Transparency Market Research
Coal was the go-to power source for generations in both the developing and developed world. However, coal power generation has steadily fallen out of fashion due to major environmental challenges and tragedies associated with it. The steam turbines market promises a brighter future for the world, thanks to its cleaner application and widespread feasibility.
Steam turbines market: Building a Coal-Free World
The steam turbines market also promises a mass production potential capacity, which was a major force driving the use of coal in the steam turbines market. The steam turbines market promises robust growth in the near future, thanks to its adoption in the developed world, wherein coal production has virtually been replaced. Moreover, traditional energy-reliant major economies like China have also made huge strides in replacing coal production in recent years. The replacement of coal production has not always favoured the growth of the steam turbines market. This has been for various other green energy like wind, electricity, and solar. However, steam turbines market promises growth for various industries as the production promises a low-cost mass production capacity, which is a necessity for manufacturing, transport, and various other industries.
Growing Uncertainty in Oil Supply to Promise Lucrative Growth Opportunity
Several global oil suppliers like Venezuela are impacted by instability in recent times. This is expected to increase oil prices or bring more uncertainity in supply logistics in the near future. According to the IEA or International Energy Agency, this is expected to drive major demand for alternative sources of energy in the near. Additionally, according to Fatih Birol, the executive director of IEA, over 70% of global energy investments will be government-driven. This dynamic is expected to shape the steam turbines market along with many others in the near future. Currently several economies are debating the benefits of various energy sources like wind, solar, and nuclear among many. The growing uncertainty in oil supply and rising prices of oil supply has already forced major economies like India and China to move away from oil supplies recently. India announced a major decision to its auto-makers requesting them to focus on the production of electric vehicles. These policy decisions are expected to bring new challenges and opportunities for the steam turbines market in the near future.
Global Steam Turbines Market: Introduction
A steam turbine is a device that extracts thermal energy from pressurized steam to carry out mechanical work on a rotating output shaft. A steam turbine consists of a boiler, turbine, condenser, feed pump, and a variety of auxiliary devices. Steam turbine is a rotary heat engine, it is particularly suited to be used to drive an electrical generator. A steam turbine is powered by steam. Hot, gaseous steam flows from turbine spinning blades. It, in turn, spins the blades continuously and converts most of the energy of steam into kinetic energy. Steam turbines are used to produce electricity and run a generator.
Global Steam Turbines Market: Segmentation
Based on type, the steam turbines market has been segmented into steam cycle, combined cycle, and cogeneration. Steam cycle type turbines are most widely used. The steam cycle segment holds around 60% share of the global steam turbines market. Combined cycle type turbines are witnessing increasing demand from power plants, as natural gas-fired power generation is being preferred as the cleanest fossil fuel alternative. In natural gas-fired power generation, exhaust steam is utilized for additional power generation, increasing the demand for steam turbines. In terms of rated capacity, the steam turbines market has been classified into 1-120 mw, 121-350 mw, 351-750 mw, and above 750 mw. Two major types of exhaust are available in steam turbines: condensing and non-condensing. Based on application, the steam turbines market has been divided into coal, biomass, nuclear, and others. The coal segment is expected hold the leading market share during the forecast period, followed by the nuclear power plants segment. In Asia Pacific and Middle East & Africa, the biomass application segment holds a major share. The coal application segment is projected to expand at a rapid pace during the forecast period, as several new coal plants are already under construction or are being planned for future, particularly in Asia Pacific.
Global Steam Turbines Market: Overview
Increasing electricity consumption, rising thermal power capacity additions, and surging combined-cycle and co-generation operations are major drivers of the steam turbines market. Regulatory policy restrictions on fossil-fuel-fired power plants and slowdown in the construction of new nuclear power plants are major restraining factors for the steam turbines market. Replacement or upgrade of aged power generation infrastructure is presenting growth opportunities for the steam turbines market. Demand for nuclear energy based electricity generation is increasing across the world thus anticipating opening up new growth opportunities.
Global Steam Turbines Market: Regional Outlook
Based on region, the global steam turbines market has been segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa. Asia Pacific is expected to be the major market for steam turbines from 2018 to 2026. The market in Asia Pacific is likely to witness growth at the maximum rate during the forecast period, due to increasing demand for electricity in the region. Power companies in the country have significantly reduced their investment in plants and equipment. The steam turbines market in Europe is expected to witness significant growth during the forecast period, primarily due to the shifting focus from traditional energy sources toward cleaner and renewable energy sources. On the other hand, Germany has legally supported the installation of CHP units and has passed a law supporting the installation of CHP units.
Global Steam Turbines Market: Key Players
Key players operating in the global steam turbines market are Alstom, Siemens AG, GENERAL ELECTRIC, Mitsubishi Hitachi Power Systems, Ltd., Toshiba Corporation, ABB, Elliott Group, Fuji Electric Co., Ltd., and MAN Diesel & Turbo.
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