuation of USD 19.21 Mn
at a CAGR of 4.2% over the review period of 2017-2023.
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.
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.
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Segmentation
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.
Competitive Landscape
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) are the notable players in the steam turbine market.
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Regional Analysis
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.
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.
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