Steam Turbine Market Trends & Forecast, 2017 – 2024
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Nuclear energy integration will depict a considerable growth for the global steam turbine market. Nuclear power plant installation and upgradation pertaining to plant life extension, positively thrust the industry share. In 2017, World Nuclear Association presented active construction of 60 power reactors in 13 countries including Russia, South Korea, UAE, China and Taiwan.
Growth in deep-water marine excavation and rampant industrial growth will yield appreciable growth towards the global steam turbine market. Competitive technological will further steer the industry size. In 2016, Singapore based Atlantis Resources announced the deployment of its first tidal steam technology- AR1500 at the MeyGen project site in Scotland.
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On the basis of applications, the global steam turbine market is segmented as power generation, petrochemical, pharmaceuticals, food processing and waste to energy. Power generation is anticipated to grow substantially owing to increasing demand for electrification and government initiatives in compliance to effective technology adaption. In 2017, Government of India has revised generation targets for financial year 2017-18 to be increased by 50 billion units in comparison to previous year.
Waste to energy industry is set to grow considerably pertaining to growing demand for energy security and clean energy generation. Growing waste management concern will further thrust the global WTE industry across the forecast period. In 2017, waste to energy projects have received USD 100 million investment on account of the Asian Development Bank.
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The U.S. Steam turbine market offers appreciable growth pertaining to growing combined cycle technology. Effective resource utilization will further drive the industry from 2016 to 2024. In 2017, the U.S. based General Electric has been contracted to supply steam engines for a 488 MW combined cycle power plant in Pennsylvania.
In China steam turbine market, government initiatives complying to remote electrification will foster the technology across the forecast period. Waste to energy cogeneration technology is set to further enhance the industry share. In 2017, Armed forces in china has announced the design and development of an indigenous steam turbine and oil-fired boiler powered aircraft carrier.
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Key players in the global steam turbine market are namely, MAN Diesel, General Electric, Siemens, Hyundai Heavy Industries Ltd. Ansaldo Energia, Cryostar, Spirax Sarco, Elliot Group, Mitsubishi Heavy Industries Ltd., Toshiba JSW Power Systems Private Ltd. providing wide range of technological offerings. Effective turnkey project and highly customized technology provisions are the key market penetration and sustainability drivers.
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