New York, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Steam Turbine Global Market Report 2022" - https://www.reportlinker.com/p06318528/?utm_source=GNW
The global steam turbine market is expected to grow from $16.37 billion in 2021 to $16.88 billion in 2022 at a compound annual growth rate (CAGR) of 3.33%. The steam turbine market is expected to grow to $20.06 billion in 2026 at a compound annual growth rate (CAGR) of 4.41%.
The steam turbine market consists of sales of steam turbines by entities (organizations, sole traders, and partnerships) that refer to a machine that converts thermal energy from pressurized steam and transforms it into mechanical work on a rotating output shaft.It uses heat sources such as gas, coal, nuclear, and solar to heat water at extremely high temperatures until it is converted into steam.
The main parts of stream turbines are rotors and blades.
The main types of plant type using steam turbines are gas, coal, nuclear and others.The gas steam turbines uses gas as a source to generate steam.
Gas is used to heat water to extremely high temperatures until it is converted into steam. Steam turbines usually comes in two design namely reaction and impulse and have capacity of rated power (<60MW), rated power (60-200MW) and rated power (>200MW). Steam turbines uses technologies such as steam cycle, combined cycle and cogeneration and are used in end-use industries such as power and utility and industrial.
Western Europe was the largest region in the steam turbine market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the steam turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The steam turbines market research report is one of a series of new reports that provides steam turbines market statistics, including steam turbines industry global market size, regional shares, competitors with an steam turbines market share, detailed steam turbines market segments, market trends and opportunities, and any further data you may need to thrive in the steam turbines industry. This steam turbines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing focus on renewable energy is expected to propel the growth of the steam turbine market.Renewable energy, also identified as clean energy, provides consistent power supplies and fuel diversification, improving energy security and reducing the risk of fuel spills.
The primary focus on renewable energy is to advance economic development, improve energy security, enhance access to power, and mitigate climate change.The increasing focus on renewable energy creates demand for steam turbines as these are a source of clean energy to produce electricity with no/less environmental impact.
For instance, according to the renewable energy industry report by the India Brand Equity Foundation (IBEF), as of January 2022, India’s installed renewable energy capacity stood at 152.36 GW, accounting for 38.56% of total installed power capacity. Power generation from renewable energy sources reached 13.15 billion units (BU) in January 2022, increasing from 11.51 BU in January 2021. Therefore, increasing focus on renewable energy will drive the growth of the steam turbine market.
Environmentally friendly and efficient cogeneration process is a key trend in the steam turbine market.Joint production or cogeneration or combined heat and power (CHP) is a method in which a simple cycle gas turbine generates electricity and steam and additional steam for other actions like drying.
This method is being used in various steam turbines, proving much more efficient than other processes.This process recovers heat from energy loss pathways and uses it to generate electricity.
The CHP method can produce electricity concurrently and useful thermal energy from a single source of fuel.For instance, in May 2020, MAN Energy Solutions, a German-based manufacturing company gave the contract for two MST050 steam turbines to employ in the operation of a CHP power plant by the German public utility company Stadtwerke Leipzig.
The CHP power plant uses an environment-friendly cogeneration process to use the remaining heat for district heating networks.
In February 2022, EDF, a French electric utility company announced the acquisition of American General Electric Company (GE) for an undisclosed amount.Through this deal, EDF has acquired GE’s subsidiary GE Steam Power’s activities related to the nuclear steam turbine business and aims to create a global steam turbine equipment and services provider within the EDF group.
General Electric Company is a US-based company offering technologies and services primarily for nuclear and coal power plants including steam turbines though its subsidiary GE Steam Power.
The countries covered in the steam turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06318528/?utm_source=GNW
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