Steam Turbines Market Growth Accelerated by Increasing Demand for Renewable Energy

 

Steam turbines are commonly used in renewable energy power plants, specifically geothermal and solar thermal power plants. They are integral components that help convert heat energy from geothermal reservoirs or concentrated solar power into rotational shaft energy, which can then be used to generate electricity via a generator coupled to the turbine. The increasing worldwide emphasis on transitioning to cleaner and more sustainable energy sources has led to rapid growth in investments and construction of renewable energy projects based on geothermal and solar thermal technologies. This in turn is driving demand for steam turbines that help maximize the conversion of renewable heat into usable electric power. The global Steam Turbine Market is estimated to be valued at US$ 16.63 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The key driver behind the increasing demand for steam turbines in the market is the rising emphasis on renewable energy adoption globally. Geothermal and concentrated solar power are intermittent energy sources that are complemented by energy storage via steam turbines. They help store thermal energy during periods of high solar irradiation or geothermal activity and dispatch electricity continuously to the grid via steam turbine-powered generators. Technological advancements are also improving the efficiency and power outputs of newer steam turbine designs. Manufacturers are focused on developing ultra-supercritical, supercritical and heat regenerative steam turbine models to extract more rotational power from high-temperature and high-pressure steam. Their widespread adoption in renewable thermal plants will further boost the steam turbine market growth over the coming years.

Segment Analysis
The global steam turbine market is dominated by the back-pressure segment which holds over 40% share due to its low cost of installation and operation. Back-pressure turbines are commonly used in process industries for cogeneration applications where steam at lower pressure is sufficient to fulfill the process steam requirements. It has high efficiency levels ranging between 80-85%. Other notable segments include condensing segment and extraction segment.

Key Takeaways
The Global Steam Turbine Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising investments in renewable power generation.

Regional analysis: Asia Pacific region currently dominates the global market with over 35% share led by countries like China and India. This is attributed to growing investments in renewable energy projects such as solar, wind and hydropower wherein steam turbines play a vital role. In addition, presence of a large industrial base requiring steam for various processes also contributes to market growth in the region. Europe and North America are other major regional markets driven by favorable government policies promoting clean energy adoption.

Key players: Key players operating in the steam turbine market are Neuro Care Group, Myndlift Ltd, Brainmaster Technologies, Inc., Mitsar Co. Ltd, Emotiv, Brainworks, Mindfield Biosystems Ltd., Narbis, Thought Technology Ltd., InteraXon Inc., Mind Media USA Inc., and NeuralScan. They are focusing on development of more efficient and sustainable steam turbine technologies to capitalize on the rising global demand. Players are investing substantially in research activities to make advanced steam turbine designs suitable for various end use industries.

For More Insights, Read: https://www.newswirestats.com/steam-turbine-market-trends-growth-and-regional-outlook-2023-2030/