Insights on the Steam Turbine Global Market to 2028 – Featuring General Electric, Siemens, Toshiba and Elliott Among Others – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–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.
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.
Scope of the Study
Market Segments Covered in the Report:
By Capacity
- 151 to 300 MW
- Up to 150 MW
- More than 300 MW
By End User
- Power Generation
- Oil & Gas
- Petrochemical
- Others
By Technology
- Steam Cycle
- Combined Cycle
- Cogeneration
By Design
- Impulse
- Reaction
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- General Electric (GE) Co.
- Siemens AG
- Toshiba Corporation
- Elliott Group (Ebara Corporation)
- Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.)
- MAN Energy Solutions SE (Volkswagen Group)
- Fuji Electric Co., Ltd.
- Kawasaki Heavy Industries, Ltd.
- Chola Turbo Machinery International Pvt. Ltd.
- Turbine Generator Maintenance, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/uer7d1
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