Steam turbine demand to increase across utility applications
The steam turbine market is witnessing significant growth owing to government initiatives to reduce carbon emissions and investment in thermal power projects. There has been an increasing adoption of low emission fuels such as natural gas, biomass, and others in power generation due to easy accessibility, low cost, and availability in abundance.
Request a sample of this research report @ https://www.gminsights.com/request-sample/detail/1269
The massive demand for electricity owing to rapid industrialization, infrastructural development, and digital transformation is driving the deployment of steam turbines that uses pressurized steam to produce electricity. According to Global Market Insights, global steam turbine market size is projected to exceed US$32 billion by 2024.
Refineries, sugar plants, chemical plants, pulp & paper, and the utility companies are among some major end-users of steam turbines. Robust industrialization and the flourishing manufacturing sector across the globe are creating ample application opportunities for turbines. There has been an increasing need to adopt energy-efficient, low maintenance, and cost-effective devices across industries, which is likely to augment the market forecast.
The reaction steam turbine segment is predicted to witness considerable market share, on account of its many benefits like higher rotational speed, oil-free exhaust system, high pressure capacity with high temperatures, among others. These turbines also boast of higher blade efficiency than intense turbines.
The non-condensing steam turbine segment is anticipated to grow at a steady pace in the upcoming years, owing to its utilization in process steam applications. In this type of turbine, the steam gets exhausted from the turbine and can be used for additional purposes. The high energy efficiency of non-condensing steam turbines or back pressure turbine allows its applications across refineries, desalination facilities, district heating units, and pulp & paper plants.
North America steam turbine industry is predicted to expand exponentially through 2024, on account of the high adoption of low emission natural gases in electricity production. As per the U.S. Energy Information Administration, more than 48% of the electricity in the United States was generated through steam turbines in 2019. Robust economic growth, urbanization, industrialization, and significant expansion of the manufacturing sector should support the regional industry trends.
Leading companies manufacturing steam turbines include Toshiba, Kawasaki Heavy Industries, Eliott Group, General Electric, Bharat Heavy Electricals Limited, Fuji Electric, Mitsubishi Hitachi Power Systems, Man Diesel & Turbo, Doosan Skoda Power, Siemens, and Harbin Turbine. These industry players are emphasizing on partnerships, acquisition, and new product launches to lead to the competitive industry landscape.
Recently, it was confirmed that Doosan Skoda would be delivering a one-core DST-S20 steam turbine along with the required accessories to a waste-to-energy power plant in Poland, which is aiming to replace as much coal-fired heat as possible. Expected to be operation from 2023, the new plant will process nearly 110,00 tons of refuse-derived fuel. Similar trends across the world, where the need to replace the use of coal is realized, will foster steam turbine industry outlook.
