Significant Growth Foreseen by Steam Turbine Market During 2017 – 2027

Steam turbine is a rotary heat engine which converts thermal energy contained in the steam to electrical and mechanical energy. A steam turbine consist turbine, boiler (steam generator), condenser, feed pump and variety of auxiliary devices. About 90% of electricity generated in world by steam turbine. These turbines are common feature of modern and also future thermal plants. In fact, it is estimated that 88% of electricity generation in the United States uses steam turbines market. Also, nuclear integration will also depict considerable growth over the forecast period. For instance (in 2017), World Nuclear Association presented active construction of more than sixty power reactors across 12 countries that includes UAE, Russia, China, South Korea and Taiwan.

On the basis of design, the steam turbine market can be segmented into reaction and impulse. Owing to multiple applications in marine propulsion and power generation, impulse steam technology is estimated to be growing at significant CAGR. In 2013, Siemens Energy (Germany) developed their SST-500 GEO for geo-thermal plants. Reaction steam technology is predicted to grow significantly owing to growing emphasis on efficient combined cycle and Waste to energy electricity generation. Recovering oil and gas industry will further enhance industry growth across the forecast period. In 2016, The U.S. based General Electric has been contracted to retrofit three steam turbine generators at the Yatagan coal-fired power plant in Turkey.

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Owing to the rising investment towards development of high capacity generating stations coupled with increasing government investment towards development of combined cycle technology are altogether spurring the demand for steam turbine market. In addition, capacity expansion or addition will also create an immense opportunity for manufacturers to supply their steam turbine for different purposes. For instance (in 2016), the U.S. witnessed a capacity expansion of more than 27,000 MW. Moreover, rampant industrial growth and rise in deep water marine excavation will yield considerable growth towards the global steam turbine market. For instance (in 2016), Singapore based Atlantis Resources announced the deployment of its first tidal steam technology- AR1500 at the MeyGen project site in Scotland. However, stringent government norms related to replacement of conventional energy resources with renewables will hamper the growth of steam turbine market.

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Based on application, the steam turbine market can be segmented into petrochemical, power generation, pharmaceutical, food processing, waste to energy and many others. Owing to the increasing government initiatives in compliance of effective technology adaption coupled with increasing demand of electrification, power generation application is estimate to grow at significant CAGR. In 2017, as compared to previous year, Indian government has revised their targets for the year 2017 to 2018 to increase by more than fifty billion units. Owing to increasing demand from clean energy generation and energy security the demand for waste to energy is set to grow considerably for the forecast period. Increasing waste management concern will further thrust the global WTE industry across the forecast period. In 2017, waste to energy projects has received more than US$ 100 Mn investment on account of the Asian Development Bank.

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This release was published on openPR.