Steam Turbine Industry: Replacement of Conventional Energy Resources with Renewables is Factor That Restraining Steam Turbine Market Growth

Global Steam Turbine Market is segmented based on type, plant fuel, design, capacity, exhaust type, application, and region. A steam turbine is a mechanical device that extracts thermal energy from pressurized steam and converts it into mechanical work on rotation of output shaft that suits to driving electrical generators.

Steam Turbine Market is classified, by type into Steam Cycle Type Turbines (Conventional thermal, Nuclear Power Plants), Combined Cycle Type Turbines, Cogeneration Cycle Type Turbines, and others.

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Steam turbine is mainly motorized by steam. As gaseous, hot steam flows by turbine spinning blades, steam expands and cool. This steam supports to spin the blades uninterruptedly, hence changing steam’s potential energy into kinetic energy which is then used for fabrication of electricity and to run a generator.

Prominent factors that are playing major role in the market growth are, growth in thermal power plants operating, growing deployment of combined heat & power (CHP) units. On the other hand, factors that are restraining market growth are strict government rules for replacement of conventional energy resources with renewables.

Power & Utility segment accounted for the largest market share of the Steam Turbine Industry Market and is expected to remain dominant over the forecast period. The reason being, steam turbine units can be paired with any combustion fuel such as coal. On the other hand, industrial applications are expected to grow at fastest pace in the form of CHP units, that gives superior efficacy than the single unit and produce outputs in numerous ways.

Steam Cycle Type Turbines segment accounted for the largest market share of overall Steam Turbine Industry Market and is expected to remain dominant over the forecast period. This is because these turbines are widely used by consumers. On the other hand, combined cycle type turbines are growing at fastest pace over the forecast period. The reason being growing demand from combined cycle power plants, as natural gas fired power generation an alternative to cleanest fossil fuel.

Steam Turbine Market is classified, by plant fuel into Nuclear, Coal, and Gas. The coal segment is expected to grow at fastest pace over the forecast period. The reason being, the coal fired power generation is the most affordable option for emerging countries in the world, especially in Asia Pacific, adequate supply of coal to use as a fuel. Steam Turbine Market is classified, by design into Reaction Steam Technology, Impulse Steam Technology, and others.

Impulse steam technology segment expected to grow gradually over the forecast period. This is mainly due to its increasing use in marine propulsion and power generation. Whereas, reaction steam technology is projected to grow substantially during the forecast period. The reason being, increasing importance of proficient combined cycle and waste to energy electricity generation.

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Steam Turbine Market is classified, by capacity into>750 MW, 352-750 MW, 121-350 MW, <120 MW. Steam Turbine Market is classified, by exhaust type into Non-condensing and Condensing. Steam Turbine Market is classified, by application into Industrial, Power & Utility, and others.

Steam Turbine Market is segmented, geographically into North America, Europe (Eastern Europe, Western Europe), Asia Pacific, Latin America, Middle East and Africa. Globally, Asia Pacific regional market accounted for the largest market share of Steam Turbine Industry and is estimated to lead the market over the forecast period. The use demand is coming from the country China. The reason being, high rate of industrialization in China, India.

Moreover, Europe is expected to grow gradually over the forecast period. This is mainly due to shifting concentration from traditional to cleaner and renewable energy sources, increasing use of natural gas as the main power generation source fixed with gas turbines. Steam Turbine Industry key players are, Toshiba, Shanghai Electric Group, General Electric, Dongfang Turbine Co. Ltd., BHEL, Harbin Turbine Co. Ltd., and Siemens.