Rapid Industrialization in Steam Turbine Market can Tackle COVID 19 Outbreak, Claims MRFR

Global Steam Turbine Market

The global Steam Turbine market has been segmented into type, rated capacity, heat source, end-user, and region. Based on type, the steam turbine market has been divided into condensing and noncondensing. Based on rated capacity, the steam turbine market has segmented into Up to 150 MW, 151-300 MW and Above 300 MW. Based on the heat source, the market has been segmented into Coal, Nuclear, Biomass and Others. Based on the end user, the market has been segmented into industrial and power & utility. Based on region, the steam turbine market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World, which is further divided into the Middle East & Africa and South America.

Market Synopsis

According to the MRFR analysis, Global Steam Turbine Market Size was valued at USD 16,543.80 Million in 2022. The Steam Turbine market industry is projected to grow from USD 16,969.27 Million in 2023 to USD 20,747.68 Million by 2030, exhibiting a compound annual growth rate (CAGR) of 2.87 % during the forecast period (2023 - 2030).

A steam turbine operates by heating water to incredibly high temperatures until it is transformed to steam using a heat source (gas, coal, nuclear, or solar energy). That steam expands and cools as it passes by the turning turbine blades. Thus, in the rotating turbine's blades, the steam's potential energy is converted to kinetic energy. Steam turbines are particularly well adapted for driving electrical generators for the creation of electrical power since they produce rotary motion. The generator, which has an axle connecting it to the turbines, generates energy by creating a magnetic field that induces an electric current. The COVID-19 epidemic has slowed the expansion of the steam turbine business globally 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. The supply chain was interrupted by lockdown limitations imposed by various regional governments, and most global manufacturers experienced a significant decline in shipments and order bookings. The COVID-19 pandemic-induced lockdown cost Bharat Heavy Electricals Ltd. (BHEL) steam turbine unit in India INR 150 crore. New natural gas combined cycle facilities and thermal coal plants are anticipated to drive the industry. However, during the anticipated period, it is anticipated that rising renewable energy usage will impede market expansion.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Steam Turbine Market Research Report

Competitive Landscape

The global market for steam turbines has witnessed significant growth over the forecast period. There are several domestic, regional, and global players operating in the Steam Turbine market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global Steam Turbine market who have contributed to the market growth.

General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Shanghai Electric, Dongfang Electric Corp Ltd , Harbin Electric Corporation, Bharat Heavy Electricals Limited, Toshiba, Doosan, Ansaldo Energia, MAN Energy Solutions, Fuji Electric Co., Ltd., WEG are the major players in the market.

Segmentation:

Based on Type:

• Condensing: A condensing steam turbine is provided with a vacuum device at its exit (the condenser) where the forced flow of an external coolant (water or air) maintains the outlet pressure at a level dependent only on the coolant inlet and outlet temperatures. The condensing turbine exhausts to a surface condenser, which usually is a large exchanger with a hot well attached but may take the form of an air fan, to recover condensate.The condensing turbine is able to use the total energy of the inlet steam flow to a maximum extent. Therefore, this type of turbine is used for power utilities that want to supply electricity to consumers as much as possible.


• Noncondensing: The noncondensing type of steam turbine uses high-pressure steam and exhausts a lower-pressure steam to a header. Non-condensing turbines are most widely used for process steam applications, in which the steam will be used for additional purposes after being exhausted from the turbine. The exhaust pressure is controlled by a regulating valve to suit the needs of the process steam pressure.

Based on Rated Capacity:

• Up to 150 MW: Due to the rising demand for industrial CHP units, steam turbines with a capacity of up to 150 MW are anticipated to experience substantial increase during the projection period. Due to their greater efficiency than single units, CHP units are becoming more and more popular across a variety of process industries. The demand for CHP, which may also provide direct power, electricity, and heat, has recently increased.


• 151-300 MW: The 151 to 300 MW segment is anticipated to experience the highest growth during the forecast period due to the high demand for small steam turbines in small- and mid-sized combined cycle power plants (CCPP), combined heat and power (CHP), petrochemicals, biomass, and concentrated solar power (CSP) solutions. Additionally, because there is such a large demand from the steel, cement, chemical, and other industries, vendors that produce steam turbines are concentrating more on the small steam turbine category.


• Above 300 MW: The market for Above 300 MW held the largest market of worth US$3.64 billion in 2022. However the market for Above 300 MW rated capacity is estimated to be growing with a modest CAGR of 2.52 during the forecast period.

Based on Heat Source:

• Coal: Coal-fired plants produce electricity by burning coal in a boiler to produce steam. The steam produced, under tremendous pressure, flows into a turbine, which spins a generator to create electricity. The steam is then cooled, condensed back into water and returned to the boiler to start the process over.


• Nuclear: Nuclear power plants heat water to produce steam. The steam is used to spin large turbines that generate electricity. Nuclear power plants use heat produced during nuclear fission to heat water. In nuclear fission, atoms are split apart to form smaller atoms, releasing energy. The heat produced during nuclear fission in the reactor core is used to boil water into steam, which turns the blades of a steam turbine. As the turbine blades turn, they drive generators that make electricity. Nuclear plants cool the steam back into water in a separate structure at the power plant called a cooling tower, or they use water from ponds, rivers, or the ocean. The cooled water is then reused to produce steam.


• Biomass: Renewable organic material from plants and animals is known as biomass. Up until the middle of the 1800s, biomass accounted for the majority of the entire yearly U.S. energy consumption. Biomass is a popular fuel in many nations, particularly for heating and cooking in underdeveloped nations. In many industrialized nations, the use of biomass fuels for electricity production and transportation is rising as a way to reduce carbon dioxide emissions from burning fossil fuels. Nearly 5 quadrillion British thermal units (Btu) and 5% of all primary energy used in the United States were provided by biomass in 2021.


• Others: Wood, natural gas, oil (including residual oil, the stuff left over after the lucrative distillates have been removed for separate sale), municipal solid waste, and sludge are only a few of the fuels used by industrial boilers. The equipment required for solid fuel handling, storage, and preparation significantly raises the cost of an installation. Therefore, these fuels are only used when the facility is predicted to have a high annual capacity factor or when it is necessary to dispose of the solid material to prevent an environmental or space occupancy issue.

Based on End-User:

• Industrial: The expansion of industrial activity worldwide is responsible for the industrial segment's expansion. In the form of CHP units, steam turbines are used in industrial applications. These units create outputs in various ways and are more efficient than single units. The increased need for steam turbines in internal power plants in the industrial sector is also a result of frequent load limitations and power interruptions. Steam turbines are often applicable in the renewable energy sector such as power generation plants, district heating, biomass-based independent power plant, waste-to-energy plant, seawater desalination, or solar heat generation power plant. sed as a pump drive or a compressor, steam turbines support dozens of operations in the oil and gas industry. Sugar Mills: Offering high levels of efficiency and sustainable operations, steam turbines are used to produce green carbon-dioxide energy from bagasse.

• Power & Utility: Throughout the projection period, the power utility segment is anticipated to continue to dominate the market. Electrical power generation applications have typically used steam turbines. Any combustion fuel can be used with steam turbine units, but historically coal has been the fuel of choice. The use of coal-fired power plants and renewable energy sources like natural gas has been curtailed due to growing environmental concerns. Furthermore, it is now imperative to use renewable energy sources. Steam turbines use high-pressure steam to turn electricity generators at incredibly high speeds, so they rotate much faster than either wind or water turbines. For example, a typical power plant steam turbine rotates at 1800–3600 repetitions per minute (RPM); about 100–200 times faster than the blades spin on a typical wind turbine, which needs to use a gearbox to drive a generator quickly enough to make electricity

Based on region:

• North America: In 2021, the U.S was the North America's largest market. One of the main causes of the increased need for steam turbines in the U.S. is the growth of combined-cycle natural gas plants, which are dependable sources of energy. The development of sustainable energy generating infrastructure is a top priority for national policymakers. The number of steam turbine installations in the United States is expected to increase as a result in the years to come.One of the main drivers of the region’s growth has been the sharp rise in natural gas prices over the past few years, which has driven market participants to stop using coal as fuel for electricity generation.The spike in CHP installations around the nation is partly a result of the U.S. government's increased focus on developing energy-efficient and clean power producing facilities. During the projection period, the market in North America is anticipated to rise as a result of the region's expanding need for combined heat and power.

• Europe: In Europe, steam turbines are frequently employed for CHP applications. In large industrial CHP applications, steam turbines of the extraction-condensing type are used. In combined-cycle facilities, these turbines are used to remove a part of the process's steam. In Europe, there are several independent power producers (IPP) who use combined-cycle power plants that run on natural gas to supply steam to one or more industrial customers as well as electricity to electric networks. The demand for heat and electricity in Russia is rising quickly, which is straining the nation's current production capacity. In addition, due to growing electricity prices and worries about a reliable and secure power supply, high-energy industrial users in the nation consider the value of onsite power generation and self-generation.In the United Kingdom, policymakers are putting an emphasis on cutting carbon emissions and implementing energy-efficient electricity generating. As a result, different environmental and emission criteria have been developed and are being strictly followed in the nation. For use in CHP units, steam turbines are used in industrial application.


• Asia-Pacific: Steam turbine industry growth is anticipated to be maintained by planned thermal facilities like the Phulari Coal Powered Plant in Bangladesh and the Patratu Super-Thermal Power Plant (Coal) in India as global power demand rises per person.China is building the most thermal power plants worldwide, and it already uses a lot of steam turbines. To meet the need for electricity, ultra-supercritical coal plants like those at Fuyang Power Station and Huadian Laizhou Power Station are being constructed. Natural gas-powered electricity generation in China increased from 232.5 terawatt-hours in 2019 to 247.0 terawatt-hours in 2020. Additionally, the share is anticipated to increase in the upcoming years as the nation looks to replace its coal-fired power plants, which are largely to blame for carbon emissions, with sustainable electricity generation using renewable energy sources.To become a pioneer in clean energy, address the capacity glut in the coal sector, and lower the nation's CO2 emissions, the Chinese government is currently strictly preventing the building of new coal-fired power plants. With the government's announcement that it will approve new projects beyond 600 MW based on the use of cutting-edge technologies like supercritical and ultra-supercritical technology, however, the new constructions are increasingly of ultra-supercritical plants. Beijing is consistently raising the efficiency and emissions standards for its ageing plants.


• Middle East and Africa: Due to the abundance of expanding sectors in the Middle East and Africa, particularly in nations like Saudi Arabia and South Africa, the region is predicted to experience significant growth during the projected period. The oil and gas sector in Saudi Arabia has been expanding at an exponential rate. Saudi Arabia, the world's largest exporter of petroleum, is estimated by the Organization of the Petroleum Exporting Countries to hold around 18% of the world's proven petroleum reserves. Slowly but surely, Saudi Arabia and Iran are pursuing infrastructure projects. Additionally, rising development activity in the area is anticipated to fuel market expansion.


• South America: In South America, growing acceptance of and replacement of conventional plants with renewable energy technologies, as well as growing worldwide environmental concerns about CO2 emissions, will have an impact on the steam turbine market's growth over the forecast period.A few outdated existing plants have been retired as a result of regional and national government measures to reduce the environmental impact of carbon emissions. As a result, the other development opportunities that are partially restricting the market due to the considerable number of old-age plants were further closed. As part of its concession program, the Brazilian government is aiming to attract foreign investment in the railway, maritime, energy, and sanitation sectors. In such a large country with a large population, the modernization of transportation infrastructure is considered as urgently necessary for commuting, as well as the movement of commodities and food. Brazil's abundant natural resources have long been used for export or the domestic industrial sector, although the majority of them have originated in the south and southeast, which are home to the majority of Brazilian industries. Access to the abundance of resources of a comparable nature in other locations would be made simpler by improved logistics. Therefore, above-mentioned factors are expected to provide a lucrative opportunity in the region.