What's driving the Steam Turbine Industry size ? Harbin Turbine, Doosan Skoda Power, Ansaldo Energia, Mitsui, Eliott Group, Mitsubishi Hitachi Power Systems, TurboTech, Bharat Heavy Electricals Limited, Shin Nippon Machinery, Man Diesel & Turbo, General E

The steam turbine market has remained strong in an era where renewable energy sources like wind and photovoltaics have threatened to dethrone coal as the number one source of fossil fuel used to generate energy. This is mainly because renewable sources of energy, in spite of having gained importance, fluctuate too often and therefore create a very destabilized power system. While newer technologies are being brought into play and future power supply options are being developed to supply power in a stable manner, power supplied by steam turbines has remained the backbone of the power system.

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The key players covered in this study:
1. Siemens
2. Bharat Heavy Electricals Limited
3. Harbin Turbine
4. Kawasaki Heavy Industries
5. Mitsubishi Hitachi Power Systems
6. Toshiba
7. Eliott Group
8. TurboTech
9. General Electric
10. Mitsui
11. Man Diesel & Turbo
12. Ansaldo Energia
13. Fuji Electric
14. Doosan Skoda Power

Growing inclination toward the adoption of energy efficient technologies along with regulatory norms to reduce carbon footprint will stimulate the market growth. Growing demand for reliable electricity along with positive outlook toward the adoption of combined cycle technology will further drive the industry growth. However, reduced investments across the coal fired systems and stringent government measures to reduce dependence on fossil fuel fired power generation may hamper the industry growth.

3 MW steam turbine market size is anticipated to expand over 2% by 2024. Positive outlook toward co-generation and geothermal energy utilization will drive the industry growth. Rapid industrialization and efforts toward energy optimization have significantly enhanced the demand for on-site power generation, which will enhance the product adoption in coming years.

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Indonesia market is anticipated to witness growth of over 12% by 2024. Low coal prices, along with government efforts to boost the domestic industrial output will thrust the product deployment in coming years. Ongoing investment toward enhancing baseload power generation capacity along with positive outlook toward adoption of supercritical & ultra-supercritical systems will further stimulate the business growth.

Condensing steam turbine market in 2017, was over USD 17 billion. The turbine’s ability to extract maximum energy from steam makes it suitable for the thermal power generation. Ongoing investments in new generating capacity additions along with an increasing electricity demand across industries will favor the industry growth. Furthermore, rising focus toward cogeneration and rising utilization of non-conventional energy resources will positively influence the industry landscape.

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Retrofitting of older steam turbines in established economies is also expected to play a significant role in generating revenue in the steam turbine market. Steam turbine retrofits are performed to achieve improved power output, turbine efficiencies or heat rate output besides addressing maintenance issues and turbine reliability. Steam turbine performance can be improved with the incorporation of new technologies and can also extend maintenance intervals besides extending steam turbine life cycle. For instance, Toshiba Energy Systems & Solutions Corporation recently announced that it has won steam turbine retrofitting contract at the Aioi Power Station of Kansai Electric Power in Hyogo, Japan. The fuel for the retrofitted unit would be changed to woody biomass thus keeping pace with the changing environmental needs while improving efficiency of aging thermal power plants all over the world

As instances of retrofitting older stamen turbines are on the rise, many new thermal power plants are already under construction or are being planned for the future thus holding strong growth opportunities for the steam turbine market over 2018-2024.

Notable players active in the global market include Siemens, Bharat Heavy Electricals Limited, Harbin Turbine, Kawasaki Heavy Industries, Mitsubishi Hitachi Power Systems, Toshiba, Eliott Group, TurboTech, General Electric, Mitsui, Man Diesel & Turbo, Ansaldo Energia, Fuji Electric, Doosan Skoda Power and Dongfang amongst others.

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