Steam Turbine Upgrade and Modernization Market: Overview
- A steam turbine is a mechanical device that derives thermal energy from pressurized steam and transforms it into mechanical work. A steam turbine comprises a boiler, turbine, condenser, feed pump, and a variety of auxiliary devices. The steam turbine is a rotary heat engine, and it is extensively utilized to drive an electrical generator.
- Industrial steam turbines can have a service life of 30 or more years and play a vital role in several end-use industries such as oil & gas industry and power generation
- Rise in industrial development and automation is likely to change the operating parameters, process, and general requirements of steam turbine
- Upgrade and modernization of a steam turbine would help operators preserve resources and maintain a high level of efficiency and reliability
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Key Drivers of Global Steam Turbine Upgrade and Modernization Market
- Increase in electricity consumption, rise in thermal power capacity additions, and surge in combined-cycle and co-generation operations are major drivers of the steam turbines upgrade and modernization market. Furthermore, the upgrade and modernization of steam turbine increases reliability, online diagnose and problem solving, plant performance, and reduces downtime, which in turn is anticipated to boost the market.
- Regulatory policy restrictions on fossil-fuel-fired power plants and slowdown in the construction of new nuclear power plants are major factors restraining the steam turbines upgrade and modernization market
- Demand for nuclear energy-based electricity generation is increasing across the world, which is estimated to offer significant opportunities to the market
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Asia Pacific to Hold a Major Share of Global Steam Turbine Upgrade and Modernization Market
- Based on region, the global steam turbine upgrade and modernization market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global steam turbine upgrade and modernization market in 2019. The Steam Turbine Upgrade and Modernization Market in Asia Pacific is likely to expand significantly during the forecast period, due to an increase in the demand for electricity in the region. Power companies in China, Japan, and India have significantly reduced their investment in plants and equipment, with major focus on upgrade and modernization of current assets.
- North America and Europe held a considerable share of the global steam turbine upgrade and modernization market in 2019. The U.S. witnesses extensive oil & gas exploration activities, which is anticipated to boost the demand for steam turbine upgrade and modernization in the region from 2020 to 2030. Europe is shifting focus from traditional energy sources toward cleaner and renewable energy sources.
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Key Players Operating in Global Steam Turbine Upgrade and Modernization Market:
- Siemens Gas and Power GmbH & Co. KG
- Doosan Heavy Industries & Construction
Global Steam Turbine Upgrade and Modernization Market: Research Scope
Global Steam Turbine Upgrade and Modernization Market, by Application
- Power Generation
- Oil & Gas
- Others
Global Steam Turbine Upgrade and Modernization Market, by Steam Turbine Type
- Steam Cycle
- Combined Cycle
- Cogeneration
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