London, Jan. 28, 2022 (GLOBE NEWSWIRE) -- The global steam turbine market size was estimated at US$ 27.2 billion in 2020. In a thermal power plant, the steam turbine is an important component. The rise in the deployment of combined cycle power plants is predicted to be a key driver of the steam turbine market growth. Due to their ability to generate base load power, fossil fuel-based power production sources have dominated the power sector internationally in the past, driving the market for steam turbines. In addition, the steam turbine market growth will be aided by ongoing technological advancements in steam turbine development, as well as research into clean coal technology, during the forecast period.

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Report Highlights

• Europe is the largest segment for steam turbine market in terms of region. Europe is expected to see stagnant growth, owing to a shift in focus from traditional to cleaner and renewable energy sources. Germany, on the other hand, has legalized the installation of combined heat and power units and established a law to that effect.

• Asia-Pacific region is the fastest growing region in the steam turbine market. In the region, there is a growing demand for electricity. The decrease in demand for electric utility rates had an impact on thermal power generation in developed economies, and power companies have drastically reduced their investments in facilities and equipment. However, owing to environmental concerns, the increased emphasis on gas fired power generation, as well as the increasing emphasis on cleaner resources such as renewable energy and natural gas, is predicted to slow the development rate over the forecast period.

• Based on the technology, the steam cycle segment dominated the global steam turbine market in 2020 with highest market share. The power plants are increasingly using steam cycle turbines, as natural gas fired power generation is seen as the cleanest fossil fuel alternative. Exhaust steam is used for additional power generation in natural gas fired power plants, boosting demand for steam turbines.
  
  

Report Scope of the Steam Turbine Market

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Market Dynamics

Drivers

Surge in the need for natural gas combined cycle plants

The natural gas plants do not directly use steam turbines, but combined cycle plants, which are the most efficient type of natural gas fired plant, do. One of the primary reasons for the increase in demand for steam turbines is the increased use of combined-cycle natural gas plants as a reliable source of energy. Because renewable resources cannot provide energy 24 hours a day, incorporating natural gas-fired power plants into the energy mix can pave the way for a greener future. Many countries are planning to convert their coal-fired power plants to gas-fired power plants, which could lead to the use of smaller steam turbines. This, in turn, is expected to boost demand for power generation steam turbines during the forecast period.

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Restraints

Increased use of renewable energy

The most important factor driving the use of renewable energies is the attribution of global warming due to carbon dioxide emissions from the combustion of fossil fuels. Concerns about reducing greenhouse gas emissions, an increase in the search for energy security, aversion to traditional nuclear power, and a lack of progress in nuclear power application are expected to drive demand for renewable energy. Governments in both developing and developed countries have emphasized the importance of renewable energy sources due to increased output efficiency, reduced pollution, and low maintenance costs. All of these factors contribute to an increase in demand for renewable energy, limiting the global steam turbine market's growth.

Opportunities

Surge in demand for electricity

The increase in urbanization and industrialization has resulted in an increase in electricity demand. Around 7.9 billion people live on the planet. Some of the factors driving the demand for electricity include an increase in disposable income and a rise in living standards. According to the International Energy Agency (IEA), electricity demand is expected to rise by 5% by 2020. As a result, demand for renewable energy sources increases. Electricity is produced using a variety of renewable energy sources. Thus, the surge in demand for electricity is creating lucrative opportunities for the growth of the steam turbine market during the forecast period.

Challenges

High installation costs

The installation of steam turbines necessitates significant capital investments. In many regions, market players must complete a number of government processes and steps before installing turbines, which also necessitates a substantial investment. The enormous costs include not only the installation of the turbine but also the foundation, grid connection, control systems, land, road construction, electric installation, and other financial costs. The installation costs vary region to region and technology to technology. As a result, the high installation costs are a major challenge for the growth of the steam turbine market during the forecast period.

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Segments Covered in the Report

By Design

• Reaction

• Impulse

By Exhaust

• Condensing

• Non-condensing

By Fuel

• Fossil Fuel

• Biomass

• Geothermal
  
  

By End Use

• Industrial

• Utility

By Technology

• Steam Cycle

• Combined Cycle

• Cogeneration
  
  

By Geography

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)
  
  

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