Global Steam Turbine Market Report to 2028 - Increasing Demand For Electricity Drives Growth
DUBLIN, Jan. 21, 2023 /PRNewswire/ -- Research and Markets
The "Global Steam Turbine Market Size, Share & Industry Trends Analysis Report by Capacity, End-user, Technology, Design, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Steam Turbine Market size is expected to reach $19.5 billion by 2028, rising at a market growth of 3.5% CAGR during the forecast period.
The utilization 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.
The Arabelle, a steam turbine made by GE based on an original design by Alstom, is one of the biggest steam turbines in the world as of 2021. A 7 m-diameter, 4000-ton Arabelle turbine spins at 1500 rpm and has a weight of 4000 tons.
Another 4000 tons of supporting steel structure and 1000 tons of pumps, valves, and pipes are needed for a typical nuclear plant. Rotor imbalance, bearing wear, and unequal expansion are some of the technical issues (various forms of thermal shock). When operated out of trim in big installations, even the most durable rotor is capable of shattering itself.
There are two fundamental types of turbine blades: nozzles and blades. The only reason the blades move is when steam interacts with them; they do not converge in their profiles. As a result, there is a decrease in steam velocity and almost no pressure loss as steam passes through the blades. Impulse turbines, Curtis turbines, Rateau turbines, or Brown-Curtis turbines are all types of turbines that consist of blades that alternate with fixed nozzles.
COVID-19 Impact Analysis
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.
Market Growth Factors
The Need For Onsite Power Generation Is Growing
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. 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.
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.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenarios
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Steam Turbine Market by Capacity
3.1 Global 151 to 300 MW Market by Region
3.2 Global Up to 150 MW Market by Region
3.3 Global More than 300 MW Market by Region
Chapter 4. Global Steam Turbine Market by End Use
4.1 Global Power Generation Market by Region
4.2 Global Oil & Gas Market by Region
4.3 Global Petrochemical Market by Region
4.4 Global Others Market by Region
Chapter 5. Global Steam Turbine Market by Technology
5.1 Global Steam Cycle Market by Region
5.2 Global Combined Cycle Market by Region
5.3 Global Cogeneration Market by Region
Chapter 6. Global Steam Turbine Market by Design
6.1 Global Impulse Market by Region
6.2 Global Reaction Market by Region
Chapter 7. Global Steam Turbine Market by Region
Chapter 8. Company Profiles
8.1 General Electric (GE) Co.
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 Recent strategies and developments:
8.1.5.1 Partnerships, Collaborations, and Agreements:
8.1.6 SWOT Analysis
8.2 Siemens AG
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
8.2.5.1 Acquisition and Mergers:
8.2.6 SWOT Analysis
8.3 Toshiba Corporation
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research and Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.6 SWOT Analysis
8.4 Elliott Group (Ebara Corporation)
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expenses
8.4.5 Recent strategies and developments:
8.4.5.1 Geographical Expansions:
8.5 Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.)
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental Analysis
8.5.4 Research & Development Expenses
8.5.5 Recent strategies and developments:
8.5.5.1 Partnerships, Collaborations, and Agreements:
8.6 MAN Energy Solutions SE (Volkswagen Group)
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expenses
8.7 Fuji Electric Co. Ltd.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expense
8.8 Kawasaki Heavy Industries, Ltd.
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expense
8.9 Chola Turbo Machinery International Pvt. Ltd.
8.9.1 Company Overview
8.10. Turbine Generator Maintenance, Inc.
8.10.1 Company Overview
For more information about this report visit https://www.researchandmarkets.com/r/w03l98
Media Contact:
Laura Wood | +353-1-481-1716 | [email protected]
SOURCE Research and Markets
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article