Steam Turbine

Steam Turbine

The steam turbine is a mechanical device that is powered by pressurized steam. This steam spins the blade of the steam turbine continuously where most of the steam potential energy is converted into kinetic energy which is then used to run the generator and produce electricity, they run the electricity generator at an incredibly high speed ranging from 1800-3600 RPM, which is 100-200 times faster than either wind or water turbines which are necessary for electricity generation and hence find its application in many different industries.

The Steam Turbine Market is expected to grow at a steady CAGR of around 3.5% during the forecast period owing to the rising demand for thermal renewable-based power plants such as biomass, waste heat recovery, and waste to energy. For instance, in Mar 2022, as per the International Energy Agency (IEA), The Ministry for the Ecological Transition of Spain financially supports 42 renewable energy projects in collaboration with the European Regional Development Fund (ERDF), for the production of thermal energy through renewable energy sources. The project's total investment is worth USD 73 million, generating a total power of 176 MW.

• Based on steam turbine type, the market is bifurcated into Impulse turbine and Reaction turbine. Among these, impulse turbine holds a significant market share. This is due to the fact that these turbines run at higher speeds, are small in size, have low maintenance costs, manufacturing their blades is easier, and the cost of acquisition is less.
• Based on fuel type, the market is segmented into fossil fuel, GTCC, nuclear, and thermal renewables. The GTCC (gas turbine combined cycle) is expected to grow at a significant CAGR during the forecasted period. The market is mainly driven due to the fact that it offers large output with high cycle efficiency, low emission level, and low capital expenditure requirement as well as maintenance cost. For instance, according to U.S Energy Information Administration (EIA), in 2021, the combined cycle power plants supplied about 33% of U.S. net electricity generation which is the amount of gross generation minus the electrical energy consumed at the generating station for station service or auxiliaries.
• Based on power rating, the market is segmented into <30MW, 30-100MW, 100-200MW, >200MW. The 30-100 MW segment is expected to grow at a significant CAGR during the forecasted period. The market Is mainly driven by the demand that is coming from energy-intensive industries, followed by thermal renewable-based power plants (including biomass, waste heat recovery, and waste to energy). For instance, on Feb 2023, Triveni Turbines Ltd. announced that it is planning to increase its manufacturing capacity to 350 turbines annually, from 225 turbines at present. The manufacturers expect 30 MW-100 MW range to see a growth of 40–45%.
• Based on end-user industry, the market is segmented into independent power producers, sugar & distilleries, cement industry, steel industry, oil_gas & chemical industry, and others. Among all these, the majority of the demand generated for steam turbines is from individual power producers, owing to the reasons like rising power demand both from domestic as well as commercial activity. Furthermore, the shift from old dirty fossil fuels such as coal to cleaner fuels like LNG and thermal renewables is creating new demand for steam turbines.
• For a better understanding of the market adoption of the Industrial Air Blowers, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is due to the rising power demand and increasing regional industrial activities. Moreover, the increasing demand from renewable energy-based independent power producers and many end-user industries such as Pulp & Paper, Chemicals, Cement, Sugar, and Oil & Gas is further expected to grow the market share of Steam turbines in the region. Furthermore, many major players are investing For instance, in June 2022, In Jun 2022, GE Steam Power inked USD 165 mn pact to supply 3 nuclear steam turbines to BHEL. In total, it will represent 8.4GW of CO2-free electricity for the country, enough to power more than 14 million homes.
• Some of the major players operating in the market include General Electric; Triveni Turbines; WEG; Harbin Electric Corporation co.,Ltd; Siemens; MITSUBISHI HEAVY INDUSTRIES, LTD; Toshiba America Energy Systems Corporation; IHI Corporation; Alstom; Bharat Heavy Electricals Limited.