3rd January 2020 – Global Steam
Turbine Market is predicted to grow significantly in the forecast
period owing to the rise in demand for electricity and consistent increasing
investments for capacity expansions. Steam turbines are the devices that
extract thermal energy from steam and convert it into mechanical work with the
help of rotating output shaft.
The rotational process of electrical
generator produces electricity. Steam turbines are capable of utilizing high
temperature, high pressure steam and need no internal lubrication. They have
high rotational speed, capacity and weight ratio. They perform smoothly with
almost vibration-free operation and come with oil free exhaust steam. Besides,
they can be suitably built in small or larger units (till 1200 MW). Increasing
investment for development of high capacity generation stores along with rising
government investment for the development of combined cycle technology are
driving the demand for steam turbines, thereby affecting the steam turbine
industry.
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Furthermore, the extensive growth and
increase in marine excavation will impressively influence the growth of steam
turbines market. Growing measures to lessen electricity demand and supply gap
with the current development of thermal power projects are expected to drive
the steam turbine market growth in future. Nevertheless, strict government
regulations concerning the replacement of conventional energy resources with
renewable sources will hinder the progress of the market in the years to come.
Steam turbine industry is categorized on
the basis of steam flow, blade design, application, and geography. On the basis
of steam flow, the market is divided into axial, radial, mixed, tangential or
helical, and reentry. Based on blade design, the industry is divided into
impulse and reaction. In terms of application, steam turbine is split into
petrochemical, power generation, pharmaceutical, food processing, waste to
energy and many others. Power generation segment is expected to lead in the
forecast period owing to increasing government initiatives, with respect to adoption
of efficient technology along with increase in demand for electrification.
Geographically, steam turbine market is
segmented as North America, Latin America, Europe, Asia Pacific, and Middle
East & Africa. North America is predicted to hold larger market share of
steam turbine followed by Europe and Asia Pacific since these developing areas
can bring immense potential opportunities.
Growing installation of thermal power
generation units in emerging South Asian regions and also China will support
the growth of the industry. China possesses abundant coal reserves and is
concentrating on coal fired power plants regardless of dangerous environmental
impacts. Steam turbine industry of India is also expected to propel the steam
turbine market after resolving a few coal reserve issues.
The key players of steam turbine
industry include AnsaldoEnergia, Elliot Group, General Electric, Sulzer Ltd.,
Mitsubishi Hitachi Power Systems Americas, Inc., MAN Diesel, Stork, Turbine
Generator Maintenance, Inc., JSW Power Systems Private Ltd., Kessels Steam
Turbines, and Hyundai Heavy Industries Ltd.
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