The steam turbine is mechanical equipment, which operates by using a heat source such as gas, coal, nuclear, or solar to heat water to an extremely high temperature until it is converted into steam. As that steam flows past a turbine’s spinning blades, the steam expands and cools. During this process, heat energy is transformed into mechanical energy, which is subsequently converted into electrical energy.
The global steam turbine market growth is majorly driven by an increase in demand for thermal power generation and electric supply. In addition, rapid oil & gas and power demand in developing countries is expected to boost the growth of the steam turbine market.
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Furthermore, the surge in energy demand and steady investment for expansion of the power industry is expected to have a positive impact on the demand and enhance the steam turbine market opportunities. Moreover, the global market is expected to witness notable growth due to an increase in efforts to reduce energy demand & supply gaps as well as the development of thermal power projects. In addition, robust economic growth and regulatory standards promoting the use of low-emission fuels such as natural gas & biomass in steam turbines notably contribute toward the market growth. However, the implementation of stringent government regulations to reduce reliance on traditional energy sources such as coal-fired power generation and their replacement with renewables hinder market growth. Moreover, the competitive cost of renewable technologies impedes the growth of the global steam turbine market.
Moreover, an increase in interest in energy optimization and rapid development in turbine manufacturing technology, as well as a focus on a cogeneration power plant in the sugar and steel industries are anticipated to have a favorable impact on the development of the global market during the forecast period. Furthermore, the market growth is driven by an increase in regulatory initiatives to minimize carbon emissions as well as increased investments in the development of large-scale thermal power plants in developing countries.
The global steam turbine industry is segmented into design, application, and region. By design, the market is bifurcated into impulse and reaction. In terms of application, it is fragmented into power generation, petrochemical, oil & gas, and others.
The key players operating in the global steam turbine market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd. Triveni Turbines, and Mitsubishi Power. Among these, General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, and Mitsubishi Hitachi Power Systems Americas Inc. hold significant steam turbine market share.
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These market players are adopting different strategies such as design launches, partnerships, expansion, mergers, and acquisitions to stay competitive in the market. For instance, in June 2019, Mitsubishi Hitachi Power Systems (MHPS), Ltd. strengthened its presence by expanding its facilities. MHPS Plant Services Corporation, a new company was opened in the Philippines to offer services for power generation facilities.
Elliott Group announced the merger of Ebara International Corporation, which is based in Sparks, Nevada. Effective from April 1, 2019, the merged entity became one of the four business units within Elliott Group.
IMPACT OF COVID-19 ON THE GLOBAL STEAM TURBINE MARKET
- The outbreak of COVID-19 had a negative impact on the growth of the steam turbine market.
- This impact is majorly attributed to significant disruption in material transportation and a dearth in the availability of labor, which led to the shutdown of the manufacturing industry, thus declining the demand for power, which, in turn, resulted in decreased demand for steam turbines.
- Moreover, the decrease in demand for many nonessential products and shut down of electrical, automotive, and other manufacturing industries created a negative impact on the development of the steam turbine market.
- Furthermore, the surge in demand for environment-friendly power generation and an increase in awareness of the environment hampered the growth of the market.
- Thus, the abovementioned factors are expected to have a negative impact on the development of the steam turbine market.
- On the contrary, presently, all activities have started normally as the COVID cases have reduced drastically due to the vaccination drive. This drive has led to the normal operation of various manufacturing industries and the continuation of pending power infrastructure. The rapid development of power infrastructure will have a positive impact on the development of the steam turbine market.
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Key findings of the study
- Region-wise, Asia-Pacific is projected to exhibit the highest CAGR during the steam turbine market forecast period.
- On the basis of design, the impulse turbine segment was the major share contributor in 2020.
- Depending on the steam turbine market analysis by the end-user industry, the power generation segment dominated the market in 2020.
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