Steam turbine is nothing but a mechanical device which extracts thermal energy from pressurized steam and converts it into rotary motion. The three main types of steam turbine include steam cycle, combined cycle and cogeneration. They are further categorized on the basis of the rated capacity. On the basis of exhaust type the steam turbines are mainly classified into condensing steam turbines and non-condensing steam turbines.
Condensing steam turbines are widely used due to higher efficiency and their ability to generate more output at a comparatively lower operational cost.
On the basis of application steam turbine for power generation is segmented into coal, biomass, nuclear and others. Coal fired steam turbine is expected to dominate the steam turbine market.
This can be attributed to sufficient availability of affordable coal across the globe. Growing environmental concerns is forcing developed countries to move away from coal but this transition is expected to be slow over the forecast period.
The steam turbine for power generation market is heavily reliant on power generation and transmission industry. Increasing demand for uninterrupted power from developing countries such as China and India is a major driver for steam turbine for power generation market. The global steam turbine for power generation market is projected to grow at a high growth rate amid growing industrial, commercial and residential activities.
Thermal capacity addition is rising every year with constantly increasing electricity consumption. Growth in renewable energy market particularly in biomass is another factor driving the demand for steam turbines. Frequent power cuts, blackouts, and load shedding have contributed to the increased demand for steam turbines for power generation.
Increase in combined cycle and co-generation operations are expected to propel the growth of steam turbine for power generation market all around the world.
European Union has changed the regulatory policy and put restrictions on the installation of fossil-fuel fired power plants. This could be a major restraint in steam turbine for power generation market. Also, slowing down of new nuclear plants can further hamper the growth of steam turbine for power generation market.
The quantity of old or aged power plants is significant all over the world and this could be a good opportunity for steam turbine manufacturers. Whereas, maintaining boiler efficiency and steam quality could be a challenge for them.
As of 2015, APEJ leads the global Steam Turbine for Power Generation Market, owing to rapid industrialisation and aggressive expansion of manufacturing sector.
The demand supply gap in power generation is expected to fuel the growth of steam turbine for power generation market. North America and Eastern Europe, are another prominent markets in terms of rising demand for steam turbines. Countries such as the U.S, Germany, U.K, France and Canada have significant market shares. Middle East, Latin America and Africa are expected to have decent shares and are expected to expand with significant CAGR over the forecast period.
Examples of some of the market participants in the global steam turbine for power generation market identified across the value chain include:
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On the basis of type, the global steam turbine for power generation market can be segmented as:
On the basis of rated capacity, the global steam turbine for power generation market can be segmented as:
On the basis of exhaust type, the global steam turbine for power generation market can be segmented as:
On the basis of application, the global steam turbine for power generation market can be segmented as:
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Steam Turbine For Power Generation Market
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