Steam Turbine Market Present Scenario and Growth Prospects 2020 - 2030

A steam turbine is a device that converts thermal energy from pressurized steam into mechanical energy, which can then be used to generate electricity or perform other types of work. The steam turbine is a crucial component in many power generation systems, including nuclear power plants, coal-fired power plants, and geothermal power plants.

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The operation of a steam turbine is based on the principle of the Rankine cycle, which involves the conversion of thermal energy into mechanical energy. Steam is generated by heating water in a boiler, and the high-pressure steam is then directed to a turbine. As the steam flows through the turbine, it drives the blades, which are connected to a shaft. The rotation of the shaft produces mechanical energy that can be used to drive a generator or other equipment. The global steam turbine market growth is majorly driven by an increase in demand for thermal power generation and electric supply. In addition, rapid oil & gas and power demand in developing countries is expected to boost the growth of the steam turbine market.

Furthermore, the surge in energy demand and steady investment for expansion of the power industry is expected to have a positive impact on the demand and enhance the steam turbine market opportunities. Moreover, the global market is expected to witness notable growth due to increasing efforts to reduce energy demand & supply gaps as well as the development of thermal power projects. In addition, robust economic growth and regulatory standards promoting the use of low-emission fuels such as natural gas & biomass in steam turbines notably contribute toward the market growth. However, the implementation of stringent government regulations to reduce reliance on traditional energy sources such as coal-fired power generation and their replacement with renewables hinder market growth. Moreover, the competitive cost of renewable technologies impedes the growth of the global steam turbine market.

Moreover, an increase in interest in energy optimization and rapid development in turbine manufacturing technology, as well as a focus on a cogeneration power plant in the sugar and steel industries are anticipated to have a favorable impact on the development of the global market during the forecast period. Furthermore, the market growth is driven by an increase in regulatory initiatives to minimize carbon emissions as well as increased investments in the development of large-scale thermal power plants in developing countries.

The global steam turbine industry is segmented into design, application, and region. By design, the market is bifurcated into impulse and reaction. In terms of application, it is fragmented into power generation, petrochemical, oil & gas, and others.

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The key players operating in the global steam turbine market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd. Triveni Turbines, and Mitsubishi Power. Among these, General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, and Mitsubishi Hitachi Power Systems Americas Inc. hold significant steam turbine market share.

These market players are adopting different strategies such as design launches, partnerships, expansion, mergers, and acquisitions to stay competitive in the market. For instance, in June 2019, Mitsubishi Hitachi Power Systems (MHPS), Ltd. strengthened its presence by expanding its facilities. MHPS Plant Services Corporation, a new company was opened in the Philippines to offer services for power generation facilities.

Elliott Group announced the merger of Ebara International Corporation, which is based in Sparks, Nevada. Effective from April 1, 2019, the merged entity became one of the four business units within Elliott Group.

IMPACT OF COVID-19 ON THE GLOBAL STEAM TURBINE MARKET

• The outbreak of COVID-19 had a negative impact on the growth of the steam turbine market.
• This impact is majorly attributed to significant disruption in material transportation and dearth in availability of labor, which led to the shutdown of the manufacturing industry, thus declining the demand for power, which, in turn, resulted in decreased demand for steam turbines.
• Moreover, a decrease in demand for many nonessential products and the shutdown of electrical, automotive, and other manufacturing industries created a negative impact on the development of the steam turbine market.
• Furthermore, the surge in demand for environment-friendly power generation and an increase in awareness toward the environment hampered the growth of the market.
• Thus, the abovementioned factors are expected to have a negative impact on the development of the steam turbine market.
• On the contrary, presently, all activities have started normally as the COVID cases have reduced drastically due to the vaccination drive. This drive has led to the normal operation of various manufacturing industries and the continuation of pending power infrastructure. The rapid development of power infrastructure will have a positive impact on the development of the steam turbine market.

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Key findings of the study

• Region-wise, Asia-Pacific is projected to exhibit the highest CAGR during the steam turbine market forecast period.
• On the basis of design, the impulse turbine segment was the major share contributor in 2020.
• Depending on the steam turbine market analysis by the end-user industry, the power generation segment dominated the market in 2020.

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