Steam Turbine Market Overview
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 Steam
Turbine Market Size 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.
Steam Turbine Market 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.
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. 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.
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.
Related Reports: http://www.24article.com/well-completion-equipment-and-services-market-future-insights-market-revenue-and-threat-forecast-by-2023.html
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