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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Global Steam Turbine Capacity Outlook (Volume, Mega Watt; Revenue, USD Million, 2014 - 2025)
Global Steam Turbine Application Outlook (Volume, Mega Watt; Revenue, USD Million, 2014 - 2025)
• Power & Utility
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