The global steam turbine market size is expected to be worth $19.5 billion by 2028.
This is according to a new report from ResearchAndMarkets.com.
One of the report’s highlights is the growing need for onsite power generation
Due to the rapid deployment of large-scale power-generating stations, including thermal and combined cycle plants, the >3 MW-100 MW rated steam turbines will project significant momentum.
Some of the key elements promoting product adoption include the expanding use of super and ultra-super-critical technology as well as the conversion of existing power plants into combined-cycle systems.
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The sector dynamics will be further energized by ongoing government efforts to implement a sustainable energy network and energy-efficient technologies. The growing requirements for onsite power generation would surge the growth of the steam turbine market.
Increasing demand for electricity
ISO works extensively with the International Electrotechnical Commission on all issues relating to electrotechnical advancements (IEC). To increase the production of mechanical steam turbines and gas extension turbines, the ISO worked with all associated organizations throughout the analysis of the steam turbine market to increase market size, share, and growth.
While combined cycle plants, the most efficient kind of natural gas-fired plant, do not directly use steam turbines, natural gas plants do. In combined cycle power plants, smaller megawatt turbines are employed. The rising use of combined-cycle natural gas plants as dependable energy sources is one of the primary causes of the increase in demand for steam turbines.
Ultimately, the utilisation of many stages in the expansion of the steam, which leads to an early version of the possible response expansion process, is a major contributor to the steam turbine’s gain in thermodynamic efficiency. Because the turbine produces rotating motion, it is particularly well adapted to be utilized to drive an electrical generator.
Market restraining factors
Costly installation of the steam turbine system
Significant capital expenditures are necessary for the installation of steam turbines. Before building turbines, market participants in many locations must finish several administrative procedures and tasks, which also call for a large cost. The large costs also cover the foundation, control systems, grid connection, land, electric installation, road construction, and other expenses in addition to the installation of the turbine.
The cost of installation varies from one region and one technology to another. Because of this, the market for steam turbines will face significant obstacles to expansion throughout the forecast period due to the high installation costs. The high cost of the steam turbines hinders the growth of the market.
COVID-19 impact analysis
According to the report, the COVID-19 pandemic has slowed the expansion of the steam turbine business due to the lack of steam turbine parts, which delays their creation and creates logistical problems.
Additionally, this causes ongoing projects to construct steam turbines to be delayed. Due to the steam turbine buyers’ use of finances to support the COVID-19 issue, there has been a decrease in new orders for turbine installations. Manufacturers of steam turbines have since acted to supply turbines to customers with active projects. Vendors are choosing digital tools, adhering to social distance rules, and installing new power plants while donning PPE.
